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COVID-19 Small Business

July 16, 2020

In great news for the economy, June Retail Sales results would be a good report without the virus, with year over year sales up compared to June 2019, and a 7.5% increase from May 2020. Although the spending is in different categories from the norm, it is a good sign for overall consumer spending patterns since this will be a consumer-driven recovery. New unemployment claim trends continue their gradual decline, with 1.3 million for the week ended July 11 compared to the late March peak of 6.9 million.

New legislation would grant automatic forgiveness of PPP Loans under $150,000. The smallest of small businesses may be able to avoide hassling with additional documents, worksheets and payroll/tax forms. This will be important for the vast majority of the 65,000 businesses in Greater Miami that received PPP loans, where the average loan amount was $29,000.

Eviction looms for millions who can’t afford rent. The federal eviction moratorium expires in July along with enhanced jobless benefits.

Despite calls to defund the police, some cities are spending more. San Diego is increasing its police department budget by 5%, the largest boost by a major city this year.

America’s auto sector is back, but not really the rest of manufacturing.

How small businesses can leverage AI to battle bigger competitors. Increased productivity and better data collection are some of the key tools.

ew legislation would grant automatic forgiveness of PPP Loans under $150,000. The smallest of small businesses may be able to avoide hassling with additional documents, worksheets and payroll/tax forms. This will be important for the vast majority of the 65,000 businesses in Greater Miami that received PPP loans, where the average loan amount was $29,000.

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