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NFIB Weekly News

NFIB Weekly News Leading the News

Small Businesses Nearing Breaking Points As Talks Over Economic Recovery Package Continue (08/04/2020)

Reuters (7/29, Saphir, Marte) reported that many small businesses “are reaching...breaking points in an economy with the highest unemployment rate since the Great Depression. Small firms have survived the pandemic so far with a mix of government aid, forbearance on debt and rent and creativity in selling to an increasingly homebound and financially distressed populace.” The first wave of aid is running short and “lawmakers are in tense negotiations over a new round of stimulus, which could include more money for small business.”

Business Climate

States Hit Hardest By Coronavirus See Most Small Business Defaults (08/04/2020)

Reuters (7/31, Saphir) reported the US states “hit hardest by COVID-19 had some of the biggest jumps in small business loan defaults since the onset of the pandemic, and some of the highest rates of default overall, according to data provided to Reuters on Friday by PayNet, a division of credit tracking company Equifax Inc.” Reuters said the defaults from February to June “rose fastest in New York, where the disease has killed more people than in any other state,” while “Louisiana, the state with the highest per-capita case count as of the end of July, had the fourth-highest default rate among small businesses,” and “Florida, with the fourth-highest per-capita COVID-19 case count, had the highest default rate of any state, at 4.29%.”

Small Business Marketing

Zelle Transaction Volume Increases 60% Year-Over-Year In First Half Of 2020 (08/04/2020)

American Banker (7/29, Fitzgerald, Subscription Publication) reported P2P payments app Zelle has seen transaction volume rise during the pandemic, with $133 billion traveling through its network in 519 million transactions during the first 6 months of 2020. This is an increase of 60% from the same period in 2019.

Wages and Benefits

Weekly Jobless Claims Rise To 1.434M As Senators Remain Divided On Extending Benefit (08/04/2020)

CNBC (7/30, Imbert) said on its website that the Labor Department reported Thursday that “the number of Americans who filed new claims for unemployment benefits last week totaled 1.434 million,” making it “the 19th straight week in which initial claims totaled at least 1 million and the second consecutive week in which initial claims rose after declining for 15 straight weeks.” Continuing claims, that is “those receiving unemployment benefits for at least two straight weeks,” increased “by 867,000 to 17.018 million for the week ending July 18.” Bloomberg (7/30, Rockeman) said “the jump in continuing claims was concentrated in California and Texas, which reported a combined increase of about 576,000 on an unadjusted basis,” while Florida “showed a decline of about 122,000.”

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