NFIB Weekly News

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NFIB Weekly News Leading the News

Small Business Optimism Sees Sharp Fall Due To Coronavirus Concerns (04/07/2020)

NFIB’s Optimism Index (4/7) fell to 96.4 in March, an 8.1 point decline, and the “ the survey’s history,” on the back of escalating economic disruptions as “nine of the 10 Index components declined.” NFIB Chief Economist William Dunkelberg is quoted saying “Small businesses are living through the coronavirus pandemic right now and it’s hard to say what the severity of the disruption will be, but we do know they’re feeling the urgency.” He added that “It is vital that these businesses have access to federal funds that are made available through the CARES Act to keep the doors open on Main Street.”

Business Climate

House Republicans Want Economy To Reopen By End Of April (04/07/2020)

The Washington Examiner (4/2, Picket) reports House Republicans want the US economy to reopen by the end of April, provided there has been progress in battling the coronavirus pandemic. Rep. Kevin Brady (R-TX), the ranking member on the House Ways and Means Committee, said, “Our focus is on locking down the virus while we’re taking the steps now to prepare to reopen the economy by the end of the month if the virus permits. ... I think we should all expect the jobs, the unemployment in the GDP numbers to feel brutal over the short term. It’s because they are. This economy is taking hits like we’ve not seen in most of our lifetimes. But it is just a short-term hit.”

Small Business Marketing

Survey: 30% Of Small Businesses Seeking Relief Through SBA Disaster Loans (04/07/2020)

U.S. News & World Report (4/3, Soergel) reported, “The Chamber’s survey highlights that many U.S. small businesses don’t have much time before needing to make difficult decisions about how – or whether – to keep their lights on.”

Wages and Benefits

Pelosi Pushing For More Small Business, Individual Relief In Next Coronavirus Legislation (04/07/2020)

Reuters (4/3, Cornwell) reports House Speaker Nancy Pelosi “said Friday that $350 billion in already-passed coronavirus legislation was not enough for small businesses, and she wants more money in next bill being developed now in the Democratic-run House.” Pelosi said in a CNBC interview, “I don’t think the 350 is enough for small business.” Pelosi “also called for ‘another direct payment’ to Americans for coronavirus economic relief, in addition to the $1200 payment already approved for individuals making up to $75,000 a year.” Pelosi “asked Treasury Secretary Steven Mnuchin to ‘please’ electronically transfer the direct payments, not wait and mail them later. Unemployment benefits should be granted for six months, not four months as in the past bill, she said.” The Hill (4/5, Carney) and The AP (4/3, Lemire, Kellman) also report.