Tag: small business

Dave Portnoy’s ‘Barstool Fund’ Raises $20M, Helps More Than 90 Small Businesses

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The Barstool Fund, created by Dave Portnoy, has helped raise more than $20 million, helping nearly 100 small businesses hurt during the coronavirus pandemic lockdowns. Portnoy started the Barstool Fund one month ago with his own $500,000 to help small businesses.

The fundraiser has raised $20,119,270 from more than 156,000 donors and has aided 92 small businesses across the country as of Thursday evening.

Earlier in the day, Portnoy announced his fundraising success on Twitter, but stressed that their mission is far from over.

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Minimum Wage Hikes Set for 2021 Imperil Businesses Struggling Amid COVID Shutdowns

The Center Square

More than 80 states and local municipalities are slated to see minimum wage hikes in 2021, even as business owners continue to struggle during the coronavirus pandemic.

The Employment Policies Institute, a non-profit based in Washington, D.C., that studies how public policy impacts employment growth, released a comprehensive list of the minimum wage increases that will go into effect next year and in subsequent years.

“Minimum wage increases are demonstrated to cause job losses even in times of economic health,” said Michael Saltsman, EPI’s managing director. “These states and local areas are increasing the cost of labor as businesses are dealing with forced closures or a drastic drop in revenue. Employers and employees will pay the price for these misguided good intentions.”

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Virginia Business Community Praises COVID-19 Stimulus, but Seeks State Action for Full Benefits

The Center Square

Virginia business advocates praised the COVID-19 stimulus package passed by Congress but said additional state action is necessary for businesses to receive the full benefits of the legislation.

The $900 billion COVID-19 stimulus provides about $325 billion in aid to small businesses nationally, including $284 billion for forgivable Paycheck Protection Program (PPP) loans, $20 billion for Economic Injury Disaster Loan grants, $15 billion for live venues, independent movie theaters and cultural institutions and another $12 billion for businesses in low-income and minority communities.

Congress’ bill also addressed a couple of concerns businesses raised regarding the first wave of PPP loans. The bill simplifies the forgiveness applications and makes the loans tax deductible at the federal level. The deductibility applies to loans that already have been received and any loans received in the second wave, which would prevent a hidden tax increase on businesses.

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Defiant: Minnesota Businesses Plan Mass Reopening

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by Anthony Gockowski   More than 150 businesses plan to reopen this week in defiance of Minnesota Gov. Tim Walz’s coronavirus shutdown. The businesses have organized as the Reopen Minnesota Coalition. This group has created a Facebook page and GoFundMe to raise awareness and money for business owners who will likely face legal consequences for their actions. Rural businesses involved in the effort plan to open Wednesday, Dec. 16, while metro businesses will open two days later on Friday. Walz’s current shutdown order is set to expire on Friday, but an extension is possible. Those who choose to participate in the statewide reopening effort are encouraged to indicate their intent and sign up with the Reopen Minnesota Coalition to receive publicity and support. At least three Minnesota businesses were sued in recent weeks by Attorney General Keith Ellison after they reopened. Already, the coalition has raised over $3,000 to support business owners and their employees should legal action against them occur. The group’s founder, Darius Teichroew, assured listeners of this recently on the radio show Justice & Drew.  On the show, Teichroew described his group as “a grassroots coalition” to “get businesses back on their feet.” While he expressed concern for business owners during the interview,…

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Rubio Calls for More Small Business Loan Money in Compromise COVID-19 Relief Bill

The Center Square

The $908 billion pandemic stimulus compromise package being discussed in the U.S. Senate is a hopeful sign of progress, Florida Republican U.S. Sen. Marco Rubio said, but it won’t garner his support until more assistance is tabbed for small businesses.

The four-month emergency package introduced Tuesday by a bipartisan coalition of senators and House representatives on Capitol Hill would fund transportation, food assistance, coronavirus testing centers and the Paycheck Protection Program (PPP) crafted by Rubio’s Small Business and Entrepreneurship Senate Committee to help businesses pay their employees during shutdowns rather than lay them off.

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Court Ruling Allows Ohio Small Businesses to File Single Local Tax Return

The Center Square

An Ohio Supreme Court ruling should help small business owners cut through government bureaucracy and save time and money, according to a Central Ohio think tank.

The ruling, which could allow small businesses to file a single local income tax return, is a step in the right direction for small businesses throughout the state, according Greg R. Lawson, a research fellow at The Buckeye Institute.

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Leahy and Roberts Discuss Nashville Mayor Cooper’s Continued Hold on Nashville Small Businesses

Julie Carr

Live from Music Row Tuesday morning on The Tennessee Star Report with Michael Patrick Leahy – broadcast on Nashville’s Talk Radio 98.3 and 1510 WLAC weekdays from 5:00 a.m. to 8:00 a.m. – Leahy was joined in studio by state Senator Kerry Roberts (R-Springfield).

During the second hour, Leahy and Roberts questioned the motives of Mayor John Cooper who continues to hold Nashville small businesses hostage.

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Dozen Members of DeWine, Husted’s Ohio Economic Advisory Board Are Campaign Donors

Jason M. Reynolds

Up until now, you mostly had to be connected to big business — and to Gov. Mike DeWine and Lt. Gov Jon Husted — to have a say in how businesses of all sizes are considered in Ohio’s snails-pace reopening.

On Friday, DeWine said the state would begin a phased reopening from the Chinese coronavirus shutdown, The Ohio Star reported. The governor said he is forming a pair of advisory groups tasked with developing best practices for reopening dine-in restaurants, barbershops and salons.

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80 Percent of Small Business Owners Are Waiting to Receive a Loan from the SBA, Survey Finds

Zachery Schmidt

The National Federation of Independent Business (NFIB) Research Center released a survey Tuesday that said 80 percent of small business owners are still waiting to receive a loan from the Paycheck Protection Program (PPP).

“Small businesses were prepared and ready to apply for these programs, the only financial support options for most, and it is very frustrating that the majority of these true small businesses haven’t received their loan yet,” Holly Wade, NFIB Director of Research & Policy Analysis, said. “Small businesses make up nearly half of the economy and it’s crucial that their doors stay open.”

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Wells Fargo Bows Out of Small Business Bailout Program After Receiving $10 Billion of Loan Applications

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One of the largest banks in the United States announced that it is no longer accepting applications for a federal program aimed at rescuing small businesses affected by the coronavirus pandemic.

Wells Fargo has stopped accepting new applications for the government’s Paycheck Protection Program, an initiative created by the government to assist U.S. businesses that employ fewer than 500 people. The bank’s decision came after it was inundated with billions of dollars in loan requests since Friday.

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Commentary: Small Businesses Urge Federal and State Governments to Reopen America ASAP

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Due in large part to government edicts, religious, social, and political gatherings, have been cancelled or drastically altered to meet government requirements. Schools and colleges have closed so there will be no proms or graduations to attend this spring. Restaurant dining rooms are closed, as are community centers, fitness centers, salons, barbershops, theaters, retail stores, and malls. Theme parks, beaches, and even some public parks are closed. Air travel and the use of public transportation has declined precipitously. Traffic on the roads is eerily light, and parking lots are nearly empty.

Of the businesses that have remained open, many have reduced their operating hours. While one can reasonably expect that stay-at-home orders will reduce Chinese coronavirus cases, it remains to be seen what the human and economic toll of these orders will be; but we do know that they are devastating to small businesses and their employees.

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What a Turn Off: NFL Fans, MSM, and Hollywood Viewers Tune Out Politically Biased Programming

Julie Carr

On Monday’s Gill Report – broadcast on Nashville’s Talk Radio 1510 WLAC weekdays at 7:30 am – Star News Digital Media National Political Editor Steve Gill talked about the recent decline in ratings due to the political agenda of the NFL, MSM outlets, and Hollywood award shows. He was saddened that it hits the small businesses in the pocket book, however gleeful that this will hopefully be a lesson to the big corporations’ continuous mistake at making almost everything political.  Gill observed, “But viewers are paying attention, and tuning them out!” He continued: Does it make me a bad person that I like seeing the ratings absolutely crater for CNN when they engage in their left-wing propaganda on a constant basis and their ratings are slipping behind the cooking channel on cable? Of course, having their host out standing in ditches trying to make the flood waters look worse show that they’ll even lie about weather so why should we be surprised when they lie about politics or business or anything else that comes along. And then you’ve had the NFL with their Monday night football ratings reaching a new low. The second week of Monday night football, some of…

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This New Health Plan Expansion Is a Godsend for Small Businesses Like Mine

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business meeting

by Kalena Bruce   Last month, the Trump administration took a concrete step to lower skyrocketing health care costs for middle-class families like mine. The Department of Labor issued a final rule expanding association health plans, which allow small businesses like my farm to band together with others to negotiate bulk rates on health care costs. Association health plans are not new, but they have been nearly regulated out of existence over the last decade by state regulations and Obamacare. For instance, Obamacare required small businesses buying coverage through association health plans to offer “essential health benefits,” which are expensive and often include unnecessary frills like obesity screening and drug rehab. This puts small business plans at a competitive disadvantage with those of their big business competitors, which don’t have to comply with essential health benefits and many other onerous Obamacare regulations. The result: The number of small businesses offering health insurance for their employees fell by about one-quarter between 2010 and 2017. For my family of three, I now pay $700 a month in premiums, not including the deductible and copays, for Spartan coverage. These cost increases eat a portion of my revenue that would otherwise be reinvested into my business. Hardest hit have…

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A Record Number Of Small Businesses Are Raising Wages Amid Tight Labor Market

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Small Busines Owner

by Will Racke   A greater share of small companies in the U.S. are raising wages than at any time in the past three decades, according to a survey released Thursday from the nation’s biggest independent business association. A seasonally adjusted 35 percent of small business owners reported they have increased labor compensation in order to recruit new employees or retain the ones they already have, the National Federation of Independent Business found in its May jobs report. That was the highest share since the NFIB began asking about wage increases in 1986. NFIB attributed the record figure to business-friendly tax reform enacted at the beginning of 2018 and a tight labor market that has seen unemployment dip below four percent. “This month’s jobs report demonstrates that small business owners’ optimism is showing no signs of abating. They are increasing compensation at record levels and are continuing to hire,” NFIB President Juanita Duggan said in a statement. “Post tax reform, concerns about taxes and regulations are taking a backseat to their worries over filling open positions and finding qualified candidates.” As a consequence of that tight labor market, 83 percent of responding businesses reported having difficulty finding qualified candidates for the positions they were…

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Overregulation Imperils the Entrepreneurial Food Truck Revolution

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by Joseph Sunde   As protestors continue to boldly decry “corporate greed” with little definition or discernment, progressive policymakers are just as quick to push a range of wage controls and market manipulations to mitigate the supposed vices of free and open exchange. The painful irony, of course, is that the victims of such policies are not the fat-cat cronyists at the top, but the scrappy challengers at the bottom. We’ve seen it with the recent embrace of the $15 minimum wage, which continues to cripple and dismantle small businesses wherever it’s found, from Seattle to Minneapolis to California to New York. But while the wars over wages tend to be the loudest and most prominent, we mustn’t forget the pains and misfortunes due to plain-old regulatory excess, subtle and unexciting though it may be. In the restaurant industry, for example, food trucks have posed a healthy challenge to the status quo, rattling entrenched corporate interests, diminishing barriers to entry, and expanding opportunities for aspiring restaurateurs of all backgrounds. But alas, such opportunities are beginning to disappear in many cities across the country, leaving many struggling beneath the weight of a growing pile of rules and regulations. In Food Truck Nation, a new study from the U.S. Chamber of Commerce Foundation,…

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The Story of How Halo Top Ice Cream Reached the Top

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 by Brittany Hunter   No one expects healthy desserts to taste good. It is one of life’s harsh realities that we have had to learn to live with: you can either eat healthy food, or eat delicious food; you can’t have it both ways. But that was before Halo Top entered the market and was met with unconventional success. Visit any grocery store that sells the healthy protein-packed ice cream in the late afternoon or evening hours and you will see empty shelves where the beautiful gold-lined pints once stood. So high in demand are these low calorie, low fat, low sugar ice cream flavors, large supermarket chains can barely keep up with the consumer demand. But unlike many successful brand name products, Halo Top comes from humble origins. In fact, its creators had to overcome some major obstacles and wait six years before they achieved market success. And what is perhaps most intriguing about Halo Top is its refusal to do things in the traditional way. But it is this innovative mindset and the ability to learn from mistakes that has helped Halo Top reach the top. Changing the Way We Eat Ice Cream For many of us, ice…

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Small Businesses Carry Burden of High Taxes in Tennessee

Jason M. Reynolds

Small business owners in Tennessee are paying the price — literally — for large corporations raking in tax breaks. “What we keep seeing is that small business owners are taking on the burden of higher taxes for governments to give their tax dollars to big businesses,” said Mark Cunningham, a spokesman for the Beacon Center of Tennessee, a nonpartisan think tank. Nashville has waived property taxes or given grant money for many new downtown hotels, Cunningham said. Those funds must be replaced from somewhere, and somewhere often means small businesses. With Nashville and Memphis competing with other cities for the new Amazon headquarters, whoever lands the deal will pay out the “biggest corporate welfare deal” for 50,000 jobs, Cunningham said. “It’s a terrible deal.” In effect, he said, Tennessee has two tax codes: one for big businesses and one for small businesses. The Beacon Center of Tennessee would prefer everyone pay lower taxes. The piling on of multiple taxes from different government bodies year after year takes a toll, some small business owners say. Small business owner Kasey Parsons ignited a firestorm when she posted to Facebook the city and county property tax bills for only one of her several…

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