What the recovery looks like for small businesses

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The world is careening back to normal as more people get vaccinated and cities continue to ease restrictions, allowing small businesses that have been closed or operating at partial capacity to throw their doors open. 

But many are not out of the woods just yet. In a new survey from the National Federation of Independent Business, 13% of respondents say they will permanently close if economic conditions don’t improve over the next six months. While the figure is down from December 2020’s 25%, the results reflect the trepidation that continues to grip the small business community.

How is your business faring as municipalities continue to reopen? What challenges do you foresee over the coming months?

Latest Developments

• The Small Business Administration is expanding the EIDL loan, allowing small businesses and nonprofits to apply for 24 months of relief, up from the previous six months. The rules go into effect on April 6.
• The Biden administration extended the deadline for Americans to enroll in health plans under the Affordable Care Act to Aug. 15.
• Canadian business owners are calling for the government to extend emergency relief measures, including rent subsidies.
• Ontario is answering the call, telling businesses there that those that received grants at the start of the pandemic will receive a second tranche. 
• Olive Garden is increasing its minimum wage for waiters to a minimum of $10 per hour to compete with other restaurants looking for workers as cities continue to reopen. 
• Businesses that entered international markets over the past year fared better than their counterparts, according to a new study from global payment provider OFX. 
• New York is the latest state to legalize recreational marijuana.
• Retailers and businesses that serve pet owners are in for a boom year as consumers continue to spend on their new furry companions.
• Asian-American business owners are facing more costs as they bulk up security and reduce hours to combat the onslaught of anti-Asian violence.

Conversations For You

• More small businesses and sole proprietors are joining the e-commerce craze, launching their own firms as online shopping continues to grow. See what these new owners are saying.
• Business leaders are discussing the keys to entrepreneurial success and what they have learned.

Resources

• Louisville businesses can now apply for loans and grants through a new program that has $1.1 million in funds available. 
• Small businesses in Brooklyn’s Brownsville neighborhood can apply for grants.

Something Good

•  Pets have had unfettered access to their humans for over a year and are in for a rough transition as workers return to offices. The Wall Street Journal has a helpful guide on how to prepare them.
• Dolphins are gracing New York with their presence with three of the water mammals seen swimming in the East River.

Note: Big Trends in Small Biz is going on a short hiatus and will be back on April 20.