Vast Majority of Small Business Owners Worried Biden’s Economy Will Force Them to Close

A large portion of small business owners are concerned about their future amid wider financial stress under President Joe Biden, according to a new poll from the Job Creators Network Foundation (JCNF) obtained exclusively by the Daily Caller News Foundation.

Around 67 percent of small business owners were worried that current economic conditions could force them to close their doors, ten percentage points higher than just two years ago, according to the JCNF’s monthly small business poll. Respondents’ perceptions of economic conditions for their own businesses fell slightly in the month, from 70.2 to 68.1 points, with 100 points being the best possible business conditions, while perceptions of national conditions increased from 50.4 to 53.2 points.

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Businesses Blast New Biden Rule Allowing Union Reps to Inspect Job Sites

Construction site

Business groups are pushing back against a new Biden administration rule that would allow third-parties, including union representatives, to accompany federal inspectors of job sites.

The Occupational Safety and Health Administration issued the final rule earlier this year, but critics say the rule goes beyond safety needs and panders to unions and their recruitment efforts. The rule would apply even to job sites where workers have not unionized.

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Small Business Owners Lament Inflation

Overwhelmed businessman

As inflation continues to rise this year, small businesses are feeling the pain.

The National Federation of Independent Businesses released a survey of small business owners Tuesday that found the nation’s job creators cite inflation as their top concern more than any other issue.

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Commentary: The Federal Government is Deciding Who Can Start a Small Business

Business Owner

Just when it seemed impossible for things to get tougher for small businesses, the federal government decided to make things worse.

Small businesses have had a tough run for the last few years. Record inflation, high interest rates, and workforce shortages have led to widespread pessimism among small businesses. The last thing they need is more government interference, but that is exactly what is happening.

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Soaring Interest Rates Are Squeezing Out Small Businesses

Small businesses are feeling the effects of the Federal Reserve’s interest rate hikes as tightening credit puts more businesses and workers in dangerous positions, according to The New York Times.

Interest payments for small businesses will rise to about 7 percent of revenues next year on average, as opposed to being just 5.8 percent of revenues in 2021, according to the NYT. The Fed has raised its federal funds rate to a range of 5.25 percent and 5.50 percent following a series of 11 hikes that started in March 2022, bringing the rate to its highest point in 22 years.

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Small Businesses Risk Shutting Down in Droves Amid Elevated Inflation, Energy Prices

Nearly half of American small business owners say they are at risk of closing down this fall, according to new survey data.

The small business network Alignable released the survey, which found that “47% of small business owners … say their businesses are at risk of closing by fall 2022, unless economic conditions improve significantly.”

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Commentary: Protect Small Businesses from the Scourge of Stolen and Counterfeit Goods

Recent images from the Los Angeles railyards of a sea of cardboard wreckage, the remnants of thousands of stolen packages, have made national headlines. Union Pacific railroad said criminal rail theft in LA has increased by more than 2.5 times since December 2020. Yet while most media coverage focuses on this third-world scene, little has been made of the consequences for the small business sellers ripped off by this grand theft.

Whether it comes in the form of widescale package theft by criminal enterprises or organized smash-and-grab robberies at brick and mortar stores, theft has become a big problem for small businesses. A new survey finds that nearly all small business owners experienced an increase in theft in 2021.

This isn’t the shoplifting of your parent’s generation. Elaborate criminal networks steal and resell goods at below-market rates on internet marketplaces such as Amazon, Facebook, eBay, and Alibaba. The cost of lost inventory and ensuing cut-rate online competition puts tremendous pressure on small business margins that are already strained by the highest inflation in 40 years and severe supply chain disruptions.  

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Report: Private Companies Added Half as Many Jobs as Expected in July

Private companies added 330,000 jobs in July, far fewer than expected and the lowest amount since February, according to a major payroll report.

The 330,000 jobs added to private payroll last month represented a significant decline from the 680,000 jobs added in June, the ADP National Employment Report showed. Economists predicted that private companies would add 653,000 jobs in July, nearly double the number reported Wednesday, according to CNBC.

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Surging BBQ Companies Go Public, Signaling Continued Post-Pandemic Shift to Home Cooking

Man in apron, seasoning meat.

Multiple home barbecue companies are going public after a successful year and a half amid the COVID-19 crisis, an apparent reflection of increasing consumer orientation toward home cooking after many months during which dining out was sharply curtailed.

Traeger — a manufacturer of automated wood-pellet smokers — this week announced an initial public offering of 23,529,411 shares of common stock at as much as $18 per share. The company was expecting to realize around $400 million in the IPO.

The company in its IPO prospectus said it “more than doubled revenue from $262.1 million in 2017 to $545.8 million in 2020,” with huge surges in social media followings last year

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Commentary: A January 6 Detainee Speaks Out

Joe Biden’s Justice Department notched another victory last week in the agency’s sprawling investigation into the January 6 protest on Capitol Hill against Biden’s presidency.

On Wednesday, Michael Curzio pleaded guilty to one count of parading, demonstrating, or picketing in the Capitol building. The government offered the plea deal to Curzio’s court-appointed attorney in June; Curzio faced four misdemeanor charges, including trespassing and disorderly conduct, for his role in the Capitol breach.

Curzio will pay the government “restitution” in the amount of $500 to help pay for the nearly $1.5 million in damages the building reportedly sustained. (The Architect of the Capitol initially said the protest caused $30 million in damages but prosecutors have set the figure far lower.)

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Small Business Owners Struggling to Find Workers

Small Business Struggle

Small business owners are continuing to have problems attracting new workers in the wake of the coronavirus pandemic and are trying to entice them with new incentives, a new report from the U.S. Chamber of Commerce shows.

“Small businesses are bearing the brunt of the current worker shortage,” said Tom Sullivan, vice president of small business policy at the Chamber. “Many have given up on actively recruiting new workers as it is too hard to find skilled and experienced workers for their open positions.”

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Business Groups Slam Biden’s ‘Flawed’ Competition, Antitrust Executive Order

Joe Biden

President Joe Biden’s competition and antitrust executive order will harm American consumers, groups representing both large and small businesses said.

The leading groups — including the Chamber of Commerce, Job Creators Network (JCN) and the National Association of Manufacturers (NAM) — slammed Biden’s executive order, arguing that it will harm competition and present a host of challenges to small businesses. The business groups said the order is an example of big government attempting to exert control over the free market via onerous rules and regulations.

“This executive order amounts to a bizarre declaration against American businesses, from the largest to the smallest,” Small Business and Entrepreneurship (SBE) Council Chief Economist Raymond Keating said in a statement. “It’s hard to understand why a White House would go down such a path, especially as the economy is digging out from the COVID-19 disaster.”

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Commentary: As President Biden’s Deputy Secretary of Labor, Julie Su Would Take California’s Small-Business Nightmare National

Last Thursday, Senate Majority Leader Chuck Schumer filed cloture on the nomination of Julie Su, California’s top labor official, to become President Joe Biden’s deputy secretary of labor.

Su’s confirmation vote will likely occur soon after the Independence Day Senate recess. That’s bad news.

After all, Su leads California’s Labor and Workforce Development Agency, presiding over one of the most anti-small business regimes in the country. If confirmed as second-in-command at the Department of Labor, she would use her position to expand California’s war on small businesses nationwide. On behalf of their small business constituents, Senators must oppose Su’s confirmation.

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Commentary: It is Time to Fight for the Rights of Independent Businesses

As a very young man, I was fortunate enough to start my own company out of my apartment using a small amount of investment capital from friends and family. Over time, that business grew to have over 6,000 employees and revenues in excess of $2 billion. Over nearly a 40-year span, my team and I built what some would consider a remarkable track record, as measured by both sales and profits.

Because of my experience growing that business, I feel a special kinship with small, privately owned businesses and their owners. I also come from a middle-class background, one that shaped me into the person I am today. It is through both the lens of entrepreneur and member of the middle-class that I look through when reflecting upon this Independence Day.

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Just Six Percent of Small Businesses Have Fully Recovered Pandemic Losses, Poll Shows

Just 6% of small businesses that were negatively impacted by the coronavirus pandemic have fully recovered their losses, a Job Creators Network survey showed.

The vast majority of U.S. small business owners continue to “claw their way out” of the hole caused by the coronavirus pandemic, according to the poll commissioned by small business advocacy group Job Creators Network (JCN) and shared with the Daily Caller News Foundation. While 6% of small business owners that suffered losses related to the pandemic said they have recovered, 43% believed they would be fully recovered within six months.

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‘My Income Has Dropped to Zero’: About 45 Percent of Small Businesses Risk Closure Within Months

At least 13.9 million of the nation’s small businesses are at serious risk of shuttering their doors by April 1, a recent industry report found.

Forty-four percent of the country’s 31.7 million small businesses are at risk of closing by the end of the first quarter, according to small business group Alignable. Small businesses on the brink of closure expect to earn less revenue than their owners estimate is needed to stay afloat.

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More Than $1 Trillion in Coronavirus Aid Hasn’t Been Spent, Includes $120 Billion for Small Businesses

About $1.1 trillion in coronavirus aid, including more than $120 billion for small businesses, has still not been spent, according to a memo Republicans are circulating on Capitol Hill.

The more than $1 trillion in unspent coronavirus relief funds represents a significant portion of the $4 trillion allocated by Congress as part of multiple 2020 stimulus packages, according to the Republican Study Committee (RSC) memo reviewed by the Daily Caller News Foundation. Of the $828 billion allocated for small business loans, about $123.7 billion has not been spent, according to Small Business Administration data.

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