Small businesses struggle to find cash reserves
44% percent of small businesses in the US now face a shortage of cash reserves as many have less than three months of cash. This leaves them in a vulnerable state of another shutdown due to financial emergencies and the pandemic. The survey conducted by Goldman Sachs shows that an even greater 51% of Black-owned businesses face a shortage of cash reserves with less than three months' worth.
These numbers present the ongoing pressure and struggle of small businesses to continue operations amidst the pandemic. As more customers got vaccinated, there was a rebound in sales but conditions have worsened for small businesses yet again. The survey also highlights the rocky recovery for many Americans and the challenges faced by minority-owned businesses during the pandemic. National Director of Goldman Sachs Joe Wall said that it has been an uneven recovery for Black business owners and that they have consistently lagged over the last 16-17 months.
Source: CBS News
Category
Promotion
Work Life Integration
Job Applications &
Flexible Spending Account
Discrimination
Overtime Pay
Change Management
Employee Relations
Workplace Culture
Drug & Alcohol Testing
Mental Health Benefits
Opening & Closing
Relationship Management
Sexual Orientation
Disaster Preparation & Response
Affirmative Action
Inclusion, Equity &
Religion & Spirituality
Social Media
Compensation & Benefits
Family & Medical Leave
Mentoring & Coaching
Firing
Contracts & RFPs
Investigations
Employee Surveys
Benefits Reporting & Disclosure
Policies & Practices
Employment Branding
Employment Offers
Onboarding
Contemporary Issues
Workforce Planning
Religious Accomodations
Health Savings Accounts
Workplace Stories
Leadership &
Hiring & Firing
Paid Leave
Age
Disability Benefits
Remote & Hybrid Work
Ethical Practice
Dependent Benefits
Workplance Violence
Organizational &
Business Acumen
Cybersecurity
Employee Data Privacy
Organization & Employee Development
Tags
Article
Let's Talk about the Hustle Economy
With the COVID-19 outbreak, it has increased manifold, owing to the rise in remote working. It’s be ...
The Future of Gig Employment
There’s no denying that the gig economy has seen much growth since the last recession. With the spr ...
This Thanksgiving - Give Thanks To All These People
This Thanksgiving is going to be different, no doubt! But it need not be different in a negative se ...
Effective Ways to Stay Productive While Telecommuting
Remote working is not a new thing in the US but a lifesaver in the current situation when social di ...
Comments