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
Inclusion, Equity & Diversity
Religious Accomodations
Learning & Development
HR Careers
Business Continuity
Organizational &
Environmental Health Hazards
Succession Planning
Workplace Culture
Ethical Practice
Overtime Pay
Leadership &
Disability Accomodations
HR Software
Overtime Eligibility &
Firing
Risk Management
Substance Abuse
Onboarding
Data Security
Cybersecurity
Job Applications &
Ethnicity
Paid Leave
Organizational Structure
Bonuses & Incentives
Eligibility Verification (I-9)
Communicable Diseases
Fiduciary Duty
Health Care Benefits
People Management
Campus Placement
Teamwork
Labor Relations
Retirement & Recognitions
Religion & Spirituality
Disaster Preparation & Response
Educational Assistance
Benefits Reporting & Disclosure
Workplace Wellness
Investigations
Downsizing
Artificial Intelligence
Records & Reports
Analytical Aptitude
Affirmative Action
Mental Wellness
Unemployment Benefits
Drug & Alcohol Testing
Employee Data Privacy
Tags
Article
With Remote Working Being the New Norm, How to Hire the Best remote Workers
Before the advent of the COVID-19 pandemic, about 7 million people in the US alone were working rem ...
The Interviewer's Guide to Conducting Phone Interviews
The job market in the US is slowly gaining traction after the long period of gloom that took the un ...
Top paying Careers in 2021
The economy may be taking its time with recovery, but hiring and job hunting are at an all-time hig ...
How to Cope with America’s Return-To-Office Plans
If you’re looking forward to shifting from remote to in-office work, here are a few ways to cope wi ...
Comments