Posted inEconomy

Mass. small businesses going through transition period

THE MASSACHUSETTS SMALL business economy is struggling to recover from COVID-19, even as it enters a major and time-sensitive transitional period. Many long-time small business owners are eying the exits, planning for their retirement and the sale of their businesses. Newer, more diverse entrepreneurs are looking to grow their businesses, but face barriers to realizing […]

Posted inOpinion

Promising to be champion of small business

MASSACHUSETTS IS at an inflection point.  Decisions we make as we emerge from quarantine will define the character of the Commonwealth for decades.  Small businesses should be at the center of our recovery plans.  That is why I am exploring a run for lieutenant governor—to be the small business champion on Beacon Hill. Running a […]

Posted inEconomy

Massachusetts unemployment rate highest in the country — again

MASSACHUSETTS HAS THE HIGHEST unemployment rate in the country for the second month in a row, as the state continues the struggle to regain its economic footing.   The Bay State had the nation’s highest unemployment rate in July at 16.1 percent, down from 17.4 percent in June, according to new data from the US Bureau of Labor Statistics released Friday morning.   […]

Posted inEconomy

Almost half of Massachusetts businesses helped by federal aid

NEARLY HALF OF the state’s businesses and nonprofits received aid from a key federal loan program meant to keep people employed amid the coronavirus downturn, according to a new analysis by the Metropolitan Area Planning Council.   The report says data from the Small Business Administration, which oversees the Paycheck Protection Program, show 46 percent of Massachusetts firms had received funding by July. The loans covered […]

Posted inEconomy

Rent payments pile up for business owners

DANIEL BOJORQUEZ, the owner of the La Brasa and Fat Hen restaurants in Somerville, is being squeezed by his landlord and the coronavirus.  His restaurants have been shut down since mid-March by the virus and they’re unlikely to reopen before June. Bojorquez owes $13,000 in rent for April and May, and he’s staring at another rent payment coming due on June 1.   He […]

Posted inEconomy

2d Paycheck Protection Program set to go

BANKS ARE PREPARING to submit applications for the second round of federal loans to businesses as coronavirus shutdowns continue to impact the income of US firms. The Small Business Administration will begin taking applications on Monday for a new round of the $310 billion Paycheck Protection Program after President Trump signed the bill on Friday. […]

Posted inEconomy

Gambling dollars can boost small biz

WITH THE ENCORE BOSTON casino scheduled to open in June, fiscal year 2020 will be the first year that the Commonwealth will receive significant taxes on gross gaming revenue, creating a new financial resource to address key challenges facing our state. No challenge is greater than the growing wealth and income inequality that we see across […]