Another recovery roadblock: debt

Happy last day of summer.

 

Programs such as the Paycheck Protection Program and a similar state effort, helped many businesses and nonprofits survive the past year and a half.

 

But with the pandemic far from over, hopes for a strong close to 2021 are wavering. 

 

About 40% of small business owners are worried the debt they’ve accumulated during the pandemic will hinder their ability to recover. Even more Black owners (55%) have this concern, according to Caitlin Mullen at Bizwomen.

 

Less than one-third of small business owners feel confident they could access capital if needed. Only one-fifth of Black owners expressed this confidence, according to a Goldman Sachs small business survey.

 

The Independent Restaurant Coalition says 1 in 5 restaurant owners say credit scores have dipped below 570 during the pandemic, resulting in many being unable to take on any additional loans.

 

More than three-quarters of business owners recently polled by Clarify Capital said additional financial assistance for PPE and other protective measures would be most helpful, since covering the cost of masks, gloves and cleaning supplies during the pandemic has financially strained them, adds Mullen.

 

Chamber joins business groups in support of standardized tests

 

While teachers’ unions and education reform groups call for reducing or outright eliminating the role of the MCAS standardized exam in K-12 schools, business leaders statewide told lawmakers yesterday the tests play a crucial role in tracking and closing opportunity gaps across districts, reports Chris Lisniski at State House News.

 

“The information that MCAS provides is integral to understanding if we’re serving students in the way that our state constitution, the student opportunity act and the moment require of us,” Ed Lambert, executive director of the Massachusetts Business Alliance for Education (our chamber is a member) said at a hearing yesterday.

 

“Seeking less information about statewide achievement gaps by undermining the annual MCAS assessment would be tantamount to closing our eyes to inequities.”

 

Read the letter the MBAE members sent to lawmakers here.

 

 

As we wait for the Biden administration to issue guidelines on its testing mandate (and that's what it is -- please don't call it a "vaccine mandate," it's a testing mandate with an vaccine opt out) for 100-plus employee companies, employers have been wondering if there will be enough testing kits to meet the weekly requirement.

 

Rowan Walwrath at the BBJ talked to two local diagnostic makers -- Waltham-based PerkinElmer Inc. and Eurofins Inc., a Luxembourg-headquartered laboratory services company with operations in Framingham -- who believe supply will meet demand.

 

"Right now, we're only using about 15% of our capacity,” Annemarie Watson, Eurofin's senior VP of clinical diagnostics tells Walwrath.

 

“We have a ton of capacity to take on the schools that we're already committing to, and employers, we expect, will raise interest with the new guidelines.”

 

In addition to requiring large employers to test unvaccinated workers weekly, Biden is invoking the Defense Production Act to spur the production of an additional 280 million Covid-19 tests, prioritizing rapid and at-home tests.

 

Biden's plan also includes expanding the number of retail pharmacy sites partnered with the HHS's free testing program to 10,000 pharmacies.

 

Another company with its U.S. office in Waltham, LumiraDx, is a provider to the testing program run by CVS.

 

 

Over the counter Rapid Covid-19 antigen tests are flying off drugstore shelves. But are they dependable?

 

Rapid tests are at their most reliable when used in people who have symptoms, scientists tell the Wall Street Journal.

 

In those cases, rapid tests hold up well against the PCR tests processed in labs. So if you’re trying to determine whether your sneezing is due to allergies or COVID, a rapid test is likely a good option.

 

If you’ve been exposed to someone with COVID but you don’t currently have any symptoms, rapid tests aren’t as reliable, they add.

 

 

Watertown has granted final approvals to convert 64 Pleasant Street, the historic Chase Mills building along the Charles River (formerly home to Sasaki) to a life sciences use.

 

Berkeley Investments plans to begin construction at 64P this month to fully modernize the historic buildings while preserving and maintaining approximately 105,000 in square footage, according to Boston Real Estate Times.

 

 

 

 

Wellesley businesses and nonprofits are urged to a Building Energy Roundtable via Zoom on Monday (Sept. 27) at 10:30 a.m..

 

The roundtable is sponsored by Wellesley’s Climate Action Committee to engage the commercial sector in the Town’s Climate Action Plan  and in efforts that will lead to lower energy costs, and healthier, more resilient buildings. RSVP to Marybeth Martello

 

 

 

 

 

 

Twenty-two decorated doors that have been on display in village centers and other public spaces across Newton are now for sale, Patch reports.

 

The doors created by local and regional artists will be auctioned off through Oct. 1, with all proceeds supporting future public art initiatives in Newton. Check them out here.

 

 

Although the Russo family originally anticipated that they would close their store in mid-October, the beloved Watertown business closed this past weekend.

 

There's a nice group photo here.

 

Much has been written, seen (and heard on NPR) about what Russo’s meant to its customers and its legacy.

 

But the best tribute might this Wicked Local Watertown video featuring many of Russo’s long time employees talking about what working there meant to them; what it was like to work for proprietor Tony Russo; and how they feel about moving on.

 

Home cooking will never be the same. 

 

And that’s today’s need to knows, unless you need to know why a class of eleventh grade AP students were riding on a stripper bus.

 

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