NFIB Weekly News
Leading the News
LETTER: Small Business Calls on Congress to Pass the Main Street Tax Certainty Act (09/07/2023)
WEIMAR (Sept. 7, 2023) – “The past few years have been tremendously difficult and at times, downright painful. Between this inflationary economy and the dramatic increases in property taxes, many small businesses are just doing everything they can to hold on,” wrote NFIB Small Business Owner Member Dana Sherrill in a letter to the editor of the Colorado County Citizen.
Read the full article here
Small Businesses Advocate for Balanced Taxing Power in Latest Amicus Brief (09/06/2023)
WASHINGTON, D.C. (Sept. 6, 2023) – NFIB filed an amicus brief in the case Moore v. United States at the U.S. Supreme Court arguing that the Court should clarify the proper interpretation of the Sixteenth Amendment and restore the limitation on Congress’ taxing power. The case questions whether the Sixteenth Amendment authorizes Congress to tax unrealized sums without apportionment among the states.
Read the full article here
Montana entrepreneur calls on Congress to make the Small Business Deduction permanent (08/28/2023)
WASHINGTON, D.C. (Aug. 28, 2023) – The National Federation of Independent Business (NFIB), the nation’s leading small business advocacy organization, released a new video in a series that features small business owners from across the country explaining the importance of the 20% Small Business Deduction.
The latest edition in the series features Montana Small Business Owner Gray Cornwell of Montana Valley Irrigation in Great Falls, telling his story on why the Small Business Deduction is so important to his business.
Read the full article here
NFIB Releases New “In Their Own Words” Video on the 20% Small Business Deduction (08/24/2023)
WASHINGTON, D.C. (Aug. 24, 2023) – The National Federation of Independent Business (NFIB), the nation’s leading small business advocacy organization, released a new video featuring small business owners from across the country explaining the importance of the 20% Small Business Deduction.
The 20% Small Business Deduction (Section 199A) allows small businesses organized as pass-throughs (S corporations, LLCs, sole proprietorships, or partnerships) the ability to deduct up to 20% of qualified business income and is scheduled to expire in 2025.
Read the full article here
Latest NFIB banking survey tracks small business financial activities and expenses (08/21/2023)
WASHINGTON, D.C. (Aug. 21, 2023) – NFIB’s Research Center released a follow-up survey following NFIB’s first banking survey released earlier this year. This survey asked small business owners about their banking activities and their experience in accessing credit. The survey was conducted by email from July 20-26, 2023.
“The health of the financial system is essential to small business operations,” said Holly Wade, Executive Director of NFIB’s Research Center. “While most owners are currently satisfied with their ability to borrow, the escalating cost of financing associated with high interest rates is a significant issue for many.”
Read the full article here
NFIB Launches New Issue Campaign Urging Congress to Pass the Main Street Tax Certainty Act (08/09/2023)
WASHINGTON, D.C. (August 9, 2023) – The National Federation of Independent Business (NFIB), the nation’s leading small business advocacy organization, announced today a new issue campaign that will run throughout August, urging members of Congress to pass the Main Street Tax Certainty Act. The campaign involves a multi-state paid media advertising campaign including video, radio, and digital ads.
Read the full article here
Business Climate
Small Business Statement on Revised EPA WOTUS Rule (08/29/2023)
WASHINGTON, D.C. (Aug. 29, 2023) – The National Federation of Independent Business (NFIB), the nation’s leading small business advocacy organization, released the following statement in response to the Environmental Protection Agency’s (EPA) and Department of the Army’s revised rule on Waters of the United States (WOTUS):
“Earlier this year, the U.S. Supreme Court ruled in favor of small businesses and clarified the WOTUS standard for small employers and landowners,” said Beth Milito, Executive Director of NFIB’s Small Business Legal Center. “The revised rule further complicates the standard and definition of WOTUS, which disproportionately impacts small businesses. We are disappointed by today’s revised rule and the agencies’ decision to block public input. We urge the administration to follow the guidance of the Supreme Court.”
Read the full article here
Small Business Owners Continue to Manage Challenging Economic Environment in July (08/08/2023)
WASHINGTON, D.C. (Aug. 8, 2023) – The NFIB Small Business Optimism Index increased 0.9 of a point in July to 91.9, marking the 19th consecutive month below the 49-year average of 98. Twenty-one percent of owners reported that inflation was their single most important problem in operating their business, down three points from June.
“With small business owners’ views about future sales growth and business conditions dismal, owners want to hire and make money now from solid consumer spending,” said NFIB Chief Economist Bill Dunkelberg. “Inflation has eased slightly on Main Street, but difficulty hiring remains a top business concern.”
Read the full article here
Small Businesses Urge Supreme Court to Eliminate Chevron Deference in New Amicus Brief (07/24/2023)
WASHINGTON, D.C. (July 24, 2023) – NFIB filed an amicus brief in the case Loper Bright Enterprises v. Gina Raimondo at the U.S. Supreme Court. The case questions whether the Court should eliminate judicial deference to administrative agencies on legal interpretations, a concept established in Chevron v. Natural Resources Defense Council.
“Small business owners consistently rank unreasonable government regulations as a top problem in running their businesses,” said Beth Milito, Executive Director of NFIB’s Small Business Legal Center. “This case presents an opportunity for the Court to relieve some of that regulatory hardship on small businesses by overturning Chevron. We urge the Supreme Court to abandon the Chevron doctrine and reverse the lower court’s decision.”
Read the full article here
Small Businesses Raising Prices Falls to Lowest Level Since March 2021 (07/11/2023)
WASHINGTON, D.C. (July 11, 2023) – NFIB’s Small Business Optimism Index increased 1.6 points in June to 91.0, however, it is the 18th consecutive month below the 49-year average of 98. Inflation and labor quality are tied as the top small business concerns with 24% of owners reporting each as their single most important problem. The net percent of owners raising average selling prices decreased three points to a net 29% seasonally adjusted, still a very inflationary level but trending down. This is the lowest reading since March 2021.
Read the full article here
Small Businesses Explain Negative Impact of Minimum Wage Increase for Federal Contractors in Latest Brief (06/27/2023)
WASHINGTON, D.C. (June 27, 2023) – NFIB filed an amicus brief in the case State of Nebraska, et al. v. Martin Walsh at the U.S. Court of Appeals for the Ninth Circuit. The case questions whether the Department of Labor’s (DOL) rule on increasing the minimum wage for federal contractors goes beyond the authority delegated by Congress in the Federal Property and Administrative Services Act. NFIB argues against a federal minimum wage increase as it would have harmful financial consequences on small businesses.
Read the full article here
Small Business Owners Express Great Concern for Future Business Conditions (06/13/2023)
WASHINGTON, D.C. (June 13, 2023) – The NFIB Small Business Optimism Index increased 0.4 points in May to 89.4, which is the 17th consecutive month below the 49-year average of 98. The last time the Index was at or above the average was in December 2021. Small business owners expecting better business conditions over the next six months declined one point from April to a net negative 50%. Twenty-five percent of owners reported that inflation was their single most important problem in operating their business, up two points from last month and followed by labor quality at 24%.
Read the full article here
Small Business Marketing
Expert Criticizes Email For Customer Communication, Says Texting Is Superior (04/19/2022)
In a USA Today (4/14, Deerwester) column, lawyer, speaker, and author Steve Strauss wrote that “email is actually a fairly horrible way for business generally, and small business, in particular, to communicate with customers. Unopened and unwanted, ignored and abandoned, emails simply don’t get through anymore.” Strauss went on to argue that texting is superior to emailing.
Marketing Challenges Facing Small Business Owners Highlighted (04/19/2022)
Startup. Info (4/15) highlighted marketing challenges small business owners find themselves confronted with as well as how to deal with said challenges. One of these challenges is content distribution, with Startup. Info saying that content distribution “entails the practice of spreading your content far and wide. But we must state that it’s also a very challenging aspect of marketing.” With regard to how to deal with this challenge, Startup. Info says, in part, “Have a detailed content calendar that shows when, where, and how you spread your content.”
Tips Offered For Small Business To Craft Effective Brand Experience (04/19/2022)
Small Business Trends (4/9, Pilon) provided “10 tips for creating an effective small business brand experience.” Among the areas small business owners should consider are creating an appealing logo, crafting a brand voice, and improving website design.
Commentary: QR Codes Can Help Business Owners “Bridge The Gap” Between Traditional, Digital Marketing (04/12/2022)
Michael Plummer, Jr., president of “premier New Mover Marketing franchise” Our Town America, wrote in Forbes (3/30, Plummer) that businesses should “bridge the gap between traditional and digital marketing by learning how to use QR codes as part of your print marketing strategy.” Plummer wrote, “Using QR codes in your marketing materials can help your business connect with customers and drive traffic to your website,” as well as help build an email database to “stay in touch with your loyal customers” and boost customer feedback.
SBA’s National Small Business Week Set For May 1-7 (04/05/2022)
The Lower Bucks (NJ) Times (3/28) said the Small Business Administration’s “National Small Business Week: Building a Better America Through Entrepreneurship is set for May 1-7.” SBA Administrator Isabella Casillas Guzman said the virtual event “celebrates the resiliency and tenacity of America’s entrepreneurs who are doing their part to power our nation’s historic economic comeback.”
Small Businesses Advised To Shift Social Media Strategy To Cope With Instagram Priority Change (04/05/2022)
Insider (3/28, York) reported that in late 2021, Instagram “announced a shift to prioritizing video-focused content over photo-focused content,” and “small businesses and creators [said] that the frequent updates and changes make it difficult to grow their accounts, especially those rooted in photo content.” Social media coach Kar Brulhart “add[ed] that Instagram’s algorithm is prioritizing video and reels to compete with YouTube and TikTok,” and advised entrepreneurs to “create stop-motion reels to showcase their products in various frames or film clips to compile into a montage.” Amanda Teo, a director of marketing at the sustainable-packaging company Noissue, “add[ed] that video content produced in-house shouldn’t feel overly produced,” and was quoted saying, “We’ve tested more-produced videos versus more-authentic videos, and the authentic videos that look like you just filmed it off your phone with minimal editing performed really well.”
Wages and Benefits
NFIB Jobs Report: Small Business Owners Look to Raise Compensation in Coming Months (08/31/2023)
WASHINGTON, D.C. (Aug. 31, 2023) – According to NFIB’s monthly jobs report, 40% (seasonally adjusted) of small business owners reported job openings they could not fill in the current period, down two points from last month and the lowest level since February 2021. Seasonally adjusted, a net 36% of owners reported raising compensation in August, tying June’s reading, and marking the lowest reading since May 2021. A net 26% of owners plan to raise compensation in the next three months, up five points from July.
Read the full article here
NFIB Statement on DOL's Proposed Overtime Threshold Rule (08/30/2023)
WASHINGTON, D.C. (Aug. 30, 2023) – The National Federation of Independent Business (NFIB), the nation’s leading small business advocacy organization, released the following statement in response to the Department of Labor’s proposed rule on the overtime threshold:
“Small businesses often struggle with the ever-changing nature of federal regulations,” said Beth Milito, Executive Director of NFIB’s Small Business Legal Center. “The overtime threshold was last increased in 2019, and now is not the time to saddle small businesses with another costly regulation when the small business economy is still recovering. We urge the DOL to consider the economic impact the new requirement would have on small businesses and avoid issuing the rule.”
NFIB Jobs Report: Main Street Job Market Remains Challenging (08/03/2023)
WASHINGTON, D.C. (Aug. 3, 2023) – Forty-two percent of small business owners (seasonally adjusted) reported job openings they could not fill in the current period, according to NFIB’s monthly jobs report. The percent of small business owners reporting labor quality as their top small business operating problem remains elevated at 23%, down one point from June. Labor costs reported as the single most important problem to owners increased two points to 10%.
“The small business economy continues to struggle with the current job market, with owners working hard to fill open positions,” said NFIB Chief Economist Bill Dunkelberg. “Hiring plans are trending down but are still historically strong in the face of a weakening economy.”
Read the full article here
NFIB Jobs Report: Small Businesses Increasing Compensation Eases in June (07/06/2023)
WASHINGTON, D.C. (July 6, 2023) – Seasonally adjusted, a net 36% of owners reported raising compensation in June, down five points from May and the lowest since May 2021. A net 22% of owners plan to raise compensation in the next three months, according to NFIB’s monthly jobs report.
“The labor force participation rate remains below pre-COVID levels, which is contributing to the tight labor market seen on Main Street,” said NFIB Chief Economist Bill Dunkelberg. “With labor demand remaining strong, owners will have to continue raising compensation to compete and fill their open positions, although that pressure is easing a bit.”
Read the full article here
NFIB Urges Supreme Court to Protect Small Businesses from ADA Lawsuit Abuse (06/13/2023)
WASHINGTON, D.C. (June 13, 2023) – NFIB joined a coalition of business groups in filing an amicus brief in the case Acheson Hotels, LLC v. Laufer at the U.S. Supreme Court. The case asks whether, under the Americans with Disabilities Act (ADA), a self-appointed “tester” has the legal standing under Article III of the Constitution to challenge a business’s website accessibility, even when the tester lacks any intention of physically visiting that business. NFIB previously filed an amicus brief urging the Court to hear the case.
Read the full article here
Labor Quality Becomes Top Small Business Problem, Followed by Inflation (05/09/2023)
WASHINGTON, D.C. (May 9, 2023) – NFIB’s Small Business Optimism Index decreased by 1.1 points in April to 89.0. This marks the 16th consecutive month below the survey’s 49-year history of 98. Labor quality was the top business problem at 24%, with inflation in second place by one point at 23%.
“Optimism is not improving on Main Street as more owners struggle with finding qualified workers for their open positions,” said NFIB Chief Economist Bill Dunkelberg. “Inflation remains a top concern for small businesses but is showing signs of easing.”
Read the full article here