Reform Bill Will Save Many Small Business Owners Millions, New NFIB Survey Shows Many Still Struggling
NFIB, or National Federation of Independent Business here in Iowa, is reacting to the news that the Iowa Senate passed a comprehensive unemployment reform bill. The bill decreases unemployment benefits from 6.5 months to 4 months, which will encourage Iowans to get back to work and save small business owners about $60-70 million dollars per year.
“Small business owners across Iowa have made it clear: they are struggling with COVID-19 government mandated shutdowns, problems hiring workers, supply chain issues, and inflation. Small business owners are thankful that lawmakers here in Iowa understand that entrepreneurs are the backbone of the economy and are taking action to make sure that our local mom and pop shops survive the pandemic and get the workers they need to run their businesses,” said Matt Everson, NFIB State Director in Iowa.
Over three-quarters (77%) of small employers reported inventory, supplies, and materials as being a substantial contributor to higher costs, while 18% reported moderate.
Over three-quarters (77%) of small employers reported that rising prices for fuel (gasoline, diesel, fuel oil, etc.) is a substantial contributor to higher costs.
The main tool small employers have to absorb inflation pressure costs is to raise prices for goods or services, passing higher input costs on to their customers.
86% percent of small employers are increasing the price of their goods or services.
68% small employers are planning to raise average selling prices in the next three months and 22% were not sure.