Small Businesses Are Rehiring Staff -- but Cutting Hours and Wages

Though the COVID-19 crisis and subsequent recession have had a harsh impact on the entire U.S. economy, small businesses have taken a particularly hard hit. Many were forced to close down entirely when lockdown measures were imposed earlier in the year in an attempt to quell the outbreak, and a large number are still struggling to recover.

Thankfully, small businesses were entitled to some relief to get through the crisis. The much-talked-about Paycheck Protection Program, in fact, was instrumental in helping to minimize layoffs while allowing businesses to continue operating.

But despite the struggles small businesses may have encountered over the past few months, most have managed to rehire enough staff to return to pre-pandemic headcount levels, according to a new report by payroll-service Gusto. Specifically, small business hiring grew 2.4% in June.

Continue reading

Source Fool.com