Published December 01, 2011
Here's a break down of the top news stories impacting small businesses.
November was a busy month for small business owners as the start of the holiday shopping season kicked off.
Small businesses across the country participated in the second annual Small Business Saturday, a national initiative to support local businesses the day after Black Friday, that was sponsored by American Express.
While figures on its success are not available yet, according to American Express, 89 million people were expected to shop at their local small businesses on Nov. 26 in honor of the idea. In 2010, small businesses experienced a 28% increase in year-over-year sales due to the campaign to shop local.
President Obama traveled the country throughout the month campaigning for his $450 billion jobs bill, which he says will help small companies and job creation.
The president's latest push came as the National Federation of Independent Business released a new study on why small businesses owners are hesitant to hire. The study found 72% of entrepreneurs would like to add more employees over the next five years, but 61% of them said uncertainty was impeding their growth.
On Nov. 21, the president signed legislation that repeals a tax on government contractors that was scheduled to take effect in 2013. The tax, enacted in 2005 but delayed several times, would have been placed on vendors doing business with the government.
The U.S. Chamber of Commerce cheered the move and said it lifted a cloud of uncertainty hanging over the business community, particularly small government contractors operating on tight profit margins.