In January, Fayetteville small business owners were in a panic. The unemployment rate was at a record low 4.8%, and there were not enough workers to fill their open jobs.
As of today, though, North Carolina is reporting that at least one-in-five of the state's workforce have lost their jobs for Coronavirus related reasons. Yet, many small business owners are still struggling to find employees.
According to The Wall Street Journal, "For some workers, unemployment benefits are now paying more than their old jobs did. For others, safety concerns or a lack of child care, as most schools and day-care centers remain closed, are making them hesitant to go back."
“That’s going to get in the way of any real recovery,” Douglas Holtz-Eakin, president of American Action Forum and former director of the Congressional Budget Office, told WSJ.
The struggle to hire employees creates an additional threat for those Fayetteville small business owners who received loans under the SBA's Paycheck Protection Program.
To qualify for the loan forgiveness provision of the PPP, business owners must restore its workforce to pre-Coronavirus levels. This must be accomplished within eight weeks of receiving the monies.
So, just like in January, local small business owners are under pressure to fill open jobs. Advertising on Fayetteville radio is a potent way to attract and hire the needed employees.