RESEARCH TRIANGLE PARK – A new working paper from the Kauffman Foundation finds that newly launched startups continue to create new jobs even in times of recession.
The study looks at data from employer startups less than one year old and employer firms one year and older, as well as younger employer firms compared to older employer firms. The bottom line: During the prior four recessionary periods in the United States, startup job creation appeared uncorrelated with these economic downturns.
“Startup net job growth is not impacted during economic downturns or recessions because new firms haven’t yet shed or destroyed jobs,” said Thom Ruhe, president and CEO of NC IDEA, commenting on the study in an interview with WRAL TechWire. “Typically all they do in their first year of existence is hire folks; namely create jobs.”
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That loan was rejected twice, the museum said, likely due to a glitch because it was applying as a nonprofit, even though it applied at Cross River, the same bank it had used for its first-round loan last year.
In April, museum officials reapplied at other financial institutions, thinking they had more than enough time to be approved and funded before May 31.
Even though the museum is now open again at limited capacity, the funding would have been a big help. Last year, the institution received a PPP loan for about $460,000 2.5 times monthly payroll for the 50-some employees which helped it stay afloat.