Costs Exceed Revenue for Many Latino-Owned Businesses Since The COVID-19 Pandemic Began, …

NEW YORK, Oct. 12, 2020 (GLOBE NEWSWIRE) — Before the coronavirus pandemic hit, revenue growth of Latino-owned companies was up 10% over last year, but like most other businesses in America, their fortunes have declined dramatically since March, according to the annual Biz2Credit Latino-Owned Business Study for 2020.

Using February as a baseline, the analysts found that the sales of Latino-owned business dropped 42% in March and April and are down 21% during the 12-month period from Sept. 16, 2019 – Sept. 15, 2020. Even more troubling was the discovery that costs for Latino companies that applied for Paycheck Protection Program (PPP) funding have risen higher than their revenues in the ensuing months.

“Many Latino-owned firms are spending more money than they are generating. Their costs, which now include spending on masks and sanitizing measures, now exceed their revenues,” said Biz2Credit CEO Rohit Arora, one of the nation’s leading experts

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Trump administration’s H-1B visa crackdown: Expect big hike in foreign worker wage costs

Tech companies on Tuesday were hit with major changes to the high-skilled worker H-1B visa program that will make them pay foreign employees much higher wages. 

The changes to the skilled visa program were announced by the White House as the Department of Labor announced an interim final rule that aims to bring wages of foreign workers in line with wages paid to US workers in similar roles. The department’s rule takes effect once it’s been published by the Office of the Federal Register.  

The administration has framed the H-1B reforms and foreign employee wage requirement as a way to protect American workers as the coronavirus pandemic pummels the US labor market. 

The Department of Labor said the pandemic combined with potential abuses of the H-1B visa program required “immediate corrective action”. 

“The US Department of Labor is strengthening wage protections, addressing abuses in these visa programs, and ensuring American

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