Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on the day's biggest business stories

Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Stay on top of the latest market trends

Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios NW Arkansas

Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!
Data: Goldman Sachs; Chart: Axios Visuals

The positive news about a possible coronavirus vaccine could prove to be a negative for many struggling small business owners, as economists worry that it could reduce the urgency for Congress to pass a new fiscal relief package.

Why it matters: A new survey from Goldman Sachs through its 10,000 Small Businesses program provided first to Axios finds that more than half of small business owners (52%) have stopped paying themselves in a bid to keep their businesses afloat and four in 10 (42%) already have begun laying off employees or cutting worker pay.

  • 33% have dipped into personal savings to stay operational.
  • 28% say the legislative uncertainty has caused them to consider closing their business.

What's next: Moving forward, 38% of those surveyed said they will have to lay off more employees or cut employee compensation and 20% said they will not be able to pay their commercial rent through the end of the year without additional help from Congress.

.The big picture: The number of businesses that say they are unsure whether or not they will be able to survive reached its highest level in November since the survey began.

Watch this space: 59% of business owners surveyed say their revenue has been negatively impacted.

  • 86.5% of those whose revenue has been negatively impacted attribute it to changing customer behavior, while 44% say the decline in revenue is due to more restrictive state and local regulations.

Black business owners have struggled even more mightily, with 61% saying they have forgone paying themselves as a result of congressional inaction and 57% saying that less than half of their pre-COVID revenue has returned.

What we're hearing: "The economy is dependent on fiscal support to sustain momentum in the near term and to generate reflation in the longer term," Eric Winograd, senior economist at AllianceBernstein, said in an email detailing his expectations for the U.S. after this month's elections.

  • "This electoral outcome is the one that most jeopardizes the prospect of fiscal stimulus over both time horizons and therefore is the one that is most threatening to the economic outlook."
  • "With monetary policy largely bled dry, fiscal policy is the only game in town when it comes to managing the economy.  That means that fiscal stimulus is critical to the economic outlook."

Go deeper

Wall Street pencils in virus variants as latest economic risk

Illustration: Aïda Amer/Axios

Wall Street is pinning its bets of an economic rebound this year on mass vaccinations and a virus brought under control, but new coronavirus strains threaten that sunny outlook, a number of firms are warning.

Why it matters: None downgraded growth forecasts because of the variants, but they’re acknowledging there’s a new asterisk to the anticipated economic recovery.

Pentagon approves request for 100 National Guard troops for "Justice for J6" rally

Security fencing has been reinstalled around the Capitol. Photo: Drew Angerer/Getty Images

Defense Secretary Lloyd Austin has approved a request from Capitol Police to provide 100 D.C. National Guard troops in case law enforcement requires additional support at Saturday's "Justice for J6" rally at the Capitol.

Why it matters: Security preparations have ramped up ahead of the pro-Trump demonstration, where hundreds of protesters sympathetic to the Jan. 6 Capitol attack are expected to gather.

Biden threatens new sanctions against Ethiopian officials over Tigray conflict

Photo: Al Drago/Getty Images

President Biden on Friday signed an executive order allowing the Treasury and State Departments to impose sanctions against Ethiopian officials "responsible for, or complicit in, prolonging the conflict" in the Tigray region.

Driving the news: Hundreds of thousands of people are facing famine conditions in Tigray, but less than 10 percent of the needed humanitarian supplies has reached the region over the last month "due to the obstruction of aid access" by the Ethiopian government, according to Biden administration officials.

You’ve caught up. Now what?

Sign up for Mike Allen’s daily Axios AM and PM newsletters to get smarter, faster on the news that matters.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!