DAVENPORT, Iowa — Iowans will no longer get $300 extra in unemployment starting next month.
Financial Advisor Mark Grywacheski dug deeper into the unemployment report and the extra benefit running out in Iowa on Monday, May 17th. He says the benefit's really hurting small businesses. They're already at a disadvantage to giant retailers like Amazon, Walmart, and Target.
"Smaller companies can't compete on pricing with these larger retailers that have these 'economies of scale' that keep their prices low," Grywacheski said Monday.
Grywacheski says a labor shortage has made small business owners jack up salaries to try to attract workers, but their competition is the federal government, who can pay workers even more through their unemployment benefits than the small business owners can to get more employees back to work.
Your Money with Mark airs in-between 5 and 5:30 a.m. every Monday.