News You Can Use

Small Business Hiring Strategy Now Released by the U.S. Department of Defense

By / July 12, 2023

Small businesses are expected to see increased opportunities to engage in defense contracts in 2023—a continuation of recent trends. In 2021, small businesses made up 73% of companies working with the Pentagon and 77% of the department’s research and development efforts. In 2022, defense contract spending rose 6.7% and reached $436 billion, rebounding from a …

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Don’t Be Susceptible to the Employee Retention Credit Scam

By / May 25, 2023

The IRS has issued warnings that there has been an uptick in firms calling business owners claiming that they can help them obtain the Employee Retention tax credit—for a sizable fee. Businesses that do not qualify and fall for these scams put themselves at risk of being audited.  The IRS advises business owners to be …

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Will You Be Impacted by a Credit Crunch in the Aftermath of the Recent Banking Crisis?

By / May 25, 2023

After the recent collapse of Silicon Valley Bank and Signature Bank, U.S. small businesses are struggling to access capital while also dealing with rising interest rates and difficulty attracting and retaining workers. Before the fall of Silicon Valley Bank, business lending was already slowing down while bankruptcies were on the rise. Bankruptcy filings by small …

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New Rules to Prevent Discrimination from Small Business Lenders

By / May 23, 2023

The CFPB recently announced a new policy that will require banks, credit unions, savings associations, and non-bank lenders to collect demographic and geographic data. These lenders will have to provide this information alongside their lending decisions and the price of credit. The director of the CFPB made a statement that small businesses sank during the …

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Why E-Commerce Microbusinesses Boomed During the Pandemic—and Why They Are Still a Good Investment Now

By / May 9, 2023

While the COVID-19 pandemic seemingly brought life to a halt, some businesses managed to prosper under the unusual circumstances. Americans created 2.8 million more online microbusinesses in 2020 than they did in 2019. Platforms such as Etsy and Shopify host hundreds of thousands of these microbusinesses and offer entrepreneurs a way to profit from their …

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Late Payments Cause Small Businesses to Struggle – How to Take Control of Your Income

By / April 18, 2023

59% of small businesses are struggling with income due to late payments according to a survey by market research and data analytics firm YouGov. Additionally almost one-third of small businesses say that  receiving payments 20 to 30 days after their due date is putting them at risk for closure. Experts recommend taking these four steps …

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The Dirty Dozen: Beware of Scammers during Tax Season

By / April 18, 2023

The Internal Revenue Service (IRS) has warned taxpayers to be vigilant against email and text scams during tax season. In the annual Dirty Dozen campaign, the IRS has issued a warning about phishing and smishing schemes where scammers try to steal taxpayers’ information through scam emails or text messages.  The Dirty Dozen is an annual …

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