The COVID-19 stimulus package that Congress passed is waiting for the President’s signature. President Trump wants to give Americans more money ($2,000) and give small businesses additional help. Time will tell if Congress will amend the bill and give Americans more money and small businesses with additional support.
Even though there is a vaccine for COVID-19, it will take some time for the economic recovery to get in full gear. In the meantime, there are still lockdown measures still implemented across the country. And this is affecting small businesses disproportionately worse than large companies. The relief bill can be a stop-gap to prevent the economy from getting worse and keeping small businesses afloat until most Americans are vaccinated. Read what’s in the bill for small business: New Stimulus Bill Brings PPP Aid, Tax Relief to Small Business
This is just one of the articles in this week’s roundup looking at issues affecting small businesses. Other stories look at how shoppers will do more in-person purchases once the vaccine rolls out nationally and how most small business owners are optimistic going into 2021.
Small Business News for Dec. 27, 2020
Here are the stories making headlines for small businesses this week:
56% of consumers plan to shop more in-store following the rollout of the Covid-19 vaccine. Around 67% of shoppers say the deployment of the vaccine will not alter how often they shop online. These important consumer statistics were unveiled by a study by DealAid, a charity that partners with businesses to raise money for good causes.
A new survey by Capital One Business reveals small business owners are cautiously optimistic. And many are looking for a return to more favorable business conditions come 2021. According to the survey conducted from November to December 2020, about 53% of small business owners report their business financial position is the same or better than the pre-COVID-19 period.
Thryv Holdings, providers of Thryv software, a fully integrated, end-to-end customer experience platform for small businesses, has announced the launch of ThryvPay. ThryvPay enables users to get paid via credit card and ACH (Automatic Clearing House) payments. The system is designed for service-based small businesses.
Almost three quarters (74%) of Shopify owners experienced either a boost or no change in sales during 2020. One-third of Shopify sellers saw an increase in revenue by at least 40% since the Covid-19 outbreak began. These were the findings of a survey conducted by the Helpcentre App team. The survey asked 160 Shopify vendors on how the Covid-19 crisis has impacted their online business.
Standard mileage rates for 2021 have just been released by the IRS. One of the biggest differences in 2021 is a drop in the per-mile rate for business use from last year. The mileage rates for 2021 according to the IRS for vehicle use are as follows: 56 cents allocated per mile on vehicles used for business purposes. This represents a drop of 1.5 cents from last year’s rate.
It’s that time of year that every small biz owner dreads- tax time! Unfortunately this year, there are some new tax forms that every small business will need to use. On the Small Business Radio Show this week, Jaime Lizotte, the Tax Compliance Solutions Manager at efile4Biz discusses the new tax form on the block, the 1099-NEC, and who needs to get one.