There are still some funds available from the government in the form of Small Business Administration (SBA) loans and grants. To be exact, there is around $100B, which could make the start of 2022 a very good one for your small business if you apply now and get approved.
Because of the time limitations on these loans, you have until December 31 for the COVID-19 Economic Injury Disaster Loan (EIDL) and Targeted EIDL Advance. Not only that, but you can ask for additional loans long after December 31 if there are funds still available. This also includes applicants who were approved previously.
The key is to make that December 31 deadline if you haven’t applied at all. And once the application is in, the SBA will accept and review reconsideration and appeal requests. The SBA is going out of its way to give away the money, all you have to do is apply.
Small Business News – December 10, 2021
Here is the rest of the small business news in this week’s roundup:
The outage of Amazon Web Services (AWS) affected small businesses. Why, because AWS provides servers, storage, networking, remote computing, email, mobile development, and security for companies of all sizes. And if your small business was using AWS for any of those services, it could’ve been affected during the outage.
Small Business Deals
Designer clothes are the most stolen item by organized retail crime gangs or smash-and-grab thefts. Such organized retail crime has been costing retailers an average of over $700,000 from every $1 billion in sales for the last five years in a row, with the number rising yet again according to the latest figures.
The images of mobs of criminals flooding stores to carry out smash-and-grab robberies is costing businesses a lot of money. According to the National Retail Federation (NRF), a small group can get away with thousands of dollars in merchandise in less than a minute.
The Adobe Digital Economy Index revealed consumer spending for Cyber Monday was down 1.4% year-over-year (YoY). And for Black Friday it was down 1.3% YoY at $8.9B vs $9B (2020). Even though the numbers for Thanksgiving Day didn’t go down, spending, however, stayed flat at $5.1B.
The holiday season could surpass forecast spending figures and equate to a record year, despite inflation, supply chain issues and COVID-19 challenges like the omicron variant. According to National Retail Federation (NRF) Chief Economist Jack Kleinhenz, the 2021 holiday season is on track to exceed the NRF’s forecast for record spending, in spite of the many challenges.
The Biden Administration is implementing new reforms that aim to increase federal contracting opportunities for underserved small businesses. The reforms had been pushed by US Senate Committee on Small Business and Entrepreneurship Chair, Ben Cardin (D-Md.), who had recently introduced similar legislation.
Small businesses are getting some relief at the pumps this week as gas prices fell ever so slightly in the last week. According to AAA, the current price for a gallon of regular gas is $3.359. That’s down 3.5 cents from last week’s nationwide average price. The price of diesel currently stands at $3,620 per gallon, also down slightly from last week’s average of $3.640.
Close to half or 47% of businesses are impacted by financial crimes, resulting in $1.45 trillion in total losses globally. And these activities are responsible for affecting or damaging the economic activity and reputation of companies and brands. This is according to a report from ReputationUP Coach.
We live in the age of self-marketing geniuses like former President Donald Trump and famous brands like Facebook and Google.
Small business owners have so many things to manage — it’s not always possible to apply for grant opportunities as they arise. Luckily, many programs offer multiple rounds or opportunities to reach even more businesses. The following small business grant programs have recently be expanded or added to. Read on to see if any current opportunities are relevant to your small business.
Small Business Inventory Software
Inventory management goes much further than merely keeping on track of products. For example, there are powerful types of inventory management software for small businesses that give greater control of everything from tracking sales to identifying slow-moving items to managing vendor information.
Small businesses are a vital part of the economy, accounting for more than half of all jobs in the U.S. And while there are many different types of small businesses, each with their own unique challenges and perks, they all have one thing in common: The potential for big profits.
Maybe you are moving on to greener pastures or simply trying to organize the clutter in your home. Whatever the reason, selling odds and ends from around your house is a snap with the right app. In addition, you can use these apps to sell items for charity or as part of a yard sale.
Do you have a job? If so, then you’re working for someone else. Passive income is the holy grail of financial freedom. It’s what sets people up for retirement without worry or stress. And it doesn’t require a lot of effort to start earning most of the time, either. This article explores 25 ideas that can help you create passive income streams with your spare time and money.
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