As a small business owner funding is an ever-present challenge. With that in mind, public, private, and nonprofit organizations are always looking to provide help by addressing issues small businesses face. From grants to revolving loans, and tax credits, there are many options small business owners can take advantage of. The key is finding the best solution that will fit your particular sets of challenges and applying accordingly to have a better chance of getting these funds.
In addition to grants, this week there are tax credits and revolving loans that are available across the country. So, take a look at what is available and apply to the grants you qualify for.
With grants starting at $5,000 and going all the way up to $50,000, communities across the U.S. are offering financial help to small businesses. This includes everything from Strategic Initiatives Community Grant program to new brick-and-mortar business openings, the Economic Development Administration of the U.S. Department of Commerce, and others. There is also a COVID-19 Capital Costs Tax Credit Program with up to $25,000 in tax credits for individual small businesses.
If you happen to be in Tennessee, there is a matching grant program with $7 million in total funds and up to $300,000 available per business. The program will provide additional funding to Tennessee companies that have received a federal Small Business Innovation Research (SBIR) or Small Business Technology Transfer (STTR) award during the past year.
Small Business News Roundup – July 15, 2022
From the total sales on Prime Day to the best freelance gigs in 2022, find out more on the rest of this week’s roundup.
The latest National Federation of Independent Business (NFIB) Small Business Optimism Index continued its slump dropping 3.6 points in June to 89.5- its sixth consecutive month below the 48-year average of 98. NFIB Small Business Optimism Index Small business owners’ expectations for better business conditions over the next six months fell by seven points to a net negative 61%.
Amazon Prime members purchased more than 300 million items worldwide during Prime Day 2022—saving over $ 1.7 billion, according to information released this morning by the online marketplace. This year Prime members purchased more than 100,000 items per minute while the U.S. saw purchases of more than 60,000 items per minute.
If you’re a small business owner with a fleet of vehicles, brace yourself. According to the U.S. Bureau of Labor Statistics, the Consumer Price Index for All Urban Consumers (CPI-U) increased 1.3 percent in June (on a seasonally adjusted basis) after rising 1.0 percent in May. The all-items index increased by 9.1 percent.
In November 2021, a record 4.5 million American workers quit their jobs, part of a trend that has become known as the Great Resignation. Many workers leaving employment are turning to freelancing. Some choose self-employed gig work to supplement incomes, others because it allows them to work flexibly and pursue their passions with better pay.
Loan approval rates continue to slowly rise, with Small Banks and Alternative Lenders seeing the strongest growth during June. Of all lenders, loan rates only decreased with Credit Unions, and that was just a 1% decrease. “We are nowhere near pre-pandemic approval percentages, however,” said Biz2Credit CEO Rohit Arora. “Still, these are positive signs.
The IRS has renewed calls for tax professionals to be vigilant of new and ongoing threats aimed at the tax system and taxpayer data. IRS Urges Tax Preparers to Guard Clients’ Personal Data Against Identity Theft The effort to encourage tax professionals to take steps to help prevent data theft begins with the Security Summit’s annual summer campaign focused on the tax community.
TikTok has launched Follow Me, a multi-channel educational experience that is designed to help small businesses optimize the video sharing portal to drive maximum results. TikTok Launches Follow Me for Small Business Users Follow Me is a six-week program that will run from July 11 to August 19.
Interested in starting up a small business? If so, you don’t always need to start from the ground up. Instead, you may want to buy a business that’s currently up for sale. Luckily, there are going to be more opportunities to buy them in the future. For instance, there are many boomer-aged business owners looking to retire and cash in.
The organization that acts as mentors to America’s small businesses and a resource partner of the U.S. Small Business Administration (SBA) has launched a centralized resource hub especially for entrepreneurs in rural areas.
Described as ‘the most disruptive generation’, Generation Z is already on course to overtake the earnings of Millennials by 2031. This makes the generation born between 1995 and 2010 a highly sought-after demographic for businesses looking to maintain growth over the next few years.
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