In the News: Don’t Miss Out on Grants of up to $25,000


small-business-news-roundup-may-10-2024

Grants can be a game changer for businesses in the entertainment sector, offering important support for different initiatives. They provide funding for equipment upgrades, venue improvements, and new technology, enabling higher production values and enhanced audience experiences. Grants also support marketing and promotional activities, helping to expand audience reach.

Additionally, they can fund educational programs and workshops, fostering talent development within the industry. This financial support is key for innovation and growth in the competitive entertainment market. If you are in the entertainment industry, take a look at the grants available this week.

Businesses throughout the Los Angeles area rely on the entertainment industry for various functions. So when two major industry unions struck last year, many small businesses felt the effects. Now, a new grant program aims to support those businesses and any that were negatively affected by COVID.

Small Business News May 10, 2024

In the roundup this week, the number of small business owners defaulting on their COVID recovery loans has reached $59 billion in late fees. There is also news that small businesses have received $178 billion in federal contracts for the 2023 fiscal year, which is a record. For that and more take a look at the rest of this week’s news roundup.

Small Businesses Owe $59 Billion in Fees After Defaulting on COVID Recovery Loans

For many businesses that struggled during the COVID-19 pandemic, Small Business Administration loans provided an essential lifeline. But now, thousands of businesses that accepted these loans have defaulted. And they owe a total of $59 billion in late fees, according to a recent report from the Wall Street Journal.

Small Businesses Recieved $178 Billion in Federal Contracts in FY23

The Small Business Administration (SBA) just released its annual report card on how federal agencies are doing in giving contracts to small businesses. These agencies exceeded their FY23 goal of 23%, awarding 28.4% of federal contract dollars to small businesses. The SBA Administrator Isabel Casillas Guzman announced the results of the Fiscal Year (FY) 2023 federal procurement “Scorecard.

Upwork Launches New AI Innovations and Solutions for Easier Hiring and Working

Upwork announced a new set of tools and partnerships designed to transform how companies and freelancers hire and work. This announcement was made during the first edition of Upwork Updates: Spring 2024, a semi-annual product showcase. The highlight of this Spring’s update is Uma, the new AI developed by Upwork.

California Law Banning “Junk Fees” Will Drive Restaurant Prices Even Higher

California’s restaurant scene is bracing for another financial hit this summer when a new law is set to shake up menu prices.  Fox Business reports that following the recent increase in the state’s minimum wage to $20, fast-food chains have already adjusted their pricing.

San Diego’s Ban on Polystyrene Means More Costs for Small Businesses

In April, a ban on polystyrene went into effect for small businesses in San Diego. Polystyrene is a synthetic polymer, sometimes called Styrofoam, especially in the U.S. The move means more costs for small businesses in that California community.

Generational Ban Laws Threaten the Future of Some Local Tobacconists

New laws on the books in Massachusetts are threatening the future of some historic local tobacconist businesses. Following a landmark decision by the Massachusetts Supreme Judicial Court, several Greater Boston towns are adopting something known as a generational tobacco ban.

Labor Dept. Eliminates Trump Association Health Plans

The U.S. Department of Labor rolled back a Trump-era rule that lets self-employed individuals and small businesses purchase cheaper association health plans. The plans did not fully comply with Affordable Care Act requirements. Small business owners and entrepreneurs benefiting from cheaper association health plans will soon lose their more affordable options.

Tax Preparer Sentenced After Filing 900+ False Income Tax Returns

A Chicago-area tax preparer has been sentenced to one year and one day in prison for preparing and filing over 900 false income tax returns. The Internal Revenue Service (IRS) said this has resulted in a loss of $1.3 million.

Small Business Owner Hosts Unique Promotion to Overcome Fraud Losses

Millions of businesses are victims of fraud each year. But one Texas business recently realized how much a strong community of customers can help when facing this type of challenge. Alex Lyons, owner of the boutique Rae of Sunshine Collective in Denison, Texas, realized last year that hundreds of dollars had been taken from her accounts due to fraudulent checks.

Get Quiet: How to Find Out Where You Are Really Going

We’re living in frenetic times. Amid all the busyness and the FOMO, you may also feel directionless and overwhelmed. Maybe you know there’s more to life, but you have no idea what that “more” is. Maybe you sense there’s a message you need to hear, but the noise of everyday life is drowning it out.

Amazon Delivery Drones to Land in Phoenix

Amazon is adding a new location to its drone delivery service. The Amazon Drone Delivery Program will be based in Tolleson, Arizona. Packages will be delivered to West Valley customers in less than an hour using the super-fast delivery option. The drone program started in 2022 in College Station, Texas, and Lockeford, California.

Image: Envato


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