Monitoring grant opportunities is crucial for small business owners. Grants provide essential funding for various business needs, including expansion, equipment purchases, and marketing efforts. Staying informed about available grants allows businesses to secure financial support without repayment obligations, effectively maintaining cash flow and fostering growth.
Moreover, grants frequently offer access to valuable resources, mentorship, and networking opportunities, contributing to business development and sustainability. Regularly checking for grants empowers small businesses to capitalize on these significant opportunities to enhance their operations and achieve long-term success.
Proposed Grant Funds Aimed at Supporting Small Businesses
Small business grant programs are vital for local communities and government agencies seeking to bolster the economy. These programs assist small businesses in various ways, from enhancing downtown storefronts to creating new job opportunities. Discover several initiatives currently supporting businesses and communities across the country.
SBA Unveils $3M Grants to Boost Cybersecurity for Small Businesses
The U.S. Small Business Administration (SBA) has announced a $3 million funding initiative to bolster cybersecurity for emerging small businesses. This effort, part of the Cybersecurity for Small Businesses Pilot Program, will distribute three grants to state agencies, providing essential training and support to mitigate cyber threats.
Small Business News – July 26, 2024
This week’s highlights include a warning from the IRS. Misinformation regarding the so-called “Self Employment Tax Credit” is circulating, prompting taxpayers to file incorrect claims. The IRS is also advising taxpayers who requested an extension to file their taxes this summer instead of waiting for the October deadline. For more small business updates, check out the rest of the news roundup.
IRS Issues Caution on False “Self Employment Tax Credit” Claims
The Internal Revenue Service (IRS) has cautioned taxpayers about misleading information concerning a non-existent “Self Employment Tax Credit.” This misinformation is being propagated, encouraging taxpayers to submit inaccurate claims.
IRS Encourages Early Tax Filing Before October Deadline
The IRS is advocating for taxpayers who have requested an extension to file their taxes to take advantage of IRS Free File and other resources available over the summer instead of delaying until the October deadline. Early filing can alleviate the stress associated with approaching deadlines.
Supreme Court Rulings Favor Small Businesses in 2023-2024 Term
The U.S. Supreme Court’s 2023-2024 term has resulted in significant victories for small businesses, positively influencing the Main Street economy. The National Federation of Independent Business (NFIB) participated in several cases, with five decisions benefiting small businesses, including a major ruling that overturned Chevron.
Former Tech Executive Pleads Guilty to $14M Tax Fraud
A New Hampshire resident and former CEO of a tech startup has pleaded guilty to evading over $14 million in payroll taxes and neglecting to file personal tax returns. The executive was accountable for the company’s financial operations, including submitting quarterly employment tax returns and managing various tax liabilities.
Upcoming August 5 Deadline for SBA Working Capital Loans in New York
The U.S. Small Business Administration (SBA) is notifying small businesses, agricultural cooperatives, aquaculture enterprises, and most private non-profit organizations that the deadline to apply for federal working capital loans is nearing. These loans are intended for entities affected by the tornado and severe rainfall that began on July 2, 2023.
Amazon Prime Day 2024 Sets New Sales Records
Amazon has declared its Prime Day 2024 event as the most successful to date, setting sales records with more items sold than in any previous year. During the two-day event, Prime members across the globe enjoyed substantial savings on deals spanning over 35 categories.
Treasury and IRS Revise RMD Regulations for Retirement Plans
The Treasury Department and the IRS have released updated guidance concerning required minimum distributions (RMDs) from Individual Retirement Accounts (IRAs) and other retirement plans. These final regulations align closely with proposed rules from 2022, incorporating changes introduced by the SECURE Act and SECURE 2.0 Act.
SBA Announces Disaster Loan Availability for Texas Nonprofits
The U.S. Small Business Administration (SBA) has revised its disaster declaration for Texas, making low-interest federal disaster loans accessible to specific private nonprofit organizations in Bailey County. This action follows the major disaster declaration made by the president due to severe weather events that occurred earlier this year.
Small Business Leverages AI for Enhanced Operations
Artificial intelligence is both exciting and challenging for many small businesses. A Michigan-based firm is demonstrating the capabilities of AI while raising important questions about the future. LaFleur Marketing in Grand Rapids has been utilizing various AI tools since last year.
Majority of Small Business Owners Report Job Satisfaction
While many headlines depict struggles for small business owners, a recent survey indicates that nearly all owners describe themselves as fulfilled in their roles despite facing challenges like inflation and rising business expenses.
Entrepreneur Blends Passion for Baseball and Woodworking
In Baldwin City, Kansas, one entrepreneur merges his love for baseball with woodworking. Jacob Austin Walters, a lifelong baseball enthusiast, has taken his woodworking skills and turned them into a business making custom baseball bats.
Salesforce’s New AI-Driven Service Agent Enhances Customer Support
Salesforce has introduced the Einstein Service Agent, an AI chatbot designed to optimize customer service by addressing issues swiftly and accurately. This innovation enhances customer support through an intelligent conversational interface that leverages reliable business and customer data.
Teen Entrepreneur Graduates Early to Manage Family Businesses
A 17-year-old entrepreneur in Pentwater, Michigan, is redefining success by graduating high school early to manage her family’s diverse businesses, including a general store and a golf cart rental and repair service.
Miami Entrepreneur Innovates Against Fast Fashion Pollution
As fast fashion contributes significantly to global pollution, a Miami-based fashion entrepreneur, Patricia Ermecheo, is addressing this issue by producing recycled fabric and yarn from potential fashion waste through her company, Osomtex.
Be Uniic Challenges the Startup Marketing Norm with Direct Strategies
In the highly competitive startup marketing landscape, Be Uniic is setting itself apart with a straightforward and effective growth strategy, directing its services toward pre-seed to Series B startups focused on data-driven growth initiatives.
GPS Manufacturer Settles for $2.6M Over PPP Loan Misrepresentation
Hemisphere GNSS (USA) Inc., a GPS manufacturer based in Arizona, has reached a settlement of $2.6 million after allegations surfaced that the company provided false information to apply for and receive forgiveness for a Paycheck Protection Program (PPP) loan.
IRS Enhances FATCA Registration Process with Security Improvements
The IRS has announced enhancements to the identity authentication process for financial institutions registering under the Foreign Account Tax Compliance Act (FATCA). Effective July 14, users must register with the IRS’ credential service providers to gain access to the FATCA Registration System.
Elon Musk Announces Exit from California Over New Law
Billionaire Elon Musk has declared that he will relocate the headquarters of his companies out of California in response to the passage of a controversial new law. This decision follows the enactment of AB 1955, which prohibits schools from informing parents of changes in a child’s gender identity.
Lessons Learned from Cross-Country Business Travel
A unique journey across all 50 states prompted insightful reflections on business and entrepreneurship. State Senator Dafna Michaelson Jenet shared her experiences during this adventure on a recent segment of The Small Business Radio Show.
Smartsheet Integrates Generative AI to Enhance Workforce Productivity
Smartsheet has incorporated Amazon Q, a generative AI assistant, to improve productivity and knowledge management within its operations. This AI tool, part of a broader collaboration with Amazon Web Services (AWS), aims to deliver immediate answers to employee inquiries, fostering more efficient workflows.
Arkansas Nonprofits Urged to Apply for SBA Disaster Loans
The deadline for Arkansas private nonprofit organizations to secure SBA federal disaster loans is approaching. Francisco Sánchez Jr., associate administrator for the Office of Disaster Recovery and Resilience at the SBA, reminded organizations of the upcoming August 14, 2024 deadline.
