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The Corporate Transparency Act enforcement has been reinstated following a stay of the nationwide preliminary injunction by the Fifth Circuit Court of Appeals. In response, the Financial Crimes Enforcement Network (FinCEN) has established new filing deadlines for beneficial ownership information reports. Key Filing Deadlines: • Companies formed before January 1, 2024: Must file by January … Read more
The Small Business Administration’s (SBA) loan portfolio has shown consistent growth over the past decade, with the most significant expansion occurring in the 7(a) Regular program. From 2014 to 2023, the 7(a) program’s unpaid principal balance grew substantially from $68 billion to $110 billion, representing a 62% increase. The 504 Regular program maintained relatively stable … Read more
Hiring remote workers has become an increasingly popular practice for small businesses. With the potential for cost savings, access to a larger talent pool, and increased flexibility, it’s no wonder many entrepreneurs are embracing this trend. However, navigating the legal landscape of remote hiring can be a daunting task. Buckle up, small business owners, because … Read more
According to Side Hustle Nation, about 39% of American workers have a side hustle. The Rise of Modern Side Hustles The side hustle landscape has evolved dramatically, with approximately 39% of working Americans now maintaining additional income streams. This represents about 80 million people, with even higher participation rates among millennials at 50%. Interestingly, these … Read more
There are new developments in the legal arena regarding who must file under the Corporate Transparency Act (CTA). Background and Overview The Corporate Transparency Act (CTA) originally required businesses to report beneficial ownership information (BOI) to the federal government by January 1, 2025. This law was part of the Anti-Money Laundering Act of 2020, designed … Read more
The 2023 Small Business Administration (SBA) loan data reveals interesting patterns in lending distribution across different loan size categories. The data shows that smaller loans dominated the lending landscape, with 15,496 loans of $50,000 or less representing the largest segment. This was closely followed by loans in the $50,000-$150,000 range, accounting for 13,485 loans. Together, … Read more
Securing a Small Business Administration (SBA) loan as a Native American entrepreneur follows a similar process to other applicants, with some additional opportunities and resources specifically designed for Native-owned businesses. Remember, the SBA only guaranties the loan, so you will need to seek out a lender who does SBA loans. The basic process starts with … Read more
The Small Business Administration’s lending programs show interesting trends over the past decade (2014-2023). The 7(a) Regular loan program, which is SBA’s primary lending program, has been the dominant funding source throughout the period. It maintained relatively stable approval amounts between $23-26 billion from 2014-2020, before experiencing a significant spike to $37 billion in 2021, … Read more
Are you thinking about selling your small business? Whether you’re looking to retire, pursue a new venture, or cash out your investment, there are several legal considerations to keep in mind. Navigating the sale process can be complex, but with proper planning and guidance, you can ensure a smooth transition and protect your interests. The … Read more
.stk-nkchejy {border-top-left-radius:8px !important;border-top-right-radius:8px !important;border-bottom-right-radius:8px !important;border-bottom-left-radius:8px !important;overflow:hidden !important;border-style:dashed !important;border-top-width:1px !important;border-right-width:1px !important;border-bottom-width:1px !important;border-left-width:1px !important;} The Small Business Administration (SBA) loan data for 2023 reveals significant regional variations in small business lending across the United States. California dramatically leads the nation with 7,292 SBA loans, demonstrating its robust small business ecosystem and entrepreneurial environment. This is nearly 40% … Read more