Boost Your Business: Insights for a Bigger Bottom Line
The 2023 Small Business Administration (SBA) loan data reveals a clear preference for Limited Liability Companies (LLCs) among loan recipients. Out of the total 63,286 loans distributed, LLCs dominated the landscape with 40,325 loans, representing approximately 64% of all SBA loans issued that year. Corporations ranked second with 15,521 loans (about 25% of the total), … Read more
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 to prevent financial crimes through anonymous business structures. However, recent court decisions have temporarily halted this requirement nationwide. The law’s implementation … Read more
The 2023 Small Business Administration (SBA) loan data reveals a clear pattern in lending distribution across different business sizes. The overwhelming majority of SBA loans were granted to very small businesses, with companies employing 5 or fewer people receiving 38,988 loans, representing approximately 62% of all loans distributed. This significantly outpaces all other business size … Read more
The Corporate Transparency Act (CTA), which requires businesses to disclose their true ownership to combat shell companies, has faced another setback. The Fifth Circuit Court of Appeals has reinstated an injunction that delays the January 1st reporting deadline, effectively putting the law’s implementation on hold. The law, passed in 2021, would affect over 32 million … Read more
The Small Business Administration (SBA) has taken a significant step forward in expanding access to capital for small businesses by authorizing four new Small Business Lending Companies (SBLCs). This historic expansion, only the second in over 40 years, increases the number of SBLCs from 14 to 20, creating new opportunities for entrepreneurs seeking funding through … Read more
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
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 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
