Announcing the SBA Gave Out $4.5 Billion in Needless EIDL Loans in 2020 to sole proprietors and independent contractors that didn’t have it coming is pouring more salt on the wound for many small business owners.
According to the Office of Inspector General, 15 sole proprietors claimed to have had 1,000,000 employees without an Employer Identification Numbers (EIN). Forty other applicants claimed to have had more than 100,000 employees.
The impact to small business owners was the over disbursement depleted the available EIDL funds. This of course meant these deserving owners couldn’t get the money they needed and deserved.
Small Business News – October 15, 2021
If you were denied for all or part of the money on your PPP loan forgiveness application, your appeal must be timely. You have 30 days to appeal. The clock starts when you receive written notification from the Small Business Administration (SBA).
Some small businesses and entrepreneurs, including sole proprietors, C-corporations and some LLCs, don’t have long to file their taxes if they received an extension on filing them earlier this year. Originally due on May 17, filers have until October 15, 2021, to submit their extended 2020 tax year returns.
The U.S. Attorney’s Office of the District of Rhode Island has managed to prosecute and sentence the first person charged for fraudulently applying for and receiving COVID relief business loans. David Adler Staveley was sentenced to 56 months in federal prison by U.S. District Court Judge Mary S. McElroy.
The holiday shopping season is nearly here. Small business owners should be aware of the consumer trends and forecasts that industry experts are anticipating, so they can maximize their profits from this shopping boom period. Failure to prepare for the predicted behavior of consumers during the coming holiday season could mean missing out on a lot of sales.
Park Place Payments, a payment processing company founded and ran by women, has furthered its commitment to customer support. Through its Customer Experience Guarantee service, Park Place Payments will pay their merchant clients $500 if they are unhappy with the service the company provides after the first six months.
Offering flexibility and a better life/work balance than ‘traditional’ jobs, the gig economy has been thriving for a number of years in the US. The global pandemic changed the way we worked, paving the way for greater gig work opportunities.
Financial payment systems have been going digital for the past 5 years and now has sped up since COVID. Unfortunately, so many small businesses are still behind in accepting all digital forms of payment that customers and vendors want to use and it’s hurting their company.
This article, “In the News: $4.5 Billion in Wrongful EIDL Small Business Grants Awarded” was first published on Small Business Trends