February isn’t just about celebrating Black history–it’s about honoring the past, the present and investing in the future. Throughout this month, business and community organizations recognize the significant contributions of Black communities and their immense power in business. This is why we’ve compiled a select list of grant programs that small business owners can take advantage of during Black History Month and beyond.
Starting January 1, 2024, some small businesses in the United States will be required to file a Beneficial Ownership Information (BOI) Report with the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN). This new reporting requirement is part of the Corporate Transparency Act (CTA), a law designed to help prevent and combat money laundering, tax fraud and other financial crimes.
Keep reading to get your key questions answered to help you navigate BOI reporting.
Mentors can play a crucial role in the trajectory of a small business through guidance, support and encouragement. Mentors are often industry experts or business professionals who share their insights and knowledge of the industry to help entrepreneurs navigate the ever-changing challenges of business ownership to make more informed decisions.
The annual open enrollment period began on November 1, 2023 and ends on January 15, 2024 for small business owners and self-employed individuals who access health insurance through the individual marketplace. Entrepreneurs and small business employees can make changes to their healthcare plans, re-enroll or renew their plans. Below are some key tips and best practices to keep in mind during open enrollment.
Small businesses are looking for ways to stay competitive in the new digital economy, especially as they continue to face challenges exacerbated by the COVID-19 pandemic.
Today, an estimated 13 million businesses are led by women entrepreneurs in the United States, accounting for about 43% of all businesses. Unlocking their earning potential through entrepreneurship is a great pathway to achieving gender parity and building economic independence and generational wealth.
NOTE: The Internal Revenue Service (IRS) has placed a moratorium on new Employee Retention Tax Credit applications through the end of the year. The halt to this program comes amid a surge in fraudulent claims and aggressive marketing practices to ineligible applicants. The agency is expected to put in place more safeguards for small business owners to protect them from unscrupulous entities.
The federal government created the Employee Retention Credit (ERC) in response to the detrimental effects of the COVID-19 pandemic on small businesses. As part of the CARES Act, the ERC offers ta...
In 2022, Small Business Majority, in partnership with Support Latino Business and Modern Woodmen Fraternal Financial, awarded critical funding to three Latina business owners through their annual #SupportSmallBiz grant program. The grant program bridges the gap in small business funding for Hispanic and Latino businesses, which often face challenges and systemic barriers in getting the capital and resources they need to start, grow and expand their enterprises.
In the United States, nearly 1 in 4 new businesses is Hispanic- or Latino-owned. And while they make up almost 10% of all businesses in the country, these businesses also faced the brunt of revenue loss and business closures during the COVID-19 pandemic. Below you’ll find grant and loan programs that are working to increase access to capital for Latino and Hispanic businesses.
The U.S. Small Business Administration (SBA) has recently made significant changes to their small business loan programs to help level the playing field and boost access to credit for smaller businesses. Read below for more information about those changes and what you can expect.
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