The Small Business Administration's federal contracting program for socially and economically disadvantaged small businesses wasn't a direct target of the U.S. Supreme Court decision earlier this year to effectively end race-conscious admission programs at colleges and universities. But it helped buoy the legal attacks against the SBA program, and more changes could be on the way
"We urge employee retention credit recipients who think they were misled by promoters to review these special programs, including either the disclosure program or the withdrawal option, depending on their situation," Werfel said. The new program comes roughly two weeks after the IRS announced it's sending more than 20,000 ERC rejection letters to taxpayers as
President Joe Biden is flaunting his investments in Black- and Latino-owned small businesses as the Latino vote slips from his grasp heading into the 2024 election year. The president on Wednesday highlighted the parts of his Investing in America agenda aimed at supporting small businesses at Wisconsin's Black Chamber of Commerce in Milwaukee. His remarks
It wasn't too long ago that women who needed business capital didn't struggle to access it — they simply couldn't get it, at least not without a male relative to co-sign on a loan. There's been considerable progress since 1988 when that law was changed, but the gender gap in access to capital is persistent
The Employee Retention Credit was intended to be a financial lifeline to small businesses struggling to make ends meet during the pandemic. The government program, seemingly flush with cash, led to the emergence of an industry of its own, which focused on helping businesses claim the credits. Suddenly, a parade of ads encouraging businesses to
Small business bankruptcies are on the rise. Subchapter V filings — which most small businesses these days are using to reorganize a floundering business — have outpaced filings from 2022. There were 1,659 Subchapter V filings through October, compared with 1,553 for the full year earlier, according to the American Bankruptcy Institute. It's become easier
In many respects, conditions are good for U.S. small businesses. Inflation, from the cost of goods to wage growth in the labor market, are coming down. And the economy is growing like gangbusters, with the most recent GDP reading outperforming expectations, a fact that the Federal Reserve noted in its FOMC meeting statement on Wednesday
Amazon is unveiling its first buy now, pay later checkout option for the millions of small business owners who use its online store, CNBC learned exclusively. The tech giant confirmed Thursday that its partnership with Affirm is expanding to include Amazon Business, the e-commerce platform that caters to companies. Affirm shares jumped 19% on the
The United States has experienced a small business boom in recent years, and people of color are a large part of that success, making progress on historical underrepresentation of Black and brown entrepreneurs in America. From 2010 to 2020, the minority population grew from 36.3% to 42.4%, but the rate of minority-owned businesses increased at
The case challenges a levy, known as "deemed repatriation," enacted via the 2017 Tax Cuts and Jobs Act. Designed as a transition tax, the legislation required a one-time levy on earnings and profits accumulated in foreign entities after 1986. While the 16th Amendment outlines the legal definition of income, the Moore case questions whether individuals
