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The Small Business Administration has announced in a press release that restaurants most heavily affected by the pandemic will receive stimulus money from a fund worth $28.6 billion.The funds form part of the $1.9 trillion economic stimulus bill - called the American Rescue Plan - which was passed by the 117th United States Congress and signed into law by President Joe Biden on March 11, 2021. Restaurants that have suffered revenue loss due to the pandemic will be able to apply for up to $10 million per business and no more than $5 million per physical location.SBA administrator Isabela Guyman said the administration is “focused on ensuring that the RRF program’s application process is streamlined and free of burdensome, bureaucratic hurdles – while still maintaining robust oversight.”Various businesses in the food and drink industry are eligible to apply for the Restaurant Revitalization Fund program, including restaurants, food stands/trucks/carts, caterers, bars, saloons, lounges, taverns, bakeries, brewpubs, tasting rooms, taprooms, breweries, microbreweries, wineries, distilleries, inns, and licensed facilities that produce alcohol and allow people to taste, sample, or purchase their products.The official timing of the application’s launch is yet to be announced. What is known is that after the program opens, for the first 21 days, the SBA will accept applications from all eligible applicants, but will only process those submitted by women, veterans, and socially and economically disadvantaged business owners. Once the 21 days are up, all applications will be treated equally.The SBA is collaborating with numerous business stakeholders to ensure that the application process goes smoothly and to discuss any potential concerns regarding the relief package.“The USBC believes this initiative and collaboration with the SBA will bring needed resources and relief to these often underserved businesses to aid in stabilization, recovery and ultimately, strengthen our economy.” said Ron Busby, Sr., the President and CEO of U.S. Black Chambers, Inc. (USBC).As some of the best LLC Companies, the SBA is committed to providing individuals with the resources they need to start their own business and run it successfully.

By Milja April 23,2021

According to a company press release, Tribe Property Technologies has purchased the rental portfolio of KEY Property Marketing, which consists of approximately 75 service contracts. The closing of this deal marks Tribe’s first acquisition as a public company. “This is a strategic step for us in further expanding Tribe’s ability to deliver services to condominium investors who are looking to rent out their units in the BC market,” said the CEO of Tribe, Joseph Nakhla. Tribe is a property management company that focuses on providing owners, residents, councils/boards, real estate developers, and vendors with services that combine innovative technology and hard-working staff members. These services include condo/strata and rental management, a community platform, as well as developer and landlord tools. KEY Marketing was founded by Cam Good in 2009. It offers real estate design, marketing, and sales services. In 2015, Good acquired KEY Property Management, which specializes in finding quality sites for developers and connecting them with buyers. In regard to the purchase, Good said: "This sale allows me and KEY's Leadership Team to focus on the rapid growth of KEY Marketing while Tribe better services people investing in condos." This latest business venture is just one of several big steps Tribe has taken in recent months. Late last year, the company bought Gateway Property Management, making it the sixth largest condo management company and the sixth largest rental management company in Canada. On April 14, 2021, it began trading on the TSX Venture Exchange. Currently, Tribe’s property management platform is being used by a number of condominium complexes and residential communities throughout Canada. "We believe that the independent owner-investors market is a big market that is currently underserved. With three out of every 10 condos being rented to tenants in both Vancouver and the Greater Toronto Area, we are aiming to improve that experience for both investors and tenants with our technology platform and services," Nakhla added.

By Milja April 23,2021

On April 23, Tickmark, a Virginia-based software provider, launched a completely cloud-based solution for accounting and bookkeeping services for small and medium-sized businesses.Tickmark’s new cloud-based solution uses Azure/AWS technologies to provide even better bookkeeping and accounting service to small and medium-sized companies. The company’s spokesperson said the new software product is more reliable, faster, and more customizable, so it can fit the needs of any business. The company’s main goal is to provide smooth virtual bookkeeping and accounting, enabling clients to complete complicated accounting tasks quickly and then focus on their business goals."Our end-to-end virtual accounting and bookkeeping services aim to replace all traditional forms of paper-based bookkeeping by transferring all functions into cloud-based systems. This will provide a high-level scalable, reliable, and accessible platform for our clients," Tickmark’s spokesperson said.The company’s team of experienced bookkeepers and accountants worked on designing this accounting software solution. It’s a step further in helping companies move from traditional paper bookkeeping to a cloud-based service that allows businesses to stay compliant and makes their accounting and payroll easier."We help companies master compliances, finances and understand the challenges of managing the finances. Ours is a global shared service powered by unmatched technology that provides fast and accurate results. We will give you several different options of accounting software as that will help you choose the right one that matches your business needs," the company’s spokesperson said.In order to protect clients’ sensitive business information, the company guarantees a completely safe and secure cloud-based environment. In addition, Tickmark’s goal is to offer a fully customizable software solution for all business types and sizes, making it more affordable and easier to implement in anyone’s business strategies."It is our mission to make online accounting more affordable. Cloud-based technology has enabled us to provide seamless end-to-end services that cater to all business needs,” the spokesperson said. “Companies will not have to hire, train or maintain in-house accountants, and it will help them save tons of money as virtual bookkeeping services offered by our company are affordable.”

By Milja April 26,2021

Tax automation provider Avalara announced on April 20 that it had bought assets and expertise from DAVO Technologies, a company that helps businesses automate sales tax requirements.Based in Maine, DAVO uses cutting-edge technology to connect with POS systems and automatically gather tax-related data. This allows it to accurately file and pay sales taxes to the state and local authorities on their clients’ behalf.DAVO’s base of clients across the US includes more than 4,000 businesses from various industries, including restaurants and coffee shops, bike stores, local flower shops, and many others. The financial terms of the agreement have not been disclosed.DAVO’s instant integration with the most popular POS systems - like Square, Quickbooks, and Clover to name a few - empowers Avalar to provide all-in-one compliance solutions that help small businesses and startups manage their daily and ongoing tax requirements.“Avalara and DAVO are natural extensions to one another; our services are complementary, and we believe there is an immediate opportunity for value to their customers and our shared partners. The DAVO team has built an excellent, customer-centric product and we are delighted to partner with them to help improve and expand upon their capabilities,” said Jayme Fishman, Avalara’s EVP of corporate development.DAVO integrates seamlessly into your business environment to collect data needed for paying sales taxes and filing tax returns. It’s an automated service that simplifies tax-related tasks with the 100% accuracy that only great bookkeeping services can provide. With Avalara’s products - like business licenses and compliance documents - DAVO will be able to provide even better and more comprehensive services.“This acquisition is an amazing opportunity for the DAVO team, partners, and especially our customers. There has never been a more important time to support the local business community - the backbone to local economic development and community support. We are confident that together with Avalara we can make their day-to-day even easier, so they can focus on their business and leave the sales tax to us,” said Pete Murray, CEO of DAVO.The company’s press release also includes forward-looking statements regarding the expected “growth opportunities and synergies arising from the acquisition,” as well as potential risks that could lead to different material results than those predicted by the forward-looking statements.

By Milja April 26,2021

Texas-based accounting and bookkeeping company GrowthForce has announced the launch of its "Guide to Outsourcing Your Back Office: Bookkeeping and Accounting," a comprehensive article for business owners that explains how to manage finances better and increase profits during various stages of business growth.GrowthForce invites its clients to answer a few simple questions to find out if they should outsource their business’s bookkeeping and accounting tasks. The aforementioned guide provides tips and tricks about how to make the most from outsourcing services.Due to the COVID-19 pandemic, businesses are taking the necessary steps to improve risk management strategies and reduce their costs. According to PwC, outsourcing “will be the go-to business strategy of 2021.”More and more businesses are adopting new strategies, including outsourcing bookkeeping and accounting services in order to save money and time, and to increase flexibility. One of the main benefits of outsourcing these services is that businesses can get support from experienced accounting and tax professionals at any time they need.GrowthForce’s guide to outsourcing back office tasks helps business owners learn: How to manage small business finance; How to track and recognize business needs during the different stages of the business lifecycle; How different types of outsourced bookkeeping services work; What the main benefits of full accounting services are; How to choose the right outsourcing company; What are the best approaches in small business bookkeeping outsourcing."Outsourcing financial operations offers a flexible solution for business owners who want to focus on growth. Seventy percent of businesses seek outsourcing to help cut costs, and almost half adopt outsourcing to increase flexibility," said Stephen King, GrowthForce’s founder and CEO.King is known as one of the industry’s most experienced leaders and speakers at helping businesses and nonprofit organizations increase their growth. As the founder of GrowthForce, King focuses on providing an automated accounting service that is effective and accurate for clients.

By Milja April 26,2021

Less than 3% of approximately 30 million small-business owners in the US could be impacted by President Joe Biden’s tax increase under the jobs and infrastructure plan.The tax rate increase from 21% to 28% will not affect small businesses organized as “passthrough” enterprises. Limited liability companies are the biggest representatives of passthrough entities, and also account for nearly all small businesses. Therefore, most of them will avoid this hike.What’s more, most small-business owners are single earners. Out of that group, the only ones who will feel the proposed increase are people and married couples with more than $452,700 and $509,300 in annual income, respectively.This potential result is in line with the goal of the new corporate tax rate. After all, President Biden is counting on the support of small-business owners in this matter, as the actual target of this plan is large corporations. The White House seeks to increase the corporate tax rate by 7% to 28%, which would be significant primarily for large corporations like Amazon and Walmart. National trade groups, like the Business Roundtable and the US Chamber of Commerce, are vehemently opposed to the proposed change.According to a White House official, the tax plan should help eliminate the practice of offshoring profits and jobs while paying lower taxes than small businesses, present at many multinational corporations.Republican lawmakers are opposed to the proposal and remain unmoved by the small-business plight. The official White House stance is one open to compromise. According to the official, President Biden “was in the Senate for almost 40 years and understands how the legislative process works, and there is going to be a little bit of give and take with Congress, so that's the part of the process we are in right now.”Even though tax changes won’t impact most small businesses, these business owners will still need to stay on top of their tax obligations. They can do so by using tax software to automate the preparation process and meet filing deadlines.

By Milja May 21,2021

After rising dramatically in March, US retail sales stalled in April, despite expectations of a stimulus-check-related increase. However, as the economy reopens in the following months, an upward trend should reemerge. The US Department of Commerce said on May 14 that the unchanged retail numbers in April were still below predictions made by Reuters and Dow Jones. The new agency and stock market index forecast a jump of 1.0% and 0.8% in the sector, respectively. One of the reasons for this optimism was the $1,400 checks US households received in March as part of the $1.9 trillion COVID-19 pandemic rescue package. What’s more, pandemic household savings amount to an estimated $2.3 trillion, which should have helped lay the groundwork for spending in 2021. In March, the surge of consumer spending influenced the first quarter’s base for expected high growth in the second quarter. However, retail sales - excluding gasoline, cars, construction material, and food services - have dropped by 1.5% in April, after a 7.6% rise in March. Also known as “core retail sales,” these transactions represent the biggest component of consumer spending. This growth stop and slight drop indicate that households directed the government funds they received primarily to day-to-day needs and outstanding expenses, instead of regular shopping. The current shortage of workers slowed hiring in April, while low sales further hampered the economic recovery. Even though more than 37% of US citizens are fully vaccinated against COVID-19, the fear of the pandemic, combined with underwhelming wage offers from employers, is keeping workers at home. Here at SmallBizGenius.net, we remain optimistic that economic recovery is on the horizon. However, without proper support during recovery, such as business-friendly banking services, the question remains how the retail sector will manage this latest hitch in the recovery effort.

By Milja May 21,2021

NASA continues its tradition of supporting US entrepreneurs in developing tech innovations ready for commercial use. NASA’s Small Business Innovation Research (SBIR) program continues that pursuit with its latest set of 140 Phase II rewards for 127 small businesses. A total of $105 million in funding will be awarded to businesses located in 34 different US states and Washington, DC. The program aims to find the most practical technologies for the National Space Agency and the commercial marketplace while including diverse entrepreneurs. Among the companies listed in Phase II funding, there are 33 businesses owned by women, minorities, and veterans. For example, the Salt Lake City-based company, InnoSys Inc., is a woman-owned small business developing a solution for operating cameras in harsh, extremely high-temperature environments. The innovation from InnoSys has both space mission applications and provides a means of imaging fires, inspecting nuclear reactor cores, or furnaces operating at high temperatures. With NASA’s assistance, InnoSys can focus on commercializing its product. If Phase II proves successful, the agency can provide further funding to find potential customers besides NASA. “The Phase II contract period is an exciting time, as small businesses put their ideas into practice and develop prototypes attractive to NASA and private investors. The selected technologies have displayed great potential impacts for their respective sectors, and we are proud to continually invest in today’s booming aerospace economy through these small businesses,” Jason L. Kessler, a NASA SBIR Program executive, stated. Some of the other exciting projects include a compact heat exchanger for possible electrified aircraft propulsion, an AI-powered virtual medical expert, and many others.  Working on innovative tech is a demanding process, and our team recommends small businesses use cloud storage services to better coordinate product research and development. After all, a promising small business needs every advantage to secure funding from organizations such as NASA.

By Milja May 21,2021