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Here’s what you need to know about the Paycheck Protection Program (PPP) loans and other business relief provisions of the recently-passed American Rescue Plan Act. PPP loan application deadline extended The deadline to apply for PPP loans is now May 31, 2021. Sick leave extended If your business provides sick leave for COVID-related reasons, you
The same factors that we’ve been dealing with for the past 12 months during the pandemic can also create an opportunity if you are considering starting a small business. Problems create opportunity For one thing, fewer businesses in the marketplace can mean fewer potential competitors. For a start-up company, that can be good news. Also,
As a small business owner, you may face the issue of whether to classify workers as employees or as independent contractors. Classifying your workers as independent contractors generally saves you money. That’s because you avoid paying employment taxes and benefits on their behalf. If the IRS determines that you misclassified your employees as contractors, you
Many business owners hire their children, their spouse, or other family members to work in their business. Sometimes this works out well. Other times it causes problems. Let’s look at the pros and cons of putting family members on your payroll. Hiring your children Hiring your kids for a summer or part-time job usually has