Small Business Blog Posts | Page 10

Whether you already own a trucking business or are pursuing a new venture, you’ll likely need financing or seed funding at some point. Existing businesses may need capital to fund expansion efforts or maintain payroll when cash flow is down. Read on for a look at the best grants and funding options for trucking companies.

The economic impact of the COVID-19 pandemic has been harsh, particularly on small businesses. Fortunately, there have been a number of loan and grant programs open to small business owners to offer financial help during these tough times, one being EIDL.

One form of relief offered to small businesses is the Employee Retention Tax Credit. First introduced in the Coronavirus Aid, Relief, and Economic Security (CARES) Act, this tax credit could be claimed by eligible employers on quarterly tax returns. This program was expanded by the Consolidated Appropriations Act signed into law in December 2020, making the credit accessible to more employers.

Guidance for the new and improved program was released January 6, 2021, with the program expected to be online by January 21. With thousands of small businesses under unprecedented stress, you can expect demand for these programs will be extremely high.

Buying something now but paying for it later has always been a tantalizing concept. But the idea is gaining even more steam now thanks to current events. Traditionally, people turned to credit cards when they didn’t have the cash on hand to afford a purchase. Today’s consumer is increasingly wary of credit card debt, however, and interest in other avenues has grown. Not surprisingly, a bevy of buy now, pay later (BNPL) services have sprung into action to meet the need.

You’ve probably heard the old cliche: You’ve got to spend money to make money. Businesses are investments, and investments imply an allocation of money. Or do they? We talked to business owners who say they started their companies without any substantial outlay of money to find out how they did it.

Ever wondered what the difference is between a 1099 contractor and a W2 employee? Believe it or not, the answer is both easier — and more complicated — than you might expect. It all boils down to this: If you tell your workers both what to do and how to do it, then they are probably W2 employees. On the other hand, if you only control the results and not the process, then they are probably 1099 contractors. Read more about the 1099 VS W-2.

Payroll processing is the method of paying employees and contractors, including managing payroll taxes, withholding, deductions, calculating pay, and keeping payroll records.

Payroll has an impact on your business’s finances (especially considering salary inflation), tax liabilities, and your employee management. Not only will you have to account for employee payments and payroll taxes in your business budget, but you’ll also need to ensure that your employees are compensated fairly, on time, and in accordance with the law.

A business license is a permit to operate your business, and it is non-negotiable. In fact, it is illegal to operate a business without a permit or license. This keeps you accountable to the city in which you operate and helps local government agencies regulate the businesses in their jurisdiction. Learn more about getting and maintaining a license to run a business in your state.

The PPP and EIDL programs have distributed a massive amount of funding to struggling businesses in the wake of the coronavirus pandemic. However, many businesses have been unable to secure funding from these programs despite applying when directed and meeting all the relevant qualifications. Whatever the reason, there are business owners out there in need of funding that have not been served by the PPP or EIDL programs. That’s why we’ve set out to highlight other lending options — both public and private — that are currently available to small businesses.