Tag: Small Businesses

Increased Crime Cutting into Small-Business Earnings, Survey of Owners Finds

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Business Owner

One-third of small-business owners say increased crime is cutting into their earnings, and 7 in 10 grade President Joe Biden’s performance negatively in terms of helping small businesses, a new poll finds.

Pollsters John McLaughlin and Scott Rasmussen conducted the survey, along with the Job Creators Network Foundation in March, among 400 small-business owners. When asked about their sentiments regarding the state of the economy, 46% of small-business owners said the economy is getting worse, while just 27% said it’s getting better.

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Rampant Crime Takes Toll on America’s Small Businesses, New Survey Reveals

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Small Business

Nearly one-third of small business employers in January said that crime has raised everyday business costs, according to a Job Creators Network Foundation (JCNF) poll obtained exclusively by the Daily Caller News Foundation.

Around 31% of small businesses surveyed in January said that neighborhood crime has increased business costs through added expenses associated with extra security or stolen inventory, with employers in the western U.S. being the most likely to say they were affected at 35%, according to the poll. Businesses with $100,000 to $250,000 in revenue in a year were the most likely to say that neighborhood crime has increased business costs, with 53% saying yes, followed by businesses with less than $100,000 in revenue at 47%.

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Commentary: New Biden Labor Dept. Rule Likely to Hurt Millions of Small Businesses, Independent Contractors

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Remote Worker

Some 99% of American companies are small businesses, and 100% of businesses started out small, but a recently finalized rule from the Biden administration’s Labor Department will make it harder for small businesses to start, grow and succeed.

As of last May 1, a White House news release pointed out, “Young firms, which often start small with few employees, are a driving force in job creation.” That’s been particularly true since the COVID-19 pandemic, as small businesses with fewer than 50 employees have accounted for a growing share of new jobs.

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Small Businesses, Lawmakers Push Back on Financial Reporting Regulation

The Center Square
Small Business Owner

A coalition of small businesses, U.S. senators and representatives sent a letter to the Biden administration calling for a one-year delay in a new rule requiring businesses with as few as 20 employees to report financial information about the business’ beneficial owners.

Under the rule, small businesses will be required to report personal information about their owners, board members, senior management and legal representation and could face civil or even criminal penalties for failure to do so.

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Small Business Owners Pessimistic About the Economy, Poll Shows

The Center Square

Small business owners are pessimistic about the future of the economy, according to a new poll.

The National Federation of Independent Businesses released the polling data Tuesday, which shows that the group’s “Small Businesses Optimism Index” decreased slightly in November to 90.1, its 23rd straight month below the historical average of small business optimism.

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Commentary: Bidenomics Is The Grinch Who Stole Christmas

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The labor market continues to soften, with 199,000 jobs created last month, well below the recent average. Real job creation is far lower than this topline number suggests. Nearly 50,000 jobs were unproductive government jobs, continuing the trend of disproportionately high government job growth. The return of striking auto workers accounted for about 30,000 jobs. And 77,000 jobs were created in healthcare, which is a quasi-government industry. That leaves only about 40,000 jobs created in the real economy.

Real wages continue to stagnate, growing at the same rate as core inflation following significant declines in the first two years of Biden’s presidency. As usual, job creation in previous months was revised down in today’s report. Nearly one million more Americans are unemployed since April.

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Small Businesses Feel the Pain of Inflation-Driven Interest Rates

The Center Square

Small business owners are feeling the pain of inflation-driven interest rate hikes, another difficulty for those owners to overcome as they continue to recover from the COVID-19 pandemic-era shutdowns.

A rash of federal spending and an increase in the money supply in recent years have fueled inflationary pressures. Prices soared during the beginning of the Biden administration, making it hard for Americans to make ends meet.

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Minnesota Restaurant Owner Says New State Mandates Will Be a ‘Nightmare’ for Small Businesses

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A lifelong dream to have his own place hasn’t exactly gone as planned for Kent Bergmann behind Campanelle in Lino Lakes.

“The name of the restaurant is nothing more than a noodle. We make those noodles fresh every single morning. It’s a Campanelle noodle is what it’s called. It’s like baked mac and cheese on steroids,” Bergmann explained.

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Minnesota Democrats Scoff at Paid Family Leave Proposal’s Impact on Small Businesses

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There was no disagreement among DFLers and Republicans on the Senate floor Monday over whether Minnesota workers across all industries want and need expanded access to paid family and medical leave benefits.

To what degree the state should provide those benefits is where the differences between caucuses were stark and along party lines, as senators debated the highly controversial HF2 for more than six hours before the DFL’s one-vote majority held together to pass the bill.

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New Report Finds Wisconsin Local Government Strangling Home Businesses with Red Tape

M.D. Kittle

The Badger State’s home-based businesses are facing a bureaucratic nightmare of red tape, according to a new report by the Wisconsin Institute for Law & Liberty. 

WILL’s new policy report, “Wisconsin: A Broken Home for Home-Based Businesses,” analyzes the relative burden of regulations on the businesses in the state’s 20 most populous communities. 

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Poll: Small Businesses See Signs of Hope After Brutal 2022

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Despite a historically tight labor market, small business owners reported that hiring difficulties had eased in December, markedly improving compared to November, according to a poll conducted by Vistage Worldwide for the Wall Street Journal published Friday.

Of the roughly 650 small business owners polled, almost 25% reported that hiring was easier in December than at the start of the year, while just 20% said it was harder, according to the WSJ. In November, those numbers were 18% and 25% respectively, and some small business owners reported success thanks to pay raises and hiring freezes or layoffs at larger firms.

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Report: 41 Percent of Small Businesses Can’t Pay Rent in November

The Center Square

More than 40% of U.S. small business owners say they couldn’t pay rent on time or in full for the month of November, the highest this year.

The small business network group Alignable released the survey, which found that the hardship varies by industry. A notable 57% of beauty salons said they couldn’t make rent as well as 45% of gyms, 44% of retail and 44% of restaurants.

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Maricopa County Approves New Program to Give Small Businesses a Larger Share of Its Business

Neil Jones

Maricopa County announced Monday that the Board of Supervisors approved a new Small Business Advocacy Program (SBAP), which aims to provide these local enterprises with a larger share of county business.

“The program is about making sure that small and local businesses are being given a chance to sell goods and services to the county. The county buys everything from baby diapers to xenon light bulbs, we buy dentists and landscapers, plumbers and engineers – you name it – we probably buy it. It is a Board priority to support small and local businesses, when it makes sense, for purchases that are under $100,000 and not covered under an existing contract,” said the Maricopa County Office of Procurement (MCOP) in an email to the Arizona Sun Times.

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Job Creators Network Partners with Newt Gingrich for ‘American Small Business Prosperity Plan’

ADN America

A small business advocacy group has partnered with former Republican House Speaker Newt Gingrich to announce a plan on Wednesday to boost small businesses, fix the economy and provide opportunities for all Americans. The group announced the plan at Washington, D.C.’s Capitol Hill Club with a variety of speakers, including Gingrich who appeared live from a virtual location.

The Job Creators Network says the purpose of their American Small Business Prosperity Plan is to give members of Congress and their midterm challengers specific policies that would move America toward a positive, pro-growth economic agenda.

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Small Businesses Might Drop Obamacare as Premiums Skyrocket

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Health insurance premiums offered under the Affordable Care Act (ACA), colloquially known as Obamacare, will rise next year, hitting small businesses particularly hard and potentially pressuring them to drop out of the program.

While recent provisions in the Inflation Reduction Act have provided additional subsidies for individual consumers that will likely offset the increased cost of premiums, no such support was granted to small business owners, according to the Wall Street Journal. Insurers are proposing median premium increases of 10%, but some are proposing increases as high as 20%.

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Connecticut Republican Gubernatorial Candidate Bob Stefanowski Vows to Target Hundreds of Licensing and Regulatory Fees Small Businesses Forced to Pay

Susan Berry, PhD

Republican candidate for Connecticut governor Bob Stefanowski pledged last week to cease collection of the hundreds of licensing and regulatory fees small businesses and entrepreneurs are forced to pay prior to their repeal by the next legislature.

“Now I know everybody’s gonna jump up and down, you can’t do that, OK,” Stefanowski said Tuesday, according to CT Mirror. “I’m going to tell [the tax commissioner] to do it.”

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Nearly Half of Small Businesses Are in Hiring Freeze, Citing Inflation and Costs

The Center Square

Nearly half of small business owners are not willing to hire because of labor costs and “skyrocketing inflation,” a newly released small business report shows.

The small business network Alignable released its July Hiring report which found that “45% of small businesses (SMBs) are halting their hiring, largely because they say they can’t afford to add staff.

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Big Business Wins Again: Biden Climate Rules Will Hurt Small Companies Most

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America’s top financial regulator issued climate disclosure rules that are more burdensome for smaller companies than large companies, according to the agency’s own analysis.

While the rules would cost large corporations $640,000 at first and $530,000 in subsequent years, they would cost smaller publicly-traded companies $490,000 initially and $420,000 in following years, the Securities and Exchange Commission (SEC) said in its proposal. The regulator’s analysis suggests that smaller companies would feel a relatively larger financial burden as a result of the proposed disclosure rules.

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Small Businesses Struggle to Survive in Biden’s Economy: Poll

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Small business owners are increasingly pessimistic about U.S. economic conditions and overwhelmingly support an expansion of domestic fossil fuel infrastructure, the latest polling data showed.

Just 27% of small business owners agreed the economy was in “good” or “excellent” condition, according to a Job Creators Network Foundation poll released Friday and shared with The Daily Caller News Foundation. The figure represented the lowest rating of the current economic situation among small business owners since the group began the poll a year ago.

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Food Trucks Will Be Able to Operate in Multiple Counties Under New Georgia Law

The Center Square

Gov. Brian Kemp signed a trio of bills he says will help small businesses in the state, including a measure that allows food trucks to operate in more than one county without needing multiple permits.

“As a small business owner for more than 35 years, I have always applied a pro-business approach to governing, helping to cut red tape and ensure we have an environment that allows good Georgia companies to thrive and serve their customers,” Kemp said in an announcement.

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Small Biz Survey: Pennsylvania Government Favors Big Business

The Center Square
Amazon warehouse

Small businesses worry about the power of larger corporations in the marketplace, but they’re also unhappy with the subsidies and tax breaks big businesses get from the government.

A survey of independent small businesses published by the Institute for Local Self-Reliance showed that small businesses perceive a business climate that favors bigger companies. A majority of respondents were retailers, and businesses had an average size of 15 employees.

Survey respondents suggested a handful of policy changes they’d like to see:

Ending subsidies and tax breaks for big businesses.
Breaking up and/or regulating Amazon.
Investing in downtowns and neighborhood business districts.
Strengthening antitrust policy and enforcement.
Capping credit card swipe fees.

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Virginia Small Businesses Request Tax Relief, Lower Regulations

The Center Square

With Virginia’s 2022 legislative session underway, a small business association is asking lawmakers to consider tax relief, lower regulation and other policies to help the commonwealth’s business community.

The National Federation of Independent Business announced its Small Business Recovery Plan, which includes four legislation principles they hope lawmakers consider during the session. The NFIB plan includes lower taxes, repealing some regulations, financial assistance and unemployment insurance reform, which the group believes will help businesses that are still struggling from their pandemic-era losses, a labor shortage and skyrocketing inflation rates.

“Virginia’s small businesses have had a rough couple of years, starting with the pandemic and continuing with the labor shortage and disruptions to the supply chain,” NFIB State Director Julia Hammond said in a statement. “Our ‘Small Business Recovery Plan’ is a set of legislative principles that outlines the issues of greatest concern to Virginia’s small businesses. Legislators should keep these principles in mind while crafting bills during this year’s session of the General Assembly.”

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Ohio Law Puts Small Businesses on Level Ground with Big Box Stores During Emergencies

The Center Square

Gov. Mike DeWine signed a bill into law Wednesday that supporters say eliminates the double standard for different Ohio businesses during the COVID-19 pandemic and other public health emergencies.

The Business Fairness Act addresses issues from DeWine’s initial stay-at-home orders that many said allowed large, national stores to remain open while mom-and-pop small businesses were forced to close.

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Wall Street Journal Editorial Board: Democratic Proposal Will Let the IRS Snoop on Your Bank Account

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Woman holding credit card, laptop open in front of her

The Wall Street Journal Editorial Board said that a Democratic effort to crack down on tax cheating would give the Treasury Department access to almost every American’s bank account.

The Thursday op-ed focused on a proposal that would require financial institutions to report individual accounts containing at least $10,000 to the IRS. That effort, the board wrote, would affect the vast majority of Americans who did not exclusively use cash to make purchases and pay bills.

“The details are murky, but most Americans could still get ensnared in this dragnet unless they pay bills and buy goods in cash,” the editorial board wrote. “Democrats say banks will only have to report total annual inflows and outflows, not discrete transactions. But nearly all Americans spend more than $10,000 a year.”

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Commentary: IRS Guidance Would Punish Small Business Owners with Families

RealClearWire
Outside of IRS building

Most IRS guidance documents make for poor pleasure reading. Then again, most IRS guidance doesn’t effectively impose a retroactive tax on small business owners merely for having a family. IRS Notice 2021-49, issued on August 4, includes a bizarre interpretation of the law that will effectively raise taxes for business owners with close relatives, even if their family members have no involvement in the company.

A core goal of the Coronavirus Aid, Relief, and Economic Security (CARES) Act passed early on in the pandemic was to assist businesses in keeping employees on their payroll even as they dealt with the economic effects of lockdowns. Part of the plan was the Employee Retention Tax Credit (ERTC), which provides a tax credit against employer payroll tax liabilities.

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Facebook Buys up the Outstanding Invoices of Minority-Owned Small Businesses

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Facebook is spending $100 million to buy up the outstanding invoices of small businesses owned by women, racial minorities, veterans, disabled people and LGBTQ+ people, the company announced last week.

The Invoice Fast Track Program allows certain “small, midsize and diverse-owned businesses” to submit outstanding invoices to Facebook. The tech giant then buys the invoices, giving the business cash immediately, and the business’ customers pay Facebook instead.

The program is designed to help “diverse-owned” businesses improve their cash flow and hire more employees, according to the program’s description.

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Tucson, Arizona Petition to Raise Minimum Wage to $15 Will Appear on November Ballot

Corinne Murdock

The Tucson City Clerk approved the signatures for a petition to adopt a $15 minimum wage citywide, meaning it will be placed on this November’s ballot. If approved by voters, the minimum wage would increase incrementally for the next four years, starting in April of next year. The minimum wage would first increase to $13 next year, $13.50 by January 2023, and $14.25 by January 2024. That means the $15 minimum wage would be established in January 2025.

The city clerk’s office verified with The Arizona Sun Times that they certified the petition on Thursday, called “The Tucson Minimum Wage Act.” The petition needed over 14,800 signatures; the campaign reportedly gathered over 25,000 signatures. The campaign, Tucson Fight for $15, submitted the signatures at the beginning of this month. 

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Businesses, Republicans Raise the Alarm over Biden Taxes

The Center Square
Local icecream shop with chalkboard menu

As President Joe Biden promotes his several trillion dollars in proposed federal spending, Republicans and small businesses are raising the alarm, arguing the taxes needed to pay for those spending plans are a threat to the economy.

The House Ways and Means Committee met Thursday to discuss infrastructure development and in particular the impact of proposed tax increases to pay for it. Rep. Kevin Brady, R-Texas, the ranking member on the committee, argued that only 7% of Biden’s proposed infrastructure bill goes to infrastructure and that raising taxes would incentivize employers to take jobs overseas.

“As bad as the wasteful spending is, worse yet, it’s poisoned with crippling tax increases that sabotage America’s jobs recovery, hurts working families and Main Street businesses, and drives U.S. jobs overseas,”  Brady said. “We cannot fund infrastructure on the backs of American workers.”

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Small Businesses Say Big Labor’s PRO Act Would Put Them Under

The Center Square
Rally goer holds up a "Small Business fighting for survival" sign

The Biden Administration sent some stock prices tumbling and left small businesses worried after taking sides on a hotly contested labor issue that critics say could threaten the jobs of millions of independent workers and thousands of small businesses.

In his address to the nation Wednesday evening, President Joe Biden called on Congress to pass legislation that would ban the use of freelance workers in most instances.

A report from the freelance site UpWork found that about 59 million gig workers make up $1.2 trillion of the U.S. economy.

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Hundreds of Millions in Paycheck Protection Program Loans Went to CCP-Backed Firms, as U.S. Small Businesses Went Under

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U.S Small Business Administration

The Golden Horseshoe is a weekly designation from Just the News intended to highlight egregious examples of wasteful taxpayer spending by the government. The award is named for the horseshoe-shaped toilet seats for military airplanes that cost the Pentagon a whopping $640 each back in the 1980s.

This week, our award is going to the United States Small Business Administration and Treasury Department for awarding at least $200 million, but as much as $420 million, to Chinese Communist Party-linked businesses by way of the Paycheck Protection Program, intended to assist U.S. small businesses that were devastated by the coronavirus pandemic, widely believed to have originated in China.

A report from the Horizon Advisory strategic consulting group illustrates how negligible congressional oversight allowed at least 125 Chinese firms to “take advantage of the international disaster” by benefitting “directly from U.S. investment and relief measures.”

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