Category: Business Management

America’s two-track economy: the small business credit crunch

Over the past three decades, Kim Peacock and her husband Don Milroy built up a modest but respectable nut business based in Arlington, Texas. In March, 31 years of toil nearly unravelled in a matter of weeks. The producer and retailer’s biggest customer was American Airlines’ Fort Worth hub. Every year GNS Foods supplied the

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15 Trends That Are Expected To Drive Small Business In 2021

To say that Covid-19 has been a game-changer for small businesses in the United States would be an understatement. Facing financial constraints and other limitations imposed by the pandemic, many small businesses have had to come up with creative solutions to maintain a steady stream of revenue. The pandemic hasn’t subsided yet, and it is

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How to Prepare Your Business For Economic Downturn

Covid has had a devastating impact on the entire economy. Before this pandemic, economists were warning of a possible recession in 2021. Despite this, many business owners were still taken unaware and remain concerned with how to keep their doors open. Unfortunately, it looks as if we will be struggling with these economic problems for

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Business Loan Approval Rates Drop by 50% in the Last Year

Small business loan approvals at big banks are down by 50% compared to last year’s figures according to data from Biz2Credit Small Business Lending Index. Loan approvals from big banks with more than $10 billion in assets were 13.2% in November this year compared to 28.1% from the same period. Loan approvals from big banks

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Know Which 2020 IRS Form to Use if You Paid Independent Contractors?

Beginning with the 2020 tax year, Form 1099-NEC will replace Form 1099-MISC box 7 for reporting non-employee compensation, which includes payments to ICs. To put it simply, the new 1099-NEC performs the exact same function as 1099-MISC box 7. It captures payments of $600 or more to service providers that are either sole proprietors or

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