Small Business News: Sept 30

by | Sep 30, 2022 | Resources | 0 comments

There are plenty of events going on in the United States and the world that may be relevant to your business. We felt it best to compile a post that summarizes the news that you should be aware of:

Hurricane Ian Makes Landfall In Florida:

It was predicted that Hurricane Ian would land on the West coast of Florida on Wednesday, and the state of Florida would feel the storm’s effects well into Friday. According to the National Hurricane Center, there was a risk of dangerous storm surges, hurricane-force winds, and heavy rainfall along the west coast of Florida and the Florida Panhandle.

Has your business been majorly affected by Hurricane Ian? Did you know you can qualify for an EIDL loan to help repair damages? Not sure if you qualify? Call us today and speak to a Finance Specialist to relay your best options to help your business.

Federal Reserve’s Increasing Interest Rate Hikes Pushing Economy Towards the “Lending Cliff”:

The Federal Reserve announced it would raise its benchmark rate by three-quarters of a percentage point on Wednesday in its latest attempt to quash inflation. This seemingly puts small business owners across the country in a lending fix they have not experienced since the 1990s. Those specializing in small business lending believe this will make small business owners think twice before acquiring a business loan. Read more to learn how this can affect your business or lending opportunities…

COVID Penalty Relief Deadline is TODAY, Sept 30:

The IRS reminded struggling individuals and businesses affected by the COVID-19 pandemic that they may qualify for late-filing penalty relief if they file their 2019 and 2020 returns by September 30, 2022. The relief applies to the failure-to-file penalty. The penalty is typically assessed at a rate of 5% per month, up to 25% o the unpaid tax, when a federal income tax return is filed late. This relief applies to forms in the Form 1040 and 1120 series and others listed on Notice 2022-36. Visit IRS.gov for details.

E-Commerce – Amazon Sales:

Amazon announced the “Prime Early Access Sale” will take place October 11-12. The 48-hour event is only for Amazon Prime members and will feature discounts on over “thousands” of items. If you have a storefront set up on Amazon, your store has the opportunity to sell to hundreds of thousands of Prime members around the world. This Prime Early Access Sale will be available in 15 countries, including Canada, China, France, the United Kingdom, and the US.

Launching holiday shopping sales in October will help attract budget-conscious shoppers and jumpstart the holiday shopping season. Read more about it here.