The COVID-19 stimulus package passed by Congress is awaiting the President’s signature. President Trump wants to give ($ 2,000) more money to Americans and additional help to small businesses. Time will tell if Congress will amend the bill and give Americans more money and small businesses with additional aid.
Even if there is a vaccine for COVID-19, it will take some time to get into full gear for economic recovery. Meanwhile, there are still lockdown measures implemented across the country. And it is affecting small businesses that are worse off than larger companies. The Relief Bill can be a stop-gap to keep the economy from deteriorating and to keep small businesses from being held until the majority of Americans are vaccinated. What to read in the bill for small business: New Stimulus bill brings PPP assistance, tax relief for small business
This is one of this week’s articles looking at issues affecting small businesses. Other stories look at how shoppers will make more in-person shopping once the vaccine is rolled out nationally and how optimistic the owner of the smallest business will be in 2021.
Small Business News for December 27, 2020
This week the stories that make headlines for small businesses are:
Shoppers say they buy more than the COVID vaccine roll once nationally
56% of consumers plan to make more in-store purchases following the rollout of the Kovid-19 vaccine. About 67% of shoppers say that the deployment of the vaccine will not change how often they shop online. These important consumer figures were unveiled by a study by DealAid, a charity that partners with businesses to raise money for good causes.
Most small business owners remain optimistic in 2021
A new survey by Capital One Business shows that small business owners are cautiously optimistic. And many are looking for a return to more favorable business conditions to arrive in 2021. According to the survey conducted from November to December 2020, approximately 53% of small business owners report that their business financial position is the same or better than the pre-COVID-19 period.
ThryvPay says it is the first payment provider for small service business
Threezing Holdings, a provider of threezing software, has announced the launch of ThreezPay, a fully integrated, end-to-end customer experience platform for small businesses. ThryvPay enables users to make payments through credit card and ACH (automatic clearing house) payments. The system is designed for service-based small businesses.
74% of Shopify merchants saw a boost or no change is sales during the epidemic
Nearly three quarters (74%) of Shopify owners experienced either sales growth or no change during 2020. A third of Shopify vendors saw at least a 40% increase in revenue since the Kovid-19 outbreak. These were the findings of a survey conducted by the Helpcent App team. The survey asked 160 Shopify vendors how the Kovid-19 crisis has affected their online business.
IRS Updates Standard Mileage Rates for 2021
Standard mileage rates for 2021 are issued by the IRS only. One of the biggest differences in 2021 is the rate drop per mile for commercial use from the previous year. The mileage rates of 2021 according to the IRS for vehicle use are as follows: 56 cents per mile allocated on vehicles used for commercial purposes. This represents a drop of 1.5 cents over the previous year’s rate.
Why the IRS requires an updated 1099-NEC form for contractors
This is the time of year that every small biz owner has tax time! Unfortunately this year, there are some new tax forms that every small business will need to use. On the small business radio show this week, Jaime Lizotte, Tax Compliance Solutions Manager at efile4Biz, discusses the new tax form on the block, 1099-NEC, and what needs to be obtained.