Business Intelligence: Tips, Trends and Resources for Entrepreneurs

By SBE Council at 21 March, 2022, 10:49 am

By Karen Kerrigan –

Our weekly roundup and tip sheet includes important information for your 2021 business tax return, changes to the COVID EIDL program on deferment, and general information and resources to help your startup or small business succeed!

5 New Things to Note on Your 2021 Business Tax Return, Small Business Insider

In a blog post, small business tax expert Barbara Weltman writes that there are important things to not overlook in filing your 2021 tax return, including: reporting PPP loan forgiveness, new Schedules K-2 and K-3, 100% meal allowance, bigger charitable contributions, and the employee retention tax credit.

5 Characteristics of a Startup Destined for Success, Startup Professionals

Martin Zwilling shares wisdom from the book “Predictable Success” to highlight the five key characteristics that every startup should strive to achieve from the very beginning. In a blog post, he writes that “the lynchpin of the entire framework comes down to your own personal ownership and self-accountability. There is no room here for excuses or half-way efforts.”

COVID EIDL Loan Program Borrowers Receive Additional Deferment

On March 15, the SBA announced additional deferment of principal and interest payments for existing  COVID Economic Injury Disaster Loan (EIDL) program Borrowers for a total of 30 months deferment from inception on all approved COVID EIDL loans. Specifics regarding the policy change can be found here. NOTE: This deferment extension is effective for all COVID-EIDL Loans approved in calendar years 2020, 2021, and 2022. Loans now have a total deferment of 30 months from the date of the Note. Interest will continue to accrue on the loans during the deferment.

Ranking Small Business Committee member Blaine Luetkemeyer (R-MO) blasted the SBA move. In a press release, he said: “SBA Administrator Guzman’s extension of the EDIL program deferment is ill-timed and miscalculated.” Read the full statement here.

SCORE Webinar: Packaging Tendering – How Pickup and Drop-Off Make a Difference in Your Bottom Line

March 24 – 1:00 p.m. ET

In this upcoming webinar session, FedEx Services Alliances Marketing Director Brian Dunagan discusses how to maximize your profits by utilizing the best method of package pickup and drop-off for each order, packaging types and services available at Retail network locations, and consultations for cost-effective packaging solutions. You’ll learn about:

● Drop-off at Retail and Returns services

● On-call package pickup

● Scheduled package pickup

● Fees associated with pickup and how to save money with drop-off

● The advantages of drop-off, including more hours to take and fill orders each day, and more income for you

● Packaging services at retail networks—solutions for every type of shipment, such as sustainable packaging and customized packaging

To register for FREE or learn more, click here.

What Makes Social Media Posts Engaging? 5 Key Things, Smart Hustle

Smart Hustle founder Ramon Ray tallies the numbers on social media usage, and its huge, “over 3.6 billion people use social media worldwide, a number projected to increase to almost 4.41 billion in 2025.” In a blog post he writes that in order to capture the interest and attention of potential customers, social media posts have to be captivating. Ramon provides ideas, tips and themes for helping entrepreneurs up their social media game in order to more effectively promote and drive sales for your small business.

Shedding Light on a Dark Idea, Galen Institute

Is making daylights savings time permanent a good idea? The U.S. Senate seems to think so, and unanimously passed a bill on March 15 to make daylights savings time permanent. Following passage, there were cheers from Senators on both sides of the aisle, but policy observers and health experts urge a restrained and historical look at the issue before the House decides to take action. As noted by the Galen Institute’s Grace-Marie Turner in a blog post:

“Congress tried this once before in the energy crisis of the 1970s. It was disastrous…. Nearly 80% of Americans approved of permanent daylight savings time in December 1973, but support plummeted to only 42% after three months of dark mornings.”

According to George Mason University Economics Professor Charles Blahous, and as noted in Grace-Marie’s blog, the sun would rise the following times in the following cities under permanent daylight-savings time:

● Omaha: 8:49 AM

● Minneapolis: 8:51 AM

● Salt Lake City: 8:51 AM

● Detroit: 9:01 AM

● Indianapolis: 9:06 AM

Rather than daylight savings time, sleep experts say standard time is the best alternative for permanency.

Why There’s Never Been a Better Time to Start a Business, Axios

Yes, more people than ever are interested in starting a business, as the team of Erica Pandey and Jim VandeHei from Axios report in this piece. They note that costs are sinking, there’s virtual help from anywhere, and everything is fair game: “Almost everything you see, touch and use is being reinvented in real time, thanks to technology and the pandemic.”

Another cool and positive fact: “Global investment in startups shattered records in 2021, hitting $643 billion — 10 times what it was 10 years ago.”

Secret JP Morgan Project Aims to Push Bank Deeper into Growing Market Serving Private Companies, CNBC

“A key part of Project Bloom is a digital network for JPMorgan clients that will match start-ups with investors, helping them in fundraising rounds, said the people. Other planned-for services include helping companies sell shares in tender offers or providing loans on private stakes, offering a digital interface for secondary trading of private company stock, and helping venture capital firms raise new funds.” Read more here.

Weltman: Strategies for Managing Multiple Businesses, Small Business Insider/Big Ideas for Small Business®

Running one business is challenging enough. Owning or managing several takes those challenges to a different level. In a Small Business Insider blog post, Big Ideas for Small Business® founder Barbara Weltman reviews useful strategies on when to conduct multiple activities as separate businesses, when to run multiple activities in one business, and rules that relate to the aggregation on multiple businesses. As noted by Barbara: “How to handle having different activities simultaneously impacts business operations, legal matters, and, of course, taxes.”

Karen Kerrigan is president & CEO of the Small Business & Entrepreneurship Council.