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This Week in Small Business News: April 19, 2024

Legacy small businesses in LA City could get a financial boost.

LA City is offering grants to legacy small businesses to stimulate growth amongst community establishments.

LA City reported that more than 50,000 small businesses registered in the district are facing increasing competition, rent, and encroaching gentrification. Many of these businesses are core establishments in the community and have had roots in Los Angeles for more than 20 years.

As a result, Carolyn Hull, a LA City representative, introduced a new relief plan to aid legacy businesses towards growth. The relief plan is broken into two tiers:

  • $20,000 grant: Businesses with 1-5 employees

  • $10,000 grant : Businesses with 6-10 employees

On top of this, business owners will have access to additional methods of funding, marketing opportunities, technical resources, and government connections.

If you are in the LA area and think you could benefit, check out the application here: Apply

Surge in US small businesses started as side hustles.

The percentage of small businesses that were launched last year by owners who were working for someone else soared nearly two-fold from 2022, according to new data.

A recent survey of 1,300 new business owners conducted by payroll firm Gusto found the share of new business owners working full-time or part-time for another employer while starting their business surged from 27% in 2022 to 44% in 2023. 

Business analysts believe there are multiple factors that contributed to the surge. One, which is not specific to 2023, is that the rise in remote and hybrid work has created a lot of flexibility for time and space for people to work at their regular jobs and side jobs alike.

The SBA offers assistance for small businesses hurt by Maryland bridge collapse.

SBA is offering loans to businesses affected by the bridge collapse.

The Small Business Administration is offering relief to those affected by the bridge collapse in Maryland.

The declaration applies to small businesses, small agricultural cooperatives, small aquaculture businesses, and private nonprofit organizations. Applicants in the declared area can now apply for a federal Economic Injury Disaster Loan up to $2 million to help overcome any temporary loss of revenue stemming from the bridge collapse.

If you are a business owner in Maryland definitely check it out and apply here: Apply

Businesses urge Congress to simplify tax code and introduce new relief provisions.

Navigating the U.S. tax code can be confusing and expensive– not only for individuals, but also for small business owners. House lawmakers put together a panel of representatives and SMB owners to explore ways to make filing taxes easier and more fair to empower small businesses.

“On average, small business owners will pay over $1,000 per year to have a CPA firm prepare their taxes, and that’s money they don’t have,” said Rep. Roger Williams (R-TX), the Committee Chairman.

Small business owners warned Congress about the burden of the complicated tax system. On average, tax complexity costs American's hundreds of billions of dollars in accounting and compliance fees. The current complexity of our tax system is unbalanced as is caters to larger corporations with resources to hire lawyers and accountants and leaves many small business owners with an annual headache.

Reach Out to Vivid Commerce

If you are still unsure on what payment solution is best for you and your business, use our team at Vivid Commerce as a resource to help you customize a cost-efficient solution.

For new customers, Vivid Commerce is offering complimentary smart terminals when they sign-up. 


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