A grant for a vehicle can significantly benefit a small business by improving operational efficiency and expanding service capabilities. It allows businesses to improve delivery services, reach more customers, and reduce transportation costs. For mobile businesses, such as food trucks or mobile repair services, a vehicle grant can be the cornerstone of their operations, enabling them to operate and serve customers in various locations. This financial support helps small businesses grow, increase revenue, and better meet customer needs.
Are you a small business owner struggling to get the funds you need to grow your business? Progressive Insurance and Hello Alice are here to help! They’re offering a grant program that can give you $50,000 to buy a commercial vehicle for your business, plus access to programs that can help your business thrive.
Small business grants can benefit business owners from a huge range of backgrounds. Recently, a national nonprofit launched a funding round for members of the LGBTQIA+ community, which has long been underserved by traditional business programs. Read about this option and more in the list below.
Small Business News May 17, 2024
This week, the news roundup starts with the IRS announcing that interest rates will remain unchanged for the July 1, 2024 calendar quarter. The decision is especially impactful for small businesses navigating financial planning and tax obligations. There is also news about the Department of Labor’s Wage and Hour Division announcing a new rule that raises the minimum salary needed to be exempt from overtime pay for certain workers. For more small business news, read the rest of the roundup.
IRS Announces Stable Interest Rates for Q3 2024
The Internal Revenue Service (IRS) has announced that interest rates will remain unchanged for the calendar quarter starting July 1, 2024. This decision impacts both individual taxpayers and corporations, particularly small businesses navigating financial planning and tax obligations.
Department of Labor Raises Overtime Pay Threshold to $58,000 Annually
The Department of Labor’s Wage and Hour Division announced a new rule that raises the minimum salary needed to be exempt from overtime pay for certain workers. Previously, workers earning less than $35,568 annually were eligible for overtime pay if they worked more than 40 hours a week. Under the new rule, this threshold will increase to $58,656 per year.
Deadline of SBA Drought Loans Approaching for Hawaii, Montana, and North Dakota
Francisco Sánchez Jr., associate administrator for the Office of Disaster Recovery and Resilience at the Small Business Administration (SBA), has issued a reminder for small nonfarm businesses in Hawaii, Montana, and North Dakota about the approaching June 10, 2024 deadline to apply for SBA federal disaster loans for economic injury.
Ecommerce Spending Grows but Consumers Trade Down to Cheaper Goods
Adobe has released its online shopping data for the first four months of 2024, showing a resilient e-commerce landscape despite economic challenges. According to Adobe Analytics, which analyzes over one trillion visits to U.S. retail sites and 100 million SKUs across 18 product categories, consumers spent $331.
OpenAI Unveils GPT-4o
OpenAI announced the release of GPT-4o, the latest and most advanced AI model designed to process text, audio, and images in real time. This new AI model represents a leap forward in technology, offering better features and improved performance that make it a versatile tool for a range of different applications. By the way, the 4o is not forty.
TikTok Sues Biden Administration to Block Law Banning it in the US
The hugely popular video-sharing app TikTok has filed a lawsuit against the Justice Department over a law that would force Chinese parent company ByteDance to sell the app or face a nationwide ban. The law was signed by President Biden on April 24 after it was passed overwhelmingly by Congress amid concerns among US lawmakers that China could access data or spy on Americans through the app.
Entrepreneur Finds Unique Ways to Serve Local Communities in News Deserts
Local newspapers aren’t exactly a thriving business in 2024. But at least one enthusiastic entrepreneur is taking a chance on them in the hopes of delivering more quality local news coverage across parts of the U.S. Jeremy Gulban is a New Jersey-based tech executive who runs CherryRoad Media, a company that acquires and runs local news outlets.
Small Businesses Gained 38,000 Jobs Nationally in April, according to ADP Report
Private sector employment increased by 192,000 jobs in April, but jobs decreased in the information sector, according to the April ADP National Employment Report produced by the ADP Research Institute in collaboration with the Stanford Digital Economy Lab (“Stanford Lab”). The majority of the job gains were in the South, with a gain of 124,000 jobs.
How Hope and Hunger Impact Your Happiness and Business Success
All small business owners seek some type of success- either in terms of financial gain or happiness for themselves or their customers. The paths to financial success are well documented with plenty of people giving advice. But is there a formula for happiness? If there is, I know that every small business owner would want to know what is is and use it at their company.
Image: Envato
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