Daymond John’s Black Entrepreneurs Day in its Fourth Year
Entrepreneur and “Shark Tank” star Daymond John is set to host the fourth annual Black Entrepreneurs Day on November 1st. This event, dedicated to celebrating Black business, will feature celebrity guests like Whoopi Goldberg and Shaquille O’Neal, as well as insights from prominent Black business leaders. Eight deserving entrepreneurs will receive $25,000 entrepreneurship grants through a partnership with the NAACP, offering them the opportunity to gain mentorship and participate in the event alongside Daymond John. While corporate support has slightly waned since the event’s inception in 2020, it remains an essential platform for promoting and supporting Black entrepreneurship, addressing systemic issues, and showcasing success stories amid the challenges faced by Black-owned businesses.
Source: CNBC
Form I-9 Compliance Challenges for Small Businesses: What You Need to Know
The Department of Homeland Security (DHS) is set to rigorously enforce Form I-9 regulations starting from November 1, 2023, which are used by employers to verify their employees’ legal eligibility to work in the U.S. Violations can result in substantial fines ranging from $272 to $27,018, even for minor technical issues. Businesses are advised to ensure compliance by using the latest Form I-9 and meticulously checking employees’ documentation, as even seemingly valid documents like driver’s licenses may require additional proof. Industries with high turnover and lower-wage positions should be especially vigilant, and companies are encouraged to maintain both physical and electronic records securely to avoid potentially crippling fines. Consulting a management-side labor attorney is recommended for addressing documentation issues. By following these steps, businesses can prevent significant financial consequences in the event of an audit.
Source: Forbes
Small Business Confidence Dips in September
According to a recent survey by the National Federation of Independent Business (NFIB), U.S. small business sentiment saw a slight decline in September, primarily driven by ongoing concerns surrounding inflation and persistent labor shortages. The Small Business Optimism Index dropped by half a point to 90.8, remaining below its long-term average for the 21st consecutive month. This trend closely mirrored August’s report, which marked the first drop in optimism since April, with businesses citing challenges in finding skilled labor and grappling with inflation as top worries. Small business owners expressed pessimism about future business conditions, reflecting the prevailing uncertainty in the economy. As the Federal Reserve embarked on an aggressive rate hike campaign, small businesses faced higher borrowing costs, adding to their financial pressures. Labor shortages, particularly in construction, retail, manufacturing, and services sectors, further compounded the challenges for these businesses, with many struggling to find qualified workers for available positions.
Source: Reuters
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