Kabbage co-founder Kathryn Petralia, whose company is being sold to American Express, discusses government and financial-sector lifelines she says could help businesses that have been hit hardest by the pandemic.
Source: American Banker
The Oakland (CA) African American Chamber of Commerce announced this summer that it had raised $1 million for its fund to help Black-owned businesses. It’s one of several launched in the U.S. since the pandemic began closing businesses is a nod to the difficulty that Black businesses have in landing bank loans and the disproportionate impact the virus has on African American families.
Source: ABC News
Four-in-five small and mid-sized companies say they were targets of payment fraud last year.
JPMorgan Chase & Co., the country’s largest lender, is stepping up payment fraud protections for its small and mid-sized business customers, which continue to be targeted by scammers – particularly amid the COVID-19 pandemic.
Small business experts say having a succession or transition plan not only creates peace of mind for entrepreneurs, it also can make a small business particularly attractive to potential investors.
The IRS issued proposed regulations (REG-132766-18) on July 30 related to simplified tax accounting rules for small businesses and updating various tax accounting regulations to adopt the simplified rules enacted by the law known as the Tax Cuts and Jobs Act (TCJA).
Source: Journal of Accountancy