NAWBO Conference: The Power of One - June 27, 2010 - Segment Two

Betsy and Renee continue their conversation with Karen Mills, National Administrator of the US Small Business Administration, as she discusses some of the tax credits and other resources currently available for small business owners. The most important, she thinks, are the tax credits that are available right now for small businesses via the Affordable Care Act. Small business owners can write off up to 35% of the health care they provide if they meet certain criteria: you have to have 25 employees or fewer, the average wages have to be $50,000 or less, and you must contribute at least 50% of the healthcare costs. Furthermore, as a result of the recently passed HIRE Act, there is a payroll tax credit of up to $1,000 for hiring people who have been unemployed for more than two months. Karen also mentions that there are 65,000 Recovery Act loans that have gone into the hands of small business owners, which equals about $29 billion, with 12,000 loans going to women-owned small businesses.

2Minutes&More with Betsy Berkhemer and Renee Fraser airs every Sunday at 1pm on KFWB NEWS TALK 980. Tune in for a full hour of tips for business success.