Subscribe to NewsNAWBO 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.
NAWBO Conference: The Power of One - June 27, 2010 - Segment One
Betsy and Renee are joined by Karen Mills, National Administrator of the US Small Business Administration, to discuss how small businesses are really the engine of growth in this economy. Karen notes that 64% of all net new jobs in this country are created by small businesses, and half of the people who work in this country own or operate a small business. Accordingly, Karen maintains that if we are going to come out of this recession and continue gaining jobs, it’s going to be because we support small businesses with the tools that they need to create jobs, innovate and grow in order to be competitive going forward in the global economy. At the SBA, they have something they call the “3 Cs”: they provide capital, counseling, and are responsible for providing access to government contracts. In fact, about 23% percent of government contracts are supposed to go to small businesses, as dictated by statue, Karen points out. In the average year, the sum of all the government contracts that go to small businesses is about $100 billion, and the SBA has special programs designed to help socially and economically disadvantaged businesses, businesses in low incomes zones, and women owned businesses. For those interested in finding out more information, there is an online training course on their website, www.sba.gov, which only takes 45 minutes to complete.
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.
Making Your Passion Your Business
New Year, New Business? Make your passion your dream job. Start with a business plan to lay out your goals and objectives. For free templates and planning, go the SBA website.
More Cash for Small Businesses
President Obama has urged the major banks to provide loans to small businesses to fuel the recovery. Start with the Small Business Administration to find out where to go to apply. Many of the banks have been reluctant to lend so we will monitor this new initiative and report back if it is a success.
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.
Small Business Development Centers through the SBA
Centers are supported through the SBA and locations are throughout the United States including 6 lead offices in California. They offer free or low cost training and consulting services for your small business. Go to their website here.
