Tax reform legislation passed in late 2017 is having an impact on small businesses beginning with the 2018 tax cycle. How can small-business owners make the most out of the new tax laws and what impact will it have on their business finances?
When buying an existing business, you have a lot of decisions to make. One of the most critical is how to finance the purchase. Fortunately, as seen in the recent post, Buying a Small Business: 12 Factors to Consider, there are plenty of options available.
Your time in the military is filled with big projects, stressful deadlines and probably even more seemingly ordinary events. But once you look back on them, you realize how all those events add up to a resume filled with interesting skills that you carry into the civilian world.
Starting July 14, the Small Business Administration’s (SBA) new size standards will go into effect, expanding the number of companies defined as a “small business” by approximately 8,500, according to The Washington Post, and making them eligible for SBA financing.
The changes adjust for inflation - the first such adjustment since 2008 - and vary by industry, with some being considered small businesses based on total assets or revenue and others on the number of employees.
Fortunately for franchisees, the new standards will not make SBA loans more competitive for them. Limited-service restaurants, for example, can have up to $11 million in revenue, up from $10 million, and still qualify for SBA support. This only marginally increases the number of franchise groups operating limited-service restaurants that will now be considered small businesses.
Learn more about the new size standards at SBA.gov. And for questions about your individual eligibility for SBA financing, talk with a lending expert.
*Source: Board of Governors of the Federal Reserve System, “Financial Accounts of the United States: Flow of Funds, Balance Sheets and Integrated Macroeconomic Accounts.” Fourth Quarter 2013.