Tuesday, July 6, 2021
July 2021 Financial Update
The country appears to be emerging from its year-plus freeze/stagnation due to the coronavirus pandemic. A few articles from around the web to gauge what people are thinking now that business is trying to get back to normal:
- Confidence among small business owners barely rises due to concerns about politics and inflation (CNBC).
- Inflation poses new chanllenge for pandemic-weary businesses, with price hikes for supplies causing price hikes for customers.
- The State Employment and Unemployment Summary for June 23 reports that unemployment rates were lower in May in 21 states and DC, higher in 1 state, and stable in 28 states.
- COVID’s Entrepreneur Explosion – High unemployment and rising need pushed many to explore the possibility of being an entrepreneur in an uncertain time.
- 1 in 4 Americans Plan to Start a Side Hustle This Year – the entrepreneur spirit is alive and well.
2021 Financial Calendar – July:
This month’s financial work is reviewing since we’re halfway through the year. Review your budget (you have one, right?) and see if you’re hitting spending and savings targets. If you’re falling behind or over-spending, how can you correct it? This month you should also review your books and make sure everything’s up-to-date and correct.
2021 Tax Updates and Dates
July’s list of tax deadline dates is short. For a full list, see the IRS Tax Calendar:
- July 1: Annual tax to be registered and paid if you are in the wager-taking business.
Government Aid in Coronatimes
The Paycheck Protection Plan continues as Coronatimes start to wind down amidst mass vaccinations. But many are still waiting for their loans to be forgiven. And a surprising percentage of small business owners – 83% – support another round of stimulus relief from the federal government. Some businesses, like restaurants, are hoping that the American Rescue Plan’s aid doesn’t run out too fast and leave them hanging.
The Usual PPP Application and Forgiveness Resources
- Gusto’s Small Business Guide to PPP Round 2 Funding
- NFIB’s Guide to Forgiveness of PPP Loans under $50,000
- the FMA PPP Toolbox for Nonprofits
- the Freelancers Mutual Aid Circle,
- the SBA’s Coronavirus Small Business Guidance page
- Quickbooks has a Q&A Forum on the PPP
- Gusto Payroll has a Step-by-Step Guide to the forgiveness application
- Paychex has a PPP Practical Guide
What’s Happening, in Charts
From the Visual Capitalist, the biggest business risks around the world in 2021. Not surprisingly, business interruption and a pandemic outbreak rank at the top of the list!
Business Links!
-
Here are 4 Proven Strategies to Champion LGBTQIA+ Beyond Pride, All Year Long
It's pride month - but championing allyship all year long is more important. Here's a few ideas for year-round inclusion.
-
What's the best way to pay yourself as a small business owner?
Salary or Owner's Draw? What's the difference and what are the consequences of your decision?
-
For Food Delivery, Covid-19 Was a Sugar High
The Wall Street Journal talks about troubles ahead for the food delivery industry. Part of it is pandemic related, and part of it is fees and worker issues.
-
Small Business Accounting 101: How to Set Up and Manage Your Books (2021)
A primer on the basics of small business accounting from Shopify - what do you need to do and why?
-
The IRS is watching: Are you saving too much for retirement? - MarketWatch
Saving too much for retirement - is that real? The IRS is watching to make sure that yo don't.
Nonprofit Links!
-
Donations, earned income, fees and more: in a difficult year, nonprofits are thinking outside the box to get to their income goals.
-
Value of Charitable Deduction for All Americans Still Unclear
The Chronicle of Philanthropy reports on the 1% charitable donation - in a year of slow giving in 2020, did it work to spur donations?
-
Pandemic puts 1 in 3 nonprofits in financial jeopardy
A study released by research group Candid and the Center for Disaster Philanthropy reports that over 1/3 of nonprofits in America are in dnager of closing within the next 2 years.
Security Links!
-
TikTok Faces Privacy Lawsuit on Behalf of Millions of Children
A UK and Europe based lawsuit filed on behalf of children accuses the app of illegally processing personal information and violating data protection laws.
-
10 steps to make your data harder to find online - The Verge
Make your key data points (your address, phone number, and birthdate) less visible online with some work and searching and opting out.
