In the News: Small Business Owners Frustrated Not Getting Aid

Business Owners Frustrated

No matter what metric you look at, business is more likely down than it was a year ago. And in some cases, it is dangerously down as many small businesses struggle to stay open in the midst of a pandemic. This has increased the frustration owners are feeling with the lack of local and state aid. So much so, 86% of small business owners say they have not received state or local aid, despite such aid being available to them.

Even if the aid is available, some business owners are reluctant. Close to a quarter or 23% say the terms of the help was unclear, while another 21% say they are not interested in amassing more debt. Moreover, 13% are citing a “distrust of government-backed financial programs.”

This however doesn’t mean small business owners are not getting the help they need. According to Fundera, which conducted the survey, of the businesses which accepted aid, more than half received a grant. And almost a third accepted a loan, while another 8% benefited from rent relief and over 5% from tax relief.

You can read the rest of, “Lack of State

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Adobe Predicts Online Spending to Increase 33% in 2020 Over 2019

Online Spending

The first set of holiday data and analytics from Adobe reveals online spending is set to increase by 33% in 2020 over 2019. In great part, the global pandemic is responsible for more consumers shopping online and businesses increasing their online presence.

The Adobe Analytics data also reveals consumers spent $58.9 billion online from 11/1—11/23. According to the data, this is an unprecedented 32% Year on Year (YoY) growth as people stay home and cut back on in-store shopping.

Adobe Predicts 33% Increase in Online Spending

The growth also takes into account the slowdown in online shopping during Election Day. Despite the election, shoppers made up the gap with the last 3 days growing at 49% YoY. The result is a dramatic shift in how consumers are shopping.

The Shift in Shopping

Another data point from the report is an increase of 560% in the last 7 days for online grocery orders for Thanksgiving. This is over daily avg in October. The growth is incredible compared to last year when it was only 10%.

Adobe is pointing out Cyber Week is now Cyber Month as more retailers offer discounts all month long. On Sunday 11/22, discounts started in earnest for a range of consumer electronics. This includes discounts f

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5 Tips to Get Ready for Filing W-2 and More

Filing W-2

Businesses not only have to file their income tax returns, but also various information returns. The failure to file these other returns can result in costly penalties. Here are some forms you’ll need to file in 2021 to report payments in 2020.

W-2 Filing Tips for 2020

Start preparing now so you can timely submit them. Here are some tips to help you.

1. Prepare now to complete and file required forms

Gather the information you’ll need to prepare required forms. This means reviewing payroll records for each employee, including those who are no longer on your payroll, as well as other records for any independent contractors engaged during 2020.

Decide who is going to prepare returns for you. Will you do it in house? Use a CPA or payroll service provider? If you DIY, obtain the required forms from the IRS (it can take a week, two weeks, or more to receive) or an office supply store, or check your business tax preparation software for its capability. You can’t simply download them from the IRS website.

Determine how you’ll submit forms to workers and to the government. For employees, you can provide them in person, by mail, or electronically if you obtain their prior consent for electronic delivery (e.g., email or access to an online portal). F

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