google-site-verification=cXrcMGa94PjI5BEhkIFIyc9eZiIwZzNJc4mTXSXtGRM Small Business Administration offers help following Baltimore bridge collapse - 360WISE MEDIA
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Small Business Administration offers help following Baltimore bridge collapse

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Small Business Administration, SBA, DMV, Delaware, Pennsylvania, Baltimore Bridge Collapse, EIDLs,


In the wake of the tragic collapse of the Francis Scott Key Bridge on March 26, 2024, SBA Administrator Isabel Casillas Guzman announced on March 30 that small businesses throughout the Mid-Atlantic region can apply for low-interest, long-term Economic Injury Disaster Loans (EIDL) US Small Business Administration (SBA).

According to the SBA, credit availability is available in response to a request to declare a state of natural disaster from Maryland Governor Wes Moore on March 29, covering the complete state together with adjoining counties within the District of Columbia, Delaware, Pennsylvania, Virginia and West Virginia.

Small businesses, agricultural cooperatives, aquaculture enterprises and personal nonprofit organizations can apply for as much as $2 million in federal EIDL funds to handle the temporary decline in revenue brought on by the collapse. These loans, with an rate of interest of 4% for small businesses, 3.25% for personal nonprofits and repayment terms of as much as 30 years, can cover operating costs corresponding to fixed debts, payroll, accounts payable and other unpaid financial obligations attributable to disruptions .

“As Baltimore and the broader community mourn and begin to rebuild, the SBA and the Biden-Harris Administration stand ready to help local small businesses survive the economic disruption caused by the bridge collapse,” Guzman said. As previously discussed BLACK ENTERPRISESThe Francis Scott Key Bridge in Baltimore collapsed last week after a container ship struck a support column, sending seven cars plunging into the Patapsco River.

Francisco Sánchez Jr., deputy administrator of the SBA’s Office of Recovery and Disaster Resilience, stated: “The bridge collapse will impact small businesses whose businesses depend on the transportation and movement of goods from the Port of Baltimore and along the Francis Scott Key Bridge . economic source of income.”

Loan eligibility depends solely on the financial impact of the disaster, not on property damage. Interest accrual and repayment begins 12 months after the primary payment.

Down further assistance to affected businessesSBA has opened a second Business Recovery Center on the CareFirst Engagement Center, 1501 South Clinton Street in Baltimore, joining the prevailing Dundalk Renaissance Center, 11 Center Place, Suite 201, in Dundalk. Both provide on-the-ground support from the federal government.

Applicants can apply online at sba.gov/disaster and access additional details about disaster assistance through this website.


This article was originally published on : www.blackenterprise.com
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Business and Finance

Delay in filing your tax return? Do this if you’re still not ready

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Lying to the tax office or lying about your taxes is a criminal offense punishable by up to a few years in prison. Individuals face fines of as much as $250,000 and corporations as much as $500,000. In addition, chances are you’ll be responsible for costs related to the prosecution. Uncle Sam says don’t try this. Trust us, he’ll get you. It all is dependent upon the formalities and only every week before the tax return submission deadline. However, if you’re still in search of bills, have not made an appointment with your tax advisor, or discovered a serious tax problem that needs resolution, what do you do?

File for extension.

If you actually think there isn’t any way you possibly can file your tax return before the April 15 deadline, you possibly can submit IRS Form 4858, Automatic Extension of Time to File. This half-page form asks for your name, address and Social Security number. It’s so easy. This gives you one other six months to file your tax return.

One caveat: if you owe taxes, you still should pay the quantity you owe or an approximate amount. Do not complete the quantity here. The IRS warns that if it finds your estimate unreasonable, it might invalidate your application, exposing you to penalties for failing to file.

While tax law doesn’t strictly require you to pay your tax, to get more time to file you must or will owe more in the long term. The IRS will add interest to any tax bill unpaid in April and a late payment penalty.

More information may be found at www.irs.gov.


This article was originally published on : www.blackenterprise.com
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Business and Finance

Understanding the pros and cons of refunds and bills

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taxes, Black people


It’s tax season at my busy business in Kansas City, Missouri and across the country. For me and my team, this often means long days and longer nights. The looming query every customer desires to know is: “Will I get my a refund or will I owe Uncle Sam?

Many people consider that the goal is to get a refund. However, in the event you check with any respected financial planning expert, they may let you know that borrowing money for a yr without earning interest is a nasty investment strategy.

This is actually what taxpayers do after they receive a refund. This is shocking to some, but true nonetheless, and here’s why. You can get an instantaneous pay raise by changing your withholdings to get more of your personal money throughout the yr. Save your personal money and earn your personal interest, or repay some of your debt and accrue interest that is still money in the bank.

Typically, the next query is, “How much is my refund? The greater the return, the greater the salary increase may be. Stop! Can we conclude that it is healthier to owe the tax office than to receive a refund? Well, it is determined by your ability to pay at the end. If you owe, you might be expected to pay on or before April 15. Failure to satisfy this condition on time may lead to penalties and interest.

So what’s more useful for you? It is predicated on financial discipline and purpose. If you might be financially sustainable, your goal ought to be to interrupt even or have a small balance left to repay. If you lack financial discipline, a refund may fit to your advantage.

Consider these three quick guides to enable you with this process:

  1. Determine whether you wish your a refund or in case your goal is to interrupt even.
  2. Talk to your tax advisor to find out the mandatory steps to enable you achieve your required profits. These could include things like W-4 adjustments, a brand new business structure, or an income and expense schedule.
  3. If you are eligible for a refund, determine the best plan to make use of it properly. If you are going to break even and get more in a yr, be certain that you employ “your surplus to the advantage of your financial situation.”

Whatever you select, be committed to your plan, follow it and understand that it’s your money. Remember that a refund doesn’t all the time mean a free pot of gold at the end of the rainbow, so be certain that you are not colorblind this tax season and make smart financial decisions. The advice a superb uncle will all the time let you know!


This article was originally published on : www.blackenterprise.com
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Business and Finance

6 strategies for making money on any market

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So how do you reply to a market milestone?

No one can predict the behavior of the stock exchange. However, there are some immutable facts. Markets will proceed to be driven by uncertainty and volatility. With that said, investors who don’t take part in solid, long-term stock investing are missing out on the chance to construct wealth. If you check historical data, you will find that the typical annual return of the S&P 500 since its inception in 1928 is about 10%.

On BLACK ENTERPRISES, We have at all times advocated long-term investing. Here are some practical investment suggestions no matter market activity. Based on our interviews with countless investing experts over time, we share these basic yet effective strategies for investing in any market:

1. Don’t time the market

In other words, you mustn’t get too excited during huge market increases or panic during market declines.

Our rule of thumb: engage in disciplined, long-term investing. It’s true that the past can never fully predict future outcomes, but it surely serves as a precious reference. Get skilled advice on constructing a long-term portfolio based on your risk tolerance level and financial goals.

2. Engage in dollar-cost averaging

By investing equal dollar amounts at regular intervals, it lets you buy more shares of high-quality firms when the stock price declines, which is a possible event in today’s fickle market. In fact, most mutual funds may be arrange as automatic investment accounts.

We can also’t emphasize enough the worth of contributing to employer-sponsored 401(k) and 401(b) plans. It’s a scientific strategy to construct your retirement savings. As lots of , funds are deducted out of your paycheck and you may spend money on various investment offers for tax-free dollars. An added bonus is that in lots of cases your employer will match a portion of your premium – currently the utmost is $18,000 per yr. Because these tax-deferred vehicles are intended for retirement, you face severe penalties and tax liabilities if you happen to withdraw your funds early.

3. Look for dividend stocks

In an increasingly unpredictable environment, it is best to consider buying shares of firms that distribute money to shareholders every quarter. These stocks are typically high-quality blue chips that may provide more money flow with a yield of two% to three%. Moreover, an everyday dividend can provide downside protection.

4. Invest in what

It’s a tried and true means of spotting opportunities by attacking well-known firms, industries and products. They are frequently market leaders with powerful brands, top-shelf management, and most significantly, you already know their products and business models.

5. Protect your portfolio by being defensive

As the economy continues to indicate an especially slow recovery, look for stocks which might be performing well in any market. Pharmaceuticals, personal care, household products, food and consumer staples – products purchased by consumers in weak or strong economies – will strengthen your farms.

6. Develop an asset allocation strategy

Diversifying your investments between two or more asset classes can allow you to stay ahead within the market in the long term. One way if you happen to don’t need to administer your personal asset allocation is to take a position in so-called target-date funds. For example, if you happen to’re about 20 years away from retirement, you would possibly select a fund with a goal payout date of 2035. These funds can provide investors with the suitable asset allocation over a given time horizon and mechanically shift to a more conservative mix because the goal date approaches.

Additionally, often monitor your stock portfolio and make adjustments to individual sectors. For example, gain overseas exposure; An excellent rule of thumb is to allocate 20% to 30% of your holdings in international stocks.

(*6*)


This article was originally published on : www.blackenterprise.com
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