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Restaurant Group Warns of Cash Flow Disruptions from Employee Retention Tax Credit Backlog

  • National Restaurant Association and state-level partners ask the Treasury and IRS to improve the filing process for the Employee Retention Tax Credit
  • The group says delays in receiving the credit could impede restaurants’ cash flow and cause them to overpay on their 2021 taxes
  • Restaurants have faced numerous challenges related to COVID-19, labor shortages, food costs, and supply chain disruptions
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Fed Report: Most Businesses Face Lingering Financial Hardship, But Fewer Seek Financing

  • Federal Reserve report finds that a majority of businesses are still facing financial hardships due to the COVID-19 pandemic
  • Small business owners have favored pandemic relief programs and personal assets over borrowing funds
  • Applications for traditional financing have waned in recent years, though small banks continue to earn high satisfaction ratings
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Gallup: Well-Being and Pay Gain Importance Among Job Seekers

  • Gallup poll identifies the top factors employees would consider when weighing whether to take a job with a new employer
  • The opportunity to find a higher-paying job or one with a better work-life balance have gained importance since before the COVID-19 pandemic
  • Other key considerations include finding a role that allows them to do their best work, job security, COVID-19 requirements, and diversity
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Should Your Company Do Away With Managers?

  • Critics of the traditional management model say it is no longer relevant in today’s workplace, especially with the changes wrought by the COVID-19 pandemic
  • Alternative models put emphasis on leadership rather than oversight, minimizing management roles and allowing teams to function more autonomously
  • The approach can improve employee satisfaction, but also carries the risk that workers may feel rudderless and ignored
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SBA: Nearly 1 in 4 Entrepreneurs Start a Business with Less Than $5,000

  • Analysis by the Small Business Administration Office of Advocacy finds that half of entrepreneurs launch a business with less than $25,000, with about one in four starting with less than $5,000
  • Most startups rely on personal assets for capital, with existing business owners drawing on retained savings
  • A majority of business owners did not rely on a bank for financing, and most of those who got a loan received less than what they sought
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White House Makes Green Manufacturing Push, Including Funding for Clean Hydrogen

  • Biden administration announces multi-pronged effort to reduce greenhouse gas emissions in manufacturing processes
  • A key component of the initiative looks to accelerate the development and implementation of clean hydrogen technology
  • Effort also looks to leverage public and private buying power to support low-carbon materials and processes
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DoD Report Calls for Expansion of Small Business Vendor Base

  • Department of Defense identifies increasing opportunities for small businesses and new entrants as part of its efforts to improve competition in the defense industrial base
  • DoD spending with small businesses has increased in the past decade, but the number of firms in the defense industrial base has shrunk
  • Efforts to support small businesses have included improvements to the SBIR/STTR program and increasing outreach activities
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Should You Offer to Buy the Property That Houses Your Business?

  • Buying your building can help you avoid unpredictable rent hikes, but also carries its own unique risks
  • Determining whether making an offer on your building or another commercial property is the right choice
  • Financing options and the professionals who can help with the process
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