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THE TIMESHEETS.COM JOURNAL Posts

Calculating Your SBA Industry Size Standard for Small Business Loans

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There are over thirty million small businesses in the United States, and they play a massive role in the economy; therefore, it’s imperative that they have support as they navigate through the pandemic. The Small Business Administration (SBA) played a huge role in the survival of small businesses in 2020, and they continue to do so in 2021. The SBA provides support for small businesses and entrepreneurs all over the nation with free business counseling, business loans, disaster loans, and more. Small businesses must get these kinds of tools so that they can compete against larger corporations and continue to contribute. In order to obtain this relief, however, businesses must actually count as small businesses, or meet the “small business size standard”. If you have too many or too few employees, you may not qualify for SBA relief and must find help elsewhere.

Need to get a loan from the SBA? Let’s see how if you qualify as a small business!

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The Second Draw of PPP Loans is Here: Everything You Need to Know

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The U.S. Treasury Department has reopened Paycheck Protection Program (PPP) loans to eligible employers. The PPP loan forgiveness program, enacted by the Small Business Administration (SBA), provided economic relief to small businesses affected by the pandemic. Eligible businesses were able to use their PPP loans to pay for mortgages, payroll, utilities, and more. Despite this relief, many small businesses continued to struggle during these trying times. At the end of 2020, in an effort to assist these businesses further, congress passed another COVID-19 relief bill. That bill allotted $284 billion to go towards the PPP. This allowed the SBA to give businesses another chance to apply for PPP loans or obtain a second PPP loan, which is called the Second Draw PPP loan.

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Can Your Boss Read Your Slack Messages?

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Slack is a popular communication platform used by many remote workers. It’s a great platform to communicate and collaborate through instant messaging and video conferencing, which many remote teams enjoy as a new mode of communication. With the choice of public “channels” and private messaging, people have the freedom to speak publicly or work one-on-one with their coworkers easily. Some argue that Slack is more of a distraction than a tool conducive to one’s productivity due to the fact that people may use it to idly chat all day; however, many employers still utilize this system to collaborate with their workers.

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No More Paid Sick Leave for Employees Under the FFCRA

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As the coronavirus spread in 2020, Congress enacted the Families First Coronavirus Response Act (FFCRA) which provided benefits for employees affected by the coronavirus. Additionally, under the FFCRA, employees were also allowed time off to care for their children or for a family member. The initiative allowed business owners with 500 or fewer employees to provide sick leave, insurance coverage, and other benefits to their employees. This support encouraged employers to keep their workers on payroll while ensuring everyone’s safety during the pandemic. Unfortunately for some, the DOL has decided that they will not extend sick leave under the FFCRA. However, the law does allow employers to voluntarily give employees paid sick leave. If employers choose to give their employees PTO under the FFCRA, they may receive tax credits.

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Which States Raised Minimum Wage in 2021?

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Over the years, employees in the United States have fought to increase the federal minimum wage to $15/hr with many political leaders joining in the effort. The federal minimum wage has remained at $7.25/hr since 2009 and studies show that roughly two-thirds of Americans support an increase. With the new makeup of the Senate this year, this long-overdue increase is looking more likely than ever. In the meantime, many individual states have continued to increase their minimum wages in order to keep up with the cost of living in their regions.

Did your state increase its minimum wage? Let’s find out!

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The New Mileage Rate for 2021

If you’re an employer in the United States, it’s likely that you pay your employees mileage reimbursement when they’re traveling for work purposes. Every year, the  IRS adjusts the mileage reimbursement rate based on examination of variable costs. Based on the latest study, the IRS has changed 2021’s mileage rate to a lower rate than last year. Taxpayers will use this rate to compute their deductible costs associated with using a vehicle.

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6 Ways Your Business Can Stop Wasting Money in 2021

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Owning and running a business is costly. In fact, most business owners are shocked when they see how much they’re spending in the office. Small costs here and there really add up causing business owners to spend hundreds to thousands of dollars extra every year. To save your business money and keep revenue on the rise, you must cut unnecessary costs. Luckily, there are ways that you can save money by planning ahead and taking the right steps. 

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Small Business Hiring Tax Credit for CA Employers- Effective Dec. 1, 2020

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Many California employees and employers faced challenges as the coronavirus impacted their workplaces. During this difficult time, business owners had to make tough decisions in order to stay afloat. Ultimately, this led to many lay-offs in the state. With rising unemployment rates, the California government decided to take action. In order to remedy this economic and unemployment setback, Governor Gavin Newsom enacted Senate Bill 1447, the Small Business Hiring Tax Credit, on September 9, 2020. This bill allows any qualified employer credit against personal income and/or corporate taxes for each taxable year beginning on or after January 1, 2020. 

Do you qualify for assistance? Let’s find out:

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Is it Legal to Record Phone Calls and Conversations?

The thought of someone recording your conversation seems like a breach of privacy, but it’s actually legal in many states. If you plan on recording phone calls, in-person conversations, or videos with sound, your state may allow you to legally record the entire conversation as long as at least one party is aware of the recording. The laws vary by state, so remember that if they’re not followed correctly, you may be at risk of criminal prosecution.

What are your state’s laws? Let’s find out.

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Business Math: How to Calculate the Cost of Gas for Traveling

Knowing the cost of your travels, whether for work or personal reasons, is very important. Some people focus mainly on the federal reimbursement rates to gauge how much their remuneration will be, but being able to calculate your actual expenses in advance is equally as important. Calculating the cost of gas before you leave is a great way to budget yourself by simply finding out how much this trip will cost you.

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Check Your Emotions At the Door

Contributed by: Ben Eden

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Have you ever heard a manager say something like, “leave your emotions at the door”?

Sure, there may be some value in that because people need to use their rational and logical side of the brain while trying to solve problems at work.  But when someone is telling you to “leave your emotions at the door” they are telling you that emotions have no place here. 

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Veterans Day Time Off in the U.S. -Who Gets It?

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Currently, the FLSA (Federal Labor Standards Act) does not require employers to give employees time off for any holiday. In fact, the federal government does not require employers to pay for any time that an employee doesn’t work (such as vacation time). Although this is true, some states have their own holiday policies that business owners must follow.

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