Market analysts speculate on what the market will do with the new administration and what the economic future could hold. There are many opinions but what most can agree on is that they aren’t sure. With so many variables in place, it is impossible to see a clear path. Where does that leave small business owners in the middle of a pandemic? What does the financial future look like for a small business for the next four years? There are a few things that small business owners can expect from the new administration.
The SBA is looking to up their game for small businesses with this new administration. They have a lot of work to do. The SBA programs geared toward helping small business owners stay open during the pandemic are still in place. More relief is promised to small businesses by the new administration. The SBA is in the fight for small businesses. They want to help them move the needle forward with the help of the new administration. That’s fantastic news for the small business owners out there who wonder if there will still be help for them as they recover their businesses this year.
Small Business Owners Will See Different Finance Options
One of the things that came out of the pandemic was the rise of FinTech companies as lenders to small businesses. Companies like PayPal and the like are positioning themselves as competitive lenders in the small business space. The new administration is all for letting this happen.
Getting FinTech involved in helping small business owners find financial stability in 2021 is a great way to keep the ball moving forward. Where traditional lenders might fail, FinTech is looking to capture the market of small businesses that need financial assistance. We can look forward to the SBA and the new administration endorsing creative ways to help small businesses succeed financially.
We can expect the SBA to have more programs to help minority-owned and women-owned businesses recover after the pandemic. Minority-owned businesses especially face challenges with securing traditional loans needed to help keep their businesses growing. The SBA is especially interested in providing options to minority-owned businesses that work in their favor.
Small Business Owners Can Expect The New Administration To Eliminate Banking Challenges
The pandemic did one thing for all small businesses in 2020. It more than highlighted the banking challenges that small businesses face. The small business owner has had more than his or her fair share of issues with banking. With this knowledge now on the surface, the SBA and the new administration aim to meet these challenges head-on. The goal is to help create a better financial future for small business owners than they had before.
Now that the SBA has seen the challenges that small business owners face with the banking industry, they know how to tackle these issues with better regulation and legislation. Small business owners can expect there to be policy changes with this new administration.
The Future Is Unclear On Tax Policy Changes
We will likely see some changes to the big business tax breaks under the old administration. Where the uncertainty lies right now is how tax policy could change in favor of small business owners. Will there be a new tax policy in place to give small business owners a break? That remains unseen.
Will there be any reversals of employment law around the old Obama Care that impacted small business owners? This also remains to be seen. Small business owners were frustrated by policies that demanded they pay for employee health insurance in years past. Will this old issue come about again? We will have to stay tuned on that one.
PEOs Are The Solutions To Changing Financial Challenges For Small Business Owners
With so much happening for small business owners in the last year, it can be hard to stay on top of what is coming and how it will impact your small business. Tax policies, employment law, and solvency are enough of a job. Small business owners need to free up time to grow their businesses practically and strategically.
PEOs are the right resource because they work with small business owners to overcome some of these challenges. They free the small business owner is free to work on their business, not just in it. A PEO can meet the challenges that may come from the new administration.
While no one is sure what will come of the old Obama Care laws for small business owners, one thing is sure, PEOs are a great solution to excellent benefits at a great rate no matter what changes.
If you’d like to find out how PEOs can help you plan strategically for what may come with the new administration, give us to call. We can help small business owners plan for a bright future no matter who is in office.
If you’d like to find out more about how PEOs can help you provide great benefits and payroll management at less than you are paying now, contact us today for a free consultation.
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