Uncle Sam bought over $80 billion in products and services from small businesses last year. Which door should you knock on to get Small-Business Tax Deduction? According to data recently released in the Federal Procurement Data System (FPDS), federal government agencies award over $83 billion in small business contracts during 2012. This represents approximately 22 percent of the $376 billion in contracts for which small businesses were eligible. This is very close to the 23 percent which has … [Read more...]
Massive SBA Loan Fraudster Pleads Guilty
Joon Park promised to help small businesses obtain SBA-backed loans. Instead he scammed banks and his clients. SBA Loan Fraudster Pleads Guilty Small-business owners have to work very hard to secure financing for their businesses. It is extremely disappointing when people who claim to help small businesses obtain loans turn out to be nothing more than scam artists. One such person, Joon Park, owner of Jade Capital & Investments, LLC, plead guilty to conspiracy to commit bank fraud … [Read more...]
Is The Tiny Island Of Cyprus About To Spark A Global Financial Crisis?
Cyprus is on the verge of financial meltdown. It may take Europe and Russia with it. It's time to stop looking at the Dow Jones Industrial Average’s stellar comeback and start looking at what’s happening in Europe: there's a crisis happening in Cyprus that could have global repercussions. The tiny island-nation (with a population of just over 1 million people) is a full-fledged member of the European Union and the Eurozone, so its currency is the Euro. Like Greece, Portugal and Spain, it is one … [Read more...]
When Having Too Much Cash Is a Huge Problem
Big companies have stashed away $1.5 trillion in cash. This isn't good; it's actually really bad. Here's why Having Too Much Cash Is a Huge Problem U.S. companies, especially large technology companies, have a huge problem: their balance sheets are jam-packed with cash—massive mountains of cash that add up to nearly $1.5 trillion nationwide. Large companies started out 2012 putting cash to use via acquisitions and share buybacks, but they slowed down this activity toward the end of the year. … [Read more...]
U.S. Patent System Undergoes Major Revision Affecting All Inventors
The U.S. Patent and Trademark Office underwent a major revision which may hurt mom-and-pop inventors. Here's why. The U.S. Patent and Trademark Office implemented a major revision on March 16 regarding how patents are evaluated. The U.S. was the first country in the world to implement intellectual property rights in 1790 when George Washington signed into law the first patent regulations. The modern patent system went into effect with the passage of the Patent Act in the 1830s. That law … [Read more...]
Your Generation X Customers Will Be Financially Worse Off Than You
Thirty-somethings (Generation X) are suffering the most from the aftermath of the financial crisis, with long-term consequences that small-business owners should keep in mind. The last seven years have been financially difficult for most of the country. Job insecurity, stagnant wages, declines in real asset prices and an overall feeling of uncertainty about the future have taken its toll across multiple generations. Looking at the economic data reveals that this misery hasn’t been shared … [Read more...]
Will Internet Cafes Soon Be Illegal?
A $300 million fraud may lead to the banning of Internet cafes. Florida is reeling from a gambling scandal involving hundreds of millions of dollars, which has led to dozens of arrests and the resignation of the state’s lieutenant governor. In what has to be one of the largest, simplest and most clever frauds in recent memory, a large nonprofit organization turned a network of Internet cafes into virtual casinos. Now Florida’s legislature wants to make all Internet cafes illegal. If other state … [Read more...]
Senate Gets Fired Up About Competition in Key Sectors
A panel is turning its focus to the telecommunications, health and transportation industries in a move that could help protect small-business profits. Senate Gets Fired Up About Competition in Key Sectors The leaders of a Senate Judiciary Committee panel dedicated to antitrust have announced they plan to spend this congressional term focused on the telecommunications, health and transportation sectors. These three sectors are absolutely critical to small businesses; together they represent … [Read more...]
Business Travel Sequestration Nightmares Confirmed
It's as bad as it can be. Washington's budget reductions will result in major air travel delays. Business Travel Sequestration Nightmares Confirmed There was a great deal of speculation surrounding how the federal budget sequester would impact airline travel and to what extent new delays would occur. Well the speculation has given way to certainty as both the Transportation Security Administration (TSA) and Customs and Border Protection (CBP) have just announced the measures they are going to … [Read more...]
The Biggest Loser: Small Business Bears the Weight of Government Regulations
New York City's soda ban is just the tip of the iceberg when it comes to complying with government regulations. “Arbitrary and capricious” are the words that New York Supreme Court Judge Milton Tingling used to strike down New York City’s regulation banning large sugary drinks. Not one to be left behind, New York City Mayor Michael Bloomberg responded almost immediately, indicating he would appeal the judge’s ruling. If history is an indicator, Bloomberg will likely win. His 2006 regulation … [Read more...]
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