In Case You Missed It: January Small Business News
Jan 2022 News
Tax deadlines, e-commerce resources, and new grants.
Here’s a roundup of some pertinent news from this month that could help your small business.
These are all pulled from The US Chamber blog, a great resource to stay up-to-date on small business news.
Standard Mileage Deduction Rate for 2022
Starting on January 1, 2022, the standard mileage deduction rate for the use of automobiles for business (e.g. cars, vans, pickups and panel trucks) will be as follows, according to the IRS: 58.5 cents per mile for business use, 18 cents per mile for medical or moving purposes for qualified active-duty members of the Armed Forces, and 14 cents per mile in service of charitable organizations. Small business owners and individual taxpayers can also choose to calculate the actual cost of using their vehicle instead of going by the standard mileage rate. To use the standard mileage rate, however, they must opt to use it in the first year their vehicle will be available for business.
Census data shows a sharp decline in small business revenue
While price increases and hiring pressures have stabilized, a January 2022 Small Business Pulse Survey by the U.S. Census Bureau showed small business revenue sharply declined post-holiday season. Nationally, about 30% of small businesses say they've seen decreases in revenue over the last week. Specific industries such as construction, manufacturing, retail trade, healthcare and food services were more affected, with 28 to 38% of small businesses in these sectors reporting profit decreases in the last week. Many of these industries have also seen a large pandemic-related increase in their operating costs and prices over the last two years.
Latinx-owned restaurants are eligible for a grant from the US Hispanic Chamber of Commerce and Grubhub
In a partnership with meal delivery service Grubhub, the United States Hispanic Chamber of Commerce Education Fund will be providing a small business grant program that benefits Hispanic-owned restaurants throughout the country. Business owners must meet several eligibility criteria, including having fewer than 20 full-time employees and being a majority Hispanic-owned establishment. Grants of $5,000 to $10,000 will be awarded based on need, location, impact and other factors outlined on the USHCC’s application webpage.
The SBA launches the Small Business Digital Alliance
Last week, the United States Small Business Administration (SBA) partnered with Business Forward Inc., a nonprofit organization, to announce the launch of the Small Business Digital Alliance (SBDA). This joint public-private co-sponsorship will connect small businesses with resources in the technology field to improve their e-commerce operations. Through briefings and trainings, the initiative’s goal is to help businesses start and expand their e-commerce practices to scale. The SBDA will help entrepreneurs expand their networks to find new customers and build stronger business relationships. Members will also receive a series of virtual and in-person events across the nation to inform their constituents of policy briefings and training for new digital tools.
Tax season is here: Don’t miss these important business tax deadlines
The 2022 tax filing season officially began on January 24, and the IRS has outlined some important dates and deadlines for business filers. Businesses and individual taxpayers can begin filing returns through IRS Free File partners immediately. For S corps and partnerships, the deadline to file is March 15, while most businesses and taxpayers have until Monday, April 18. Should you need an extension, April 18 is the last day to request one, and if approved, your new due date would be October 17, 2022.