How Recent Government Laws Can Change Your Business
Do you know the new laws? There are many short-term and long-term opportunities in recently enacted U.S. regulations and laws, wrote Brant Bukowsky on Young Entrepreneur recently. Here are five things that will certainly have an impact on your small business:
Getting a Government Subsidized Loan The newly-signed American Recovery and Reinvestment Act got rid of or drastically reduced fees for Small Business Administration loans. It also essentially guaranteed that most loan applications for certain types of loans would be approved. There is also a new SBA loan program at zero interest. “These attractive options won’t last forever,” Bukowsky wrote.
Health Care for Small Workforces With all the debate about the reform of the health care industry, one advantage is that insurers may have to accept all applications for small businesses – a big deal to those with a small workforce. A Small Business Majority study concluded that the new health care bill could save small businesses $855 billion over the next 10 years.
Government Grants Right now, grants such as NIH’s Small Business Innovation Research (SBIR) program and the Small Business Technology Transfer (STTR) program are extended but set to expire soon. Budget cuts may mean no more extensions.
Many New Requirements You will need to find out if any new surety bond laws are in force in your state. Also, companies that have federal contracts worth more than $100,000 must conform to the new E-Verify system. And the list of companies that must comply is growing.
Patent Law Reform Right now, the U.S. patent system is on a “first-to-invest structure.” But will change to a first-to-file one. Large companies are behind this plan. You will need to find out what it means to your size company.
Email
ShareThis
