Thursday Thoughts
from Mary
at Matriarch Expat Tax
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Hello Reader,
I've curated some great pieces of content I've found over the past month to help you and your business stay “in the know” 🧐 and keep you updated on any important tax updates 💡 and news worldwide that may affect your expat life.
So, finish off your week with some notable news and interesting articles.
And in case you don't already follow Matriarch ....👇
🏦 A Record-Breaking Year for Small Business Financing: What It Means for You
In a year of economic twists and turns, the Small Business Administration (SBA) stepped up as a critical lifeline for small businesses. With $56 billion in financing backed during the fiscal year ending September 30—a 7% jump from the prior year—the SBA demonstrated its commitment to empowering entrepreneurs and fueling growth.
Why This Matters
The growth came largely from smaller loans. Thanks to new rules simplifying lending criteria, small business owners found it easier to access affordable financing without resorting to costly options like payday loans or merchant cash advances.
SBA loans became even more accessible. While the SBA doesn’t lend directly (except in disaster scenarios), it partners with approved lenders to offer loans with better rates and terms than traditional financing. Strengthened partnerships this year have expanded access to small-dollar loans, making funding more attainable for businesses across the country.
Support for underrepresented entrepreneurs took center stage. The SBA directed $5.6 billion to women-owned businesses, $1.5 billion to Black-owned businesses, and $3.3 billion to Latino-owned businesses. These efforts are helping level the playing field and ensure opportunities are accessible to all.
How You Can Benefit
- Start with SBA loans. Before considering high-interest options, explore SBA-backed financing for affordable rates and terms.
- Check your eligibility. Simplified criteria mean you might qualify for an SBA loan even if you were previously ineligible.
- Connect with SBA lenders. Reach out to approved lenders in your area to discuss options tailored to your business needs.
- Steer clear of predatory loans. Avoid financing with excessive interest rates, hidden fees, or pressure to over-borrow. If something feels off, trust your instincts.
The SBA’s record-breaking year shows that even in uncertain times, resources are available to help small businesses thrive. By tapping into SBA-backed opportunities, you can secure the funding you need to grow with confidence.
🧑⚖️ BOI Reporting Temporarily Halted
The Corporate Transparency Act (CTA), which requires businesses to report their beneficial owners to FinCEN, is temporarily on hold following a federal court ruling in Texas. December 2024 brought a whirlwind of legal developments.
- Initial Injunction: On December 3, 2024, a federal district court in Texas issued a nationwide preliminary injunction, halting the enforcement of the Beneficial Ownership Information (BOI) reporting requirements. This meant that companies were not required to file BOI reports with FinCEN while the injunction was in effect.
- Appeal and Stay: The Department of Justice (DOJ) appealed the injunction, and on December 23, 2024, the Fifth Circuit Court of Appeals granted a stay of the injunction, temporarily lifting it. This meant that companies were once again required to file BOI reports with an extended deadline of January 13, 2025.
- Reinstatement of Injunction: On December 26, 2024, a different panel of the Fifth Circuit Court of Appeals reinstated the original injunction, once again halting the enforcement of the BOI reporting requirements. As of December 26, companies are not currently required to file BOI reports with FinCEN.
The drama continues, and the case is still ongoing! The court will consider the substantive arguments before making a final decision. I’ll be sure to update you on any key developments!
🕙 How Expats Can Stay on Top of US Tax Deadlines and Avoid Penalties
Life abroad is an adventure, but your U.S. tax obligations don’t take a backseat. From automatic two-month extensions to additional time until October or even December, understanding your filing options is critical to staying compliant. In our recent blog, we break down everything expats need to know about tax deadlines, extensions, and penalties.
👩💻 Cyber Monday Breaks Records as the Biggest Online Shopping Day in US History
Consumers spent $15.8 million per minute during a two-hour peak on Cyber Monday night, concluding a record-breaking five-day shopping spree. According to Adobe Analytics, Cyber Monday sales totaled $13.3 billion, a 7.3% increase from last year.
🆘 61 Grants, Loans, and Programs to Support Your Small Business
Starting or growing a small business can be challenging, especially when it comes to securing funding. To help, CO provides an updated weekly list of small business loans, grants, and opportunities to help you connect with programs that support your business journey.
🍻 Value and Ultra-Premium Spirits Gain Market Share as Consumers Polarize Spending
CGA by NIQ data shows a growing divide between high-quality and value spirits in US bars and restaurants. Value and Ultra category spirits increased their share of total volumes by 0.3 and 0.5 percentage points, respectively, during a 12-month period ending October 2024.
♿ Government Moves to End Subminimum Wage for Workers with Disabilities
The Department of Labor plans to phase out a Depression-era program allowing some employers to pay disabled workers less than the federal minimum wage of $7.25 an hour, based on perceived productivity limitations.
🗓️ Bank Holidays for 2024 and 2025
With the holidays coming up, you might be looking for alternative ways to access cash when you urgently need it. Don’t worry—most banks and credit unions list their holiday schedules on their websites.
🇬🇧 New HMRC Support for Small Businesses
HM Revenue and Customs (HMRC) has launched an interactive online tool and clearer guidance for sole traders and those considering self-employment. The tool helps individuals understand their responsibilities, including record-keeping, paying tax bills, and more.
🤖 Top 7 AI Lead Generation Tools to Supercharge Your Sales
AI lead generation tools simplify finding and capturing sales leads by analyzing data from websites, social media, and customer databases. Check out these popular options.
📽️ Google’s New Generative AI Video Model Now Available
Veo, Google’s new generative AI video model, is now available for businesses to integrate into their content creation pipelines. Unveiled in May, Veo has launched ahead of OpenAI’s competing Sora, debuting in a private preview on Google’s Vertex AI platform.
Happy New Year!! 🍾 See you next month!
Mary 💗
