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Counting Down the News - February 3, 2021

Counting Down the News - February 3, 2021

Having trouble sorting through the endless barrage of news and content online every day? You aren’t alone. Every week, we publish a curated list of some of our favorite articles for small businesses. Tune in every Wednesday to read the latest SMB news, thought leadership pieces from our favorite bloggers, #smallbiztips, and much more.

Counting Down the News this week: Saving local restaurants through takeout, “anomalies” in hundreds of thousands of PPP loans, a slight uptick in small business payrolls, and more.

The New York Times: The SBA found “anomalies” in hundreds of thousands of small business relief loans, with errors including “ inaccurate loan amounts or loans that were canceled before being disbursed.”

Business Insider: Without stimulus, the Congressional Budget Office projects that “unemployment won't drop to pre-pandemic levels for a decade.”

The Wall Street Journal: The CB also predicts “GDP growth of 3.7% this year, but forecasts output below its potential until 2025.”

Accounting Today: “Hiring and wages at small businesses ticked upward slightly last month despite the ongoing economic fallout from the COVID-19 pandemic,” according to a report from Paychex.

CNBC: 10,000 stores are set to close in 2021 – a new record – as COVID-19 continues to “pummel” retailers. 

Yahoo! Finance: Another 847,000 Americans filed for unemployment according to last week’s jobs numbers, continuing to hover “perilously close to the one million mark.”

Small Business Trends: According to a new survey, “as many as 63% of workers are confident that if they quit their job, they could start a business immediately from scratch.”

Fast Company: How can we save local restaurants? Order more takeout! According to new data, it could generate $700 million in daily sales for the local restaurant industry.

Forbes: Are you looking to create success for your startup in a crowded market? Here are four tips to find opportunities in existing marketplaces.

Bonus content: 

  • Looking for help with the PPP forgiveness process? Our experts at TaxCPE converted the SBA’s very complicated instructions and side computations into a series of worksheets that make completing the SBA applications (Form 3508EZ and Form 3508) considerably easier. Download them here.
  • Also available: TaxCPE’s 2-hour "PPP Loans & Forgiveness" CPE webcast has just been released to answer your most difficult questions and guide you through the PPP forgiveness application with our comprehensive worksheets. See it here.
  • As the COVID-19 outbreak continues to disrupt our lives across the board, we’ve received many questions about how tax and accounting pros should respond. To help, we created a Coronavirus Resource Hub with all the info you need to keep up. Be sure to explore and bookmark this page as we’re updating it daily.

Don’t miss our most recent CountingWorks posts: 

  • PPP Loan Forgiveness: Can You Deduct Business Expenses?
  • Small Businesses that Took PPP Loans May Face a Tax Surprise
  • Introducing the CountingWorks Top 100 Cloud Accounting Professionals of 2020 (US)
  • It's Happening: Emergency Coronavirus Relief Agreement Reached

Did we miss a great article this week? Let us know in the comments below!

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Lauren Detweiler

Lauren Detweiler

I am equal parts marketer, traveler, and writer, and I've been doing all three for as long as I can remember. I have spent most of my time since graduating university traveling and working remotely in Africa and Europe. My passion lies in conveying the right messaging to the right people, and being a part of the CountingWorks and TaxBuzz team means I get to do that not only for our company, but for clients across the country as well.

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