Five Ways to Help Small Businesses

Small businesses need your support this holiday season more than ever.  Here are five ways you can support them in the coming weeks and beyond:

1. Shop Local – Your dollars go farther when you support small businesses in your local area on Small Business Saturday and for all your holiday needs.
2. Support Minority Owned Businesses – Expand your holiday purchases to buy from businesses you have never done business with, including those owned by Black and brown entrepreneurs. One great way to support Michigan businesses of color is by joining us for the Michigan SBDC Virtual Marketplace on Facebook Live this Saturday! 
3. Support Local Restaurants – Simplify your holidays with extra takeout orders and gift cards to share and help restaurants in your area have a happy holidays too. 
4. Support Local Artists – Whatever your pleasure, fine art, crafts, music or something else, artists need your support now more than ever. Help keep Minnesota’s artists creative with your holiday purchases.
5. Support on Social Media – No matter how you chose to support small businesses this holiday season, sharing your support on social media will encourage more to do the same. And don’t forget to tag us on Twitter with #shopsmall and @SBA_Michigan when you do!

PPP Forgiveness Tax Guidance

The U.S. Treasury Department and the IRS issued guidance on Nov.18 further clarifying that: Expenses paid with forgiven Paycheck Protection Program loans will not be deductible; and Borrowers whose PPP forgiveness is at least partially denied, or who opt to forgo forgiveness, may deduct such expenses in the tax year they decide to forgo the forgiveness. Read more. Read Treasury Secretary Mnuchin’s related statement.

SBA seeks comments on its proposed changes to size standards

The SBA is seeking comments to its proposal to increase its size standards definitions for North American Industry Classification System sectors related to 46 industries in Professional, Scientific and Technical Services; Management of Companies and Enterprises; Administrative and Support and Waste Management and Remediation Services. 

To learn more and submit comments visit, Federal eRulemaking by Jan. 12, 2021.

SBA and Partner Trainings

• Business Financing Roundtable – Northwest Region
  Dec. 2, 9 a.m.; Register

• Learn How to Set Up Your Business for Financial Success 
  Dec. 3, 11:30 a.m.; Register

• Forming Your LLC or DBA, Do It Now
  Dec. 14, 2 p.m.; Register

• Grants for U.S. Small Businesses to Sell Overseas
  Dec. 15, 1 PM; Register

Stay Updated

For more on SBA programs for the coronavirus, please visit www.sba.gov/coronavirus. If this newsletter was forwarded to you, sign up to get it directly via  sba.gov/updates. Be sure to add your MI zip code to receive this Michigan-specific information. Join us on Twitter (@SBA_Michigan) for information as it becomes available too.

It’s been a challenging year for America’s nearly 32 million independent businesses. Now more than ever, it’s important to shop small and support small businesses on Saturday, November 28 and throughout the holiday season.

Learn more