Welcome to the latest Small Business Briefing hosted by Brian Calley and Sarah Miller. In this edition of The Small Business Briefing, we cover a range of important topics affecting small businesses in Michigan.
Key Highlights:
New Legislature and Earned Sick Time Act: the challenges and low likelihood of amending the Earned Sick Time Act before its February 21st implementation date. Despite efforts, the Senate’s stance remains unchanged, making compliance crucial for businesses.
Resources for ESTA Compliance: SBAM is developing resources to help members comply with the Earned Sick Time Act, including webinars, HR policy handbooks, and practical tools.
Employee Retention Credit (ERC) Update: The IRS has lifted the moratorium on processing ERC applications, with smaller claims being processed first. Businesses should watch for paper checks in the mail.
Interest Rates and Economic Outlook: insights into the Federal Reserve’s cautious approach to interest rate cuts in 2025, influenced by mixed signals on inflation and economic data.
Corporate Transparency Act (CTA) Developments: The 5th Circuit Court’s injunction on the CTA is currently in place, with the case potentially heading to the Supreme Court. SBAM’s own challenge against the CTA is also progressing, with a decision expected soon.
Unemployment Benefits Increase: Unemployment benefits are set to rise significantly over the next two years, impacting employer rates and potentially increasing utilization of the unemployment fund.
Record Spending in House Races: The 2024 state representative races saw unprecedented spending, totaling $67 million, with significant shifts in power dynamics.
Data Monday Insights: Brian shares various economic indicators, including inflation rates, labor force participation, and jobless claims, highlighting a cautious economic outlook.
Join us for our upcoming events, including the Owner to Owner event in Kalamazoo on Wednesday and our Thursday webinar on ESTA compliance. Stay informed and prepared with SBAM’s resources and updates.
Watch the full briefing for detailed insights and practical advice for your small business.