What About Small Businesses?

The past few years have been absolutely hectic for a lot of small business owners. With having a Global Pandemic that shut major cities, reduced population, and left many without jobs, small business and their owners experienced a little stumbling block.

The nation, and even the World, is now seeing the after effects of the pandemic with limited supplied and high demand, inflation, and lack of resources for everyday workers. The United States Government did provide some relief with providing some businesses with Paycheck Protection Program Loans (PPP Loans), but the money has ran out. What now?

The Internal Revenue Service (IRS) has stepped up to help out a little bit. Starting July 1st, 2022 the IRS sanctioned a milage rate increase for the second half of the 2022 year. Small Businesses that track milage are able to take advantage of this rate increase for tax purposes in 2023. A little help to offset the cost of rising gas prices, that are finally coming down a bit, is a huge step in the right direction.

---

Want to know more? The IRS website has more detailed information.