Great Lakes Wire

Welcome to the latest Small Business Briefing hosted by Brian Calley and Sarah Miller. In this edition, they cover a range of important topics affecting small businesses in Michigan.

One of the key highlights is the discussion on 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," it was noted during the briefing.

The Small Business Association of Michigan (SBAM) is developing resources to assist members in complying with the Earned Sick Time Act. These resources include webinars, HR policy handbooks, and practical tools designed to ease compliance burdens.

An update was provided on the Employee Retention Credit (ERC). The IRS has lifted its moratorium on processing ERC applications, prioritizing smaller claims first. Businesses are advised to watch for paper checks arriving in their mailboxes as these claims are processed.

Regarding interest rates and economic outlook, insights were shared into the Federal Reserve’s cautious approach to interest rate cuts in 2025. This caution is influenced by mixed signals on inflation and other economic data.

Developments concerning the Corporate Transparency Act (CTA) were also discussed. The 5th Circuit Court’s injunction on CTA is currently in place, with potential for escalation to the Supreme Court. SBAM's own challenge against CTA is progressing, with a decision expected soon.

There will be significant increases in unemployment benefits over the next two years which could impact employer rates and potentially increase utilization of unemployment funds.

In terms of political spending, it was reported that state representative races in 2024 saw record spending totaling $67 million, leading to notable shifts in power dynamics within Michigan's legislature.

Brian Calley shared various economic indicators under Data Monday Insights. He highlighted factors such as inflation rates, labor force participation, and jobless claims which point towards a cautious economic outlook.

Upcoming events include an Owner to Owner event in Kalamazoo scheduled for Wednesday and a Thursday webinar focused on ESTA compliance. Attendees are encouraged to stay informed through SBAM's resources and updates for detailed insights and practical advice tailored for small businesses.

For more information or details from this briefing session aimed at assisting small business operations amid evolving regulations and economic conditions, viewers are invited to watch the full briefing presentation online.