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NFIB Statement on Inflation Reduction Act (08/08/2022)

WASHINGTON, D.C. (August 8, 2022) – The National Federation of Independent Business (NFIB), the nation’s leading small business advocacy organization, released the following statement regarding the Senate consideration and passage of the Inflation Reduction Act of 2022:

“With high inflation, workforce shortages, and supply chain disruptions, small businesses are facing persistent economic headwinds,” said Kevin Kuhlman, NFIB Vice President of Federal Government Relations. “Small business owners avoided the worst-case scenario of direct tax increases on their businesses, such as the new 3.8% tax on business income. But the direct tax was replaced with what is likely to be an indirect tax, by doubling the size of the Internal Revenue Service, and stressing enforcement, audits, and examinations over compliance assistance and resolving backlogs. NFIB is disappointed that the Senate rejected amendments to protect small business owners from increased enforcement actions and made changes that made the bill more problematic for small businesses, including tax and healthcare changes that limit flexibility and increase costs.

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Business Climate

Does Your Small Business Need a DUNS Number? (08/03/2022)

Information on what a DUNS number is and how it can be used for your small business

Small business owners have likely heard of a Data Universal Numbering System (DUNS) number at some point, but may not have one, or feel the need to get one. When deciding if a business needs a DUNS Number, it is important to understand what it is used for and how it could be beneficial.

What is a DUNS Number?

It is a nine-digit identification system assigned to businesses. DUNS numbers are used by lenders and potential business partners to help determine the reliability and financial stability of the company in question. It is similar to a social security number but must be requested directly from Dun & Bradstreet.

It should be noted that a DUNS number can be created for a business without its permission or knowledge if a third-party supplier or financial institution requests information about the business. Checking if your business already has a DUNS number is a great place to start. You can check whether you have a DUNS number and verify that your information is correct here.

Does a small business need a DUNS number?

A business that contracts with government agencies is required to have a DUNS number...Read full article here

Wages and Benefits

NFIB webinar explains the employment process to help recruit and retain workers (06/14/2022)

On June 1, the “Hiring & Retaining the Best Talent in a Tight Labor Market: HR Basics for Small Business” webinar was hosted by Senior Executive Counsel for the NFIB Small Business Legal Center Elizabeth Milito and Executive Director for the NFIB Research Center Holly Wade.

NFIB’s research shows that small business owners are struggling with workforce shortages. Forty-seven percent of small business owners are reporting they have job openings they could not fill, and an NFIB survey shows expectations for better business conditions in six months is the lowest it’s been in the nearly 50-year survey.

“While the last two years really demonstrated how resilient and important small businesses are to our economy, I would say that small businesses run America, the pandemic also showed some inefficiencies and deficiencies in businesses,” Milito explained. “Small business and larger businesses too, particularly when it comes to issues related to recruitment and retention of employees.”

For small business owners, it is important to re-examine the processes that are being used for recruiting employees and finding new and effective ways to retain employees.