This article discusses the potential longshoremen strike and its likely impact on small businesses. It explains the role of longshoremen in global trade and highlights key issues fueling the strike, such as wage disputes, automation, and working conditions. Small businesses are advised to review their contracts, particularly force majeure clauses, and to communicate with suppliers and insurance providers to mitigate disruptions. Government contractors are urged to review their agreements and provide timely notice if their performance may be hindered by the strike.

The SBA is amending its SDVOSB program to implement Section 864 of the FY 2024 NDAA, effective October 1, 2024. The changes include eliminating self-certification, requiring VetCert certification for all SDVOSB contracts and subcontracts, and setting an application deadline of December 22, 2024. SDVOSBs need to start the VetCert certification process early and familiarize themselves with the requirements to avoid disruptions. The goal is to enhance program integrity and ensure only genuinely eligible businesses receive contract opportunities.

On April 23, 2024, the Department of Labor's Wage and Hour Division announced a final rule revising salary thresholds for white-collar exemptions under the FLSA, effective July 1, 2024, and January 1, 2025. These changes raise the minimum salary for exempt employees and highly compensated employees, with further adjustments every three years. Employers are advised to review employee classifications, adjust compensation structures, and update payroll systems to comply. Legal challenges may impact enforcement, so staying informed on legal developments is crucial for maintaining compliance

In this article we cover the ins and outs of the SBA’s new working capital program. The SBA's new working capital program offers financial support to small businesses, enhancing cash flow, providing flexible terms, and offering unsecured loans to a wider range of businesses. It allows small businesses to cover operational costs, invest in growth, and stabilize financially. For lenders, the program reduces risk through SBA guarantees, increases lending opportunities, and strengthens community ties. By supporting small businesses and reducing lender risk, the program promotes economic growth and stability.