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How the Business Planning Act 2020 Extension Could Benefit Your Company
Are you familiar with the Business Planning Act 2020 (BPA)? If not, you might want to learn more about this legislative initiative, which aims to support and encourage business planning in the United States. The BPA was signed into law by President Donald Trump in December 2019, and it includes several provisions that could help your company succeed in the current economic climate. In this article, we’ll explore some of the key benefits of the BPA extension for businesses of all sizes and types.
Streamlining Compliance and Reporting
One of the main goals of the BPA is to reduce the regulatory burden on small businesses and startups. To achieve this, the law requires federal agencies to review and eliminate outdated, unnecessary, or duplicative reporting requirements for businesses. This can save your company time, money, and resources, while also improving your compliance record and lowering your risk of penalties or fines. Moreover, the BPA mandates the creation of a one-stop website, the Federal Permitting Improvement Steering Council (FPISC), that allows businesses to apply for and track their permits and licenses online. This can simplify the process of engaging with government agencies and increase transparency and accountability.
Increasing Access to Capital and Support
Another key aspect of the BPA is the expansion of the Small Business Administration (SBA) programs and services. This includes raising the lending limits for the 7(a) and 504 loan programs, extending the payment relief for existing SBA loans, and increasing the funding for the Small Business Investment Company (SBIC) program. These changes can benefit your company by providing more financing options, reducing your interest rates and fees, and improving your chances of getting approved for a loan. In addition, the BPA creates a new program, the State Small Business Credit Initiative (SSBCI), that allocates funds to support state programs that provide loans, loan guarantees, and other forms of assistance to small businesses. This can help your company if you operate in a state that participates in the SSBCI and meets the eligibility criteria.
Promoting Innovation and Growth
Finally, the BPA encourages innovation and growth by providing incentives for research, development, and entrepreneurship. For example, the law includes several tax provisions that benefit startups and investors, such as the extension of the research and development tax credit, the expansion of the qualifying investments for the New Markets Tax Credit, and the creation of a temporary tax break for certain qualified business income. These measures can help your company by reducing your tax liability, increasing your cash flow, and providing a longer runway for your product or service development. Moreover, the BPA establishes a new entrepreneurship training program, the National Entrepreneurial Development Program (NEDP), that offers resources and mentoring to aspiring and existing entrepreneurs from low-income and underrepresented communities. This can connect your company with a diverse talent pool and customer base and enhance your social responsibility and brand reputation.
Conclusion
Overall, the Business Planning Act 2020 extension could benefit your company in many ways. By streamlining compliance and reporting, increasing access to capital and support, and promoting innovation and growth, the BPA can help your company overcome the challenges of the current business environment and thrive in the long term. To take advantage of these benefits, you should explore how your company can benefit from the BPA provisions and consult with your legal, financial, and strategic advisors. Remember, the BPA is not a silver bullet or a substitute for a solid business plan, but it can be a valuable tool in your arsenal of resources and strategies.
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