Beneficial ownership filings due March 21

A recent court decision has lifted an injunction that halted the requirement to file beneficial ownership information to the Financial Crimes enforcement Network (FinCEN). A deadline for filings is March 21, 2025.

The filings are mandated for nearly all companies by the Corporate Transparency Act, a bipartisan law enacted to curb illicit finance by supporting law enforcement efforts. The act requires many small businesses to report basic information to the Federal government about the real people who ultimately own or control them.

Previously, companies have not been required to file the beneficial ownership reports due to litigation, but with the injunction lifted, the agency has set the March 21 deadline for compliance. Those in certain areas may have later filing deadlines as determined due to natural disasters; visit https://fincen.gov/boi for more information.

Willfully failing to file the beneficial ownership information can result in penalties of $592 per day along with criminal penalties of two years in prison and a $10,000 fine, according to the department's website.

Although its outcome is uncertain, H.R. 736 has been passed by the U.S. House of Representatives that would delay the reporting deadline to Jan. 1, 2026.

South Louisiana snow hurt your company or nonprofit?

The U.S. Small Business Administration is offering low-interest federal disaster loans to small businesses and private nonprofit organizations in Louisiana that sustained economic losses as a result of the winter storm that occurred Jan. 21-24.

Thirty-one parishes, including Terrebonne, Lafourche, St. Mary and Assumption, are eligible under the disaster declaration for economic injury disaster loans. The working capital loans can be used to pay fixed debts, payroll, accounts payable and other expenses. Agricultural producers, farmers or ranchers are not eligible.

Loans can be up to $2 million with interest rates of 4% for small businesses and 3.625% for private nonprofits; interest rates and terms are set based on each applicant's financial condition. Interest doesn't accrue and payments don't begin until 12 months from the loan's initial disbursement.

For assistance applying, call the Virtual Business Recovery Center at (916) 461-7673 or email FOCWAssistance@sba.gov; or the Customer Service Center at (800) 659-2955 or disastercustomerservice@sba.gov. Apply at sba.gov/disaster; deadline is Nov. 25, 2025.

Did you know?

Donations can help expand early childcare locally

If you or your company is looking for a charitable contribution for tax purposes, Ready Start Terrebonne wants you to know that by supporting expansion of early childcare services in the parish, you can get a tax deduction.

Ready Start Terrebonne is working with the Bayou Community Foundation to accept donations that can then be matched, dollar for dollar, with state funds to expand early learning centers' availability for children ages infant to three years. The dollars will be used to fund childcare openings for eligible parents, enabling them to enter the workforce. The donations can even be earmarked for daycare facilities near your place of business to expand offerings that may assist your own future employees.

Donations can be made to the fund at bayoucommunityfoundation-bloom.kindful.com/?campaign=1351803. For more information, click here or call Gracie Detiveaux at 985-879-6400 ext. 841253.

Apply for CEO Roundtables by March 31

Louisiana Economic Development is accepting applications for its peer-to-peer learning program for second-stage companies through March 31, 2025. The CEO Roundtable program brings together small businesses to collaborate and address challenges in a facilitated, confidential environment.

Applicants should be second-stage companies with annual revenue between $600,000 to $50 million and between five to 99 employees. The applicant should be a key decision maker, like CEO, president or owner. Apply at opportunitylouisiana.com/CEO-roundtables. For information, contact partrick.addamus@la.gov or call 225-342-9096.

Fletcher sets open house March 25

Fletcher Technical Community College will have an open house 4-6 p.m. Tuesday, March 25 at its main campus, 1407 Highway 311 in Schriever.

It’s an opportunity to explore educational offerings and available resources, enrollment procedures, academic programs and financial aid assistance. Attendees will be able to take tours, explore classrooms and labs, and get answers to various questions.

Free training opportunities to start or grow business

The Louisiana Small Business Development Center offers free online training for startup and existing businesses on various topics, including:

• "Small Business 101" set for 10:30 a.m.-noon Friday, March 7. Register here.
• "Aldeation: Unleashing the Power of AI in Entrepreneurial Brainstorming & Mindset Development" will be 5:30-7:30 p.m. Monday, March 10. Register here.
• "Business Planning for Entrepreneurs" will be 10:30 a.m.-12:30 p.m. Wednesday, March 26. Register here.
• "Credit Reports: Tips to Maintain & Improve Credit," set noon-1 p.m. Thursday, March 27. Register here.

Find more training opportunities here.