Small Business Resilience

Issue 10.48

December 13, 2024

SUPERSTARS IN BUSINESS

SURF BAGEL | RIDING THE WAVE OF SUCCESS

When you walk into a Surf Bagel, you’re met with the smell of freshly baked New York-style bagels, bright colors, and a lively atmosphere. With five locations and over 20 years of service in Southern Delaware, Surf Bagel has grown from a single store into a beloved beach staple. ... Surf Bagel is more than a place to grab breakfast or lunch; it’s a symbol of the Delaware beaches’ laid-back and welcoming vibe. Read more >

WATCH THEIR VIDEO:

SMALL BUSINESS RESILIENCE

3 STRATEGIES TO NAVIGATE THE CURRENT ECONOMIC ENVIRONMENT

As 2024 comes to close, Delaware’s small business owners remain resilient, displaying confidence in their ability to thrive. According to the Bureau of Labor Statistics, as of 2023, 98.5% of businesses in Delaware are classified as small businesses—those with fewer than 500 employees. These enterprises account for over 82,000 businesses and employ roughly 180,000 people, representing 46.5% of the state’s total workforce. Read more >

EMPOWERED

BY ERGs

As the 2024 school year got

underway, teachers at Wilmington’s Howard High School of Technology

faced the same dilemma as countless educators across the country—

a dearth of basic classroom supplies. Teachers typically dig into their own pockets to buy the most basic of necessities, but this year, volunteers from Barclays’ Black Professionals Resource Group stepped up to

the plate. For teachers at Howard,

the generosity of Barclays employees was a game changer. Read more >

THRIVING IN OUR DYNAMIC ECONOMIC CLIMATE

The current global market is facing several interconnected economic challenges, and preparation and adaptability are key for businesses, suppliers, and consumers to withstand downturns and thrive during times of economic resurgence. Addressing these challenges requires coordinated global policies, greater resilience in supply chains, increased financial literacy among consumers, and adaptability from businesses to mitigate risks and capitalize on opportunities in a rapidly evolving global economy. Read more >

STAYING UP TO DATE

CORPORATE TRANSPARENCY ACT & BOI REPORTING

From CNBC

Small businesses and their owners could face penalties of $10,000 or more if they don’t comply with a new U.S. Treasury Department reporting requirement by year’s end — and evidence suggests many haven’t yet complied. ... This applies to about 32.6 million businesses, including certain corporations, limited liability companies and others, according to federal estimates.

A “beneficial owner” is a person who owns at least 25% of a company’s ownership interests or has “substantial control” of the entity, according to FinCEN.
Businesses must report information about their beneficial owners, including name, birth date, address and information from an ID such as a driver’s license or passport, in addition to other data.
Companies that existed prior to 2024 must report by Jan. 1, 2025. Those created in 2024 have 90 calendar days from their effective date of formation or registration to file; those created in 2025 or later have 30 days.

For one, a federal court in Texas on Dec. 3 temporarily blocked the Treasury Department from enforcing the BOI reporting rules, meaning the agency can’t impose penalties while the court conducts a more thorough review of the rule’s constitutionality. The government is expected to appeal, and enforcement “could resume” if the injunction is reversed, wrote attorneys at the law firm Fredrikson. Read more >

PRESIDENT'S MESSAGE

If you don’t think businesses exist in a ever-changing world, I offer the following for your consideration. Look at the top 20 companies in the world from just a couple of years ago (based on Market Cap) and you’ll see companies like Apple, Microsoft, Amazon, Alphabet, Facebook, Tencent, Tesla, Alibaba, Visa, JPMorganChase, Walmart, Samsung, Mastercard, and others. Read more >

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