In 1546, writer, sildenafil John Heywood was credited for the phrase, viagra “Many hands make light work.” But for small businesses, especially Veteran owned small businesses, very few hands carry a majority of the load. The success or failure of a small business can easily be shaped by the presence or absence of its owner, or a key employee.

With the number of Reservists who own small businesses and have been called to active duty in support of their country, a significant number of them have seen their economic fortunes suffer as a result of their military service. But the good news is that there is relief for these entrepreneurs.

Small businesses that sustained economic losses due to their owner or a key employee being summoned to active duty can apply for a loan of up to $2 million from the U.S. Small Business Administration (SBA).

The SBA provides Military Reservist Economic Injury Disaster Loan (MREIDL) to small businesses affected by the absence of a critical military employee. Applications for MREIDL loans are accepted any time from the date that the member was notified of their call-up to one year after the date of discharge or release from active duty. The loans are designed to allow eligible small business to maintain a current balance on operating expenses that the business could have covered if the business owner hadn’t been called to active duty.

The MREIDL program is managed by the SBA’s Office of Disaster Assistance. The loan is a direct working capital loan, not meant to grow or expand the recipient business, but to maintain the funding of daily operations. It also can’t be used to replace lost profits or refinance long term debt. Interest rates on MREIDL loans are at 4%. No collateral is required to secure MREIDL loans of $50, 000 or less.

Interested Reservist business owners should visit the SBA’s MREIDL portal where they can find more information, including how to apply for the loan. Reservist business owners can also call the SBA’s Disaster Assistance Customer Service Center at (800) 659-2955 or email the office at disastercustomerservice@sba.gov.

On Monday, February 3^rd, 2014 from 6pm-9pm, the Vets in Tech organization will be hosting their Entrepreneur’s Business Basics Legal Workshop. The workshop is intended to provide Veteran small business owners from the tech industry with a general understanding of the legal concerns that affect today’s tech entrepreneurs. The event will be held in the offices of world famous law firm Morrison Foerster, 707 Wilshire Blvd. Los Angeles, CA. Presentations and Q & A sessions will be conducted by three of Morrison Foerster’s most experienced lawyers:

• Russell Weiss– Morrison Foerster’s chair of Entertainment, Media and Technology Group and chair of the firm’s Video Game Group.

• Michael Cohen- Head of Morrison Foerster’s Los Angeles Corporate Practice Group.

• Mehran Arjomand- Co-chairman of Morrison Foerster’s Corporate Practice & Trademark Office Trial Practice Group.

These expert lawyers will share their years of knowledge and experience with Veterans in attendance. The information that will be presented and imparted is drawn from Morrison & Foerster’s extensive legal practice in regions that include Silicon Valley and Los Angeles.

Subject areas covered in the presentation will include:

•  Equity issuances

• Raising funds from angel investors and VCs

• Choice of Legal Entity

• Intellectual property ownership and registration basics

• Veterans preference for government contracts

• Common startup pitfalls and lessons learned

Vets in Tech was founded to assist Veterans and Veteran business owners by aiding their assimilation into the Tech community. According to their website, Vets in Tech  is, “committed to bringing together a tech-specific network, resources, and programs for our veterans interested in Education, Entrepreneurship, and Employment – the 3E’s!”  Tickets start at just $5. For ticket information click here.

Small businesses working with professional mentors experience greater and longer lasting successes. A business mentor can provide you with a wealth of knowledge, experience and insight that you can’t get anywhere else.

• Get a new perspective – Aside from the “been there, done that” know-how a mentor can pass along, consulting with one can be a great way to gain a fresh perspective and broaden your outlook.
• Improve your skillset – From accounting to technology, many mentors have a particular area of advanced skills. So as you gain high-level industry insight, you can also further your technical abilities essential to your future business.
• Expand your network – With years of experience, a mentor likely has an enviable network of industry connections. The importance of networking can’t be understated. Expanding your network with the help of a mentor can be a great way to meet potential partners, customers and decision-makers in your target market.

Three great options to consider for mentorship are SCORE,  Small Business Development Centers and the Women’s Business Center – Find your mentor today!

Celebrate Mentor Month with MicroMentor and Mercy Corps on Jan. 30, 2014. Network with a diverse group of entrepreneurs and mentors, and be inspired by tales of success through mentorship. >Learn more and register for Celebrating our Mentors

WASHINGTON – The U.S. Small Business Administration will present Top Reasons Why SBA Returns & Declines an 8(a) Application, the second of its free, two-part webinar series on Jan. 22 at 2 p.m. EST.

The hour-long webinar will cover:

• Eligibility requirements for 8(a) certification;
• How to present a clean 8(a) application to the SBA to enhance the potential for acceptance into the  8(a) program; and
• The top reasons why an 8(a) application is declined or returned.

The Jan. 22 webinar will cover basic “must have” requirements and the top reasons why an 8(a) application is declined or returned.  Click on this link to register: http://ems.intellor.com/index.cgi?p=204873&t=71&do=register&rID=432

The Jan. 15th and Jan. 22nd webinars will be archived on SBA’s YouTube page.

The SBA’s 8(a) Business Development Program was created to help small businesses considered to be socially and economically disadvantaged grow their businesses through counseling, training workshops, management advice and technical guidance. The nine-year program also provides these businesses access to government contracting opportunities. During fiscal year 2012, small businesses received more than $15.8 billion in 8(a) contracts.

WHAT:          Top Reasons Why SBA Returns & Declines an 8(a) Application

WHEN:          Wednesday, Jan. 22 from 2 to 3 p.m. EST

HOW:             Registration is free, but required.  Click on the above link to sign up.

Many of today’s small businesses are bogged down by complicated tax procedures. With so many small companies conducting business in multiple states, as well as the ever-changing tax laws, many Veteran small business owners find it difficult to remain in compliance with sales tax laws.

Know where you need to file: If you established or generated sales in a new state, made deliveries to a new state on a regular basis, or hired new employees that work remotely from another location, you might have occurred sales tax liability in a new state. This means that you have established a “nexus” in a new state. Nexus, also known as sufficient physical presence, is the determining factor of whether an out-of-state business selling products into a state is liable for collecting the tax on sales in the state. Nexus laws can differ drastically from state to state. Review the sales tax laws for each state that you could be conducting business in.

Know your Method of Filing: Each state determines its own methods for collecting sales tax from businesses. Some states require that all filings and payments be conducted online, while other states can’t support online capabilities. Knowing the correct filing requirements and options for your jurisdiction will also let know you know how to pay. Also, be sure to check pre-payment requirements for your tax jurisdiction. Many jurisdictions require prepayment for larger tax amounts. And some prepayments involve a different filing schedule than your regular return.

Check your bank statement and records: First of all, make sure that all of your checks to the Department of Revenue clear the bank. This sounds like a redundant measure, but if you are on top of your filings and payments, there should be no surprises or difficulties. If you find that you incur multiple instances of outstanding sales tax balances with the DOR, you should review your method for processing incoming and outgoing correspondence.

Know your filing frequency: Sales tax payment schedules can change. If your business is affected you should receive a notice via mail or email. However, if the notice doesn’t reach you, your business is still liable to pay your sales taxes on time. Just like with military rules and regulations, ignorance is not an excuse. It’s important to double check for any changes in your payment frequency at least twice per year.

Take care of all notices immediately: If you ever receive a notice from any jurisdiction, make sure that you review and respond to it in an appropriate amount of time. Even if you’re sure that you paid your taxes, be sure to read their notice and respond to it. Failure to respond to a notice could have your business licenses suspended, result in a levy on your bank account, or a lien on your corporate officers. Do not jeopardize your business because you ignored a notice.

Be in the habit of making accurate documentation: Audits can be an unnerving experience, even for Veterans. But if you are prepared, there’s nothing to worry about. Audits are like personnel inspections; appearances are everything. If your uniform was sharp and you were well groomed, then your inspection was a cinch. If your books are well maintained and transactions are easily followed through clear documentation, then your audit will be easy too.

Take advantage of automated sales tax services: Time is money, and sales taxes generate no profit for your Veteran small business. Why waste your time AND your money when you could easily be more effective overseeing more profitable aspects of your business. There are a variety of sales tax software options that can complete all of your sales tax requirements and meet all of your small business’ sales tax needs.