2021 Business Outlook

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Written By: Phil Kabler

With businesses still recovering from 2020, let’s take a look at what’s ahead this year and how you can get your business the help it needs.

Minimum Wage: The Raises start NOW

  • Effective January 1stof this year, Florida’s minimum wage became $8.65 per hour (up from $8.56/hour).
  • On September 30ththe rate increases to $10.00/hour. And that will increase annually by $1 per hour annually until September 30, 2026, when the rate becomes $15/hour.

Pandemic Relief Programs: Businesses are still in desperate need of help.

Here’s where you can find it:

  • From the U.S. Small Business Administration – Guidance on obtaining Paycheck Protection Program
  • To reduce their guidance to its basics, (1) contact your PPP lender and fill-out the proper form, (2) collect your relevant records, (3) submit the form and backup documents to your lender, and (4) stay in communication with your lender
  • The deadline to apply for an Economic Injury Disaster Loan has been extended to December 31, 2021

The SBA has identified the “Top Business Trends for 2021”

  • E-commerce – which ultimately means an evolution in commercial real estate and lending is on the horizon
  • Alternative payment options – online payments followed by ‘curbside pickups’, contactless credit and debit card processing, and even cryptocurrencies like Bitcoin
  • Remote work – full and part time
  • ‘Virtual’ services – such as cybersecurity, fitness, health, grocery shopping, and telemedicine to identify just a few

As always, connect with us for advice and help for you and your business.

Call or text 855-780-9986 or submit our Consultation Request form today



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