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Here’s What Happened in the World of Small Business in June 2021

Here are five things that happened this past month that affect your small business.

1) There’s a tight labor market nationwide these days, and it’s giving workers more leverage.
The economy’s recovery is giving low-wage workers more leverage, as “ballooning job openings in fields requiring minimal education” combine with a shrinking labor force. For some, this means higher wages, bonuses, or competing offers. “Average weekly wages in leisure and hospitality, the sector that suffered the steepest job losses in 2020, were up 10.4% in May from February 2020.” (Source: The Wall Street Journal)

Why this is important for your business:
If you operate in an affected industry, you may already be experiencing some of these hiring difficulties. You aren’t the only one.

2) A surge in inflation may be around for a while – but it’s temporary.
Inflation has been a hot topic in the news this month, as the US sees rising prices on various consumer goods. According to two Federal Reserve officials, this period of high inflation “may last longer than anticipated but should still ease over time as the economy settles back to normal.” (Source: Reuters)

Why this is important for your business:
You may be feeling the pinch of higher prices from your suppliers, or perhaps you’ve had to raise prices for your customers to keep up with rising costs. Keep a close eye on this.

3) Business travel could be on the rebound.
Travel is way up nationwide, but much of it is leisure – for now. Signs indicate that business travel will continue to bounce back after more than a year of lockdowns and travel restrictions. The CEO of Hyatt Hotels believes things will be closer to normal in the autumn. “Most of the bankers, consultants and lawyers that I’m talking to are gearing up to be back on the road, so I think that will really take hold in a more affirmative way in the fall,” he said. (Source: CNBC)

Why this is important for your business:
It’s time to decide whether your business will resume travel for employees. If you’ve gotten by just fine with Zoom meetings over the past year, maybe you’ll decide not to travel as often going forward.

4) With no more PPP, struggling businesses must find funding elsewhere.
The federal government’s Paycheck Protection Program (PPP) has completed its second round, so businesses still struggling from effects of the pandemic are looking for funding elsewhere. “Small business loan approval percentages at big banks... climbed slightly from 13.4% in April from 13.5% in May 2021… Small banks’ approvals jumped higher from 18.2% in April, to 18.7% in May.” (Source: Forbes)

Why this is important for your business:
If your business is still reeling from the economic impacts of COVID-19, new PPP funds don’t look likely. You’ll have to seek funding elsewhere.

5) G-7 countries have reached a historic deal on global corporate tax reform.
Finance ministers of the G-7 countries – Canada, France, Germany, Italy, Japan, the U.K. and the U.S. – “have backed a U.S. proposal that calls for corporations around the world to pay at least a 15% tax on earnings.” If finalized, this would “represent a significant development in global taxation.” (Source: CNBC)

Why this is important for your business:
Companies with international operations would see changes to their taxation under this proposal – but it’s still a long way from being adopted. Stay tuned.


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Get to Know Prestige Accounting Services Group (previously Prestige Wealth Accounting Group)


Offices in Flemington, NJ and Califon, NJ

Our Mission: At Prestige Accounting Services Group (previously Prestige Wealth Accounting Group), we are on a mission to redefine the tax experience for individuals and small businesses. With a focus on personalized service, strategic planning, and expert guidance, we aim to empower our clients to succeed financially with confidence and ease.

Expertise in Action: With a wealth of experience and a team of dedicated professionals, we specialize in individual and small business tax preparation. While we excel in all areas of taxation, our passion lies in serving the unique needs of small business owners in New Jersey. We understand that small business taxation requires specialized knowledge and attention to detail, which is why we go above and beyond to ensure our clients receive the guidance and support they deserve.

Tailored Solutions for Every Client: Whether you're a high-net-worth individual seeking comprehensive tax planning or a small business owner in need of accounting and bookkeeping assistance, we have the expertise to meet your needs. Our team takes the time to understand your specific situation and develop customized solutions that align with your goals and objectives.

Why Choose Us?: What sets us apart from other New Jersey tax firms is our commitment to excellence and innovation in the field of taxation. We don't just prepare tax returns; we provide strategic insights, proactive planning, and actionable advice to help our clients achieve their financial goals. With a team of two CPAs, an EA, and an ERO, we have the expertise and resources to deliver exceptional service and results.

Your Success is Our Priority: At Prestige Accounting Services Group (previously Prestige Wealth Accounting Group), we measure our success by the success of our clients. We are dedicated to building long-lasting relationships, providing unparalleled service, and helping our clients thrive in today's ever-changing tax landscape.

We can't wait for you to experience the Prestige Accounting Services Group (previously Prestige Wealth Accounting Group) difference.

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