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Small Business News | SBA expands loan access, startup launches new AI solution, IRS issues scam warning

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Employee Retention Credit (ERC) scams surge, IRS issues warning to small business ownersEmployee Retention Credit scams are often advertised to business owners as an easy way to capitalize on pandemic-era government aid.
A wave of Employee Retention Credit (ERC) scams has hit the U.S. and it’s prompting an official warning from the Internal Revenue Service. The program was introduced during the COVID-19 pandemic to help companies pay their staff, but now the IRS says scammers are targeting companies that have yet to apply for the credit. IRS commissioner Danny Werfel warned that scam artists can “pocket handsome fees while leaving those claiming the credit at risk of having the claims denied.”
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Artificial intelligence startup Arthur is helping businesses find the best generative text tools with its platform, Arthur Bench.Startup launches tool to help businesses find their ideal generative AI solutions
Have you heard of the new artificial intelligence startup called Arthur? The company has developed software that helps business owners find the right generative AI model for their needs. The new service, called Arthur Bench, can compare results from tools such as ChatGPT and Google Bard to give managers a better idea of which product they should choose. The tool is one of the first to compare generative AI models and has already discovered major differences in how platforms respond to identical commands. Read More

The Small Business Administration (SBA) is changing its lending policies to encourage venture capital investments in small businesses and startups.SBA hopes to spur small business investments with improved SBIC program
The U.S. Small Business Administration has expanded loan access for entrepreneurs by streamlining its lending process. The SBA is a crucial source of funding for U.S. entrepreneurs, providing 25.7 billion dollars to startups in 2022. Now the agency has made it easier for lending partners to approve applicants by loosening restrictions and cutting paperwork. Han Nguyen, a spokesperson for the administration, noted that the reforms were, “Critical to addressing persistent capital access gaps, particularly for rural and minority-owned small businesses.” Read More

The Small Business Administration (SBA) has expanded loan access among entrepreneurs by updating and simplifying its lending policies.SBA expands loan access for entrepreneurs with streamlined lending policies
The SBA has also updated its lending policies to encourage capital investments in small businesses and startups. Since the 1950s, the organization has loaned money to venture capital funds, with the aim of encouraging investments into startups. However, attracting investors proved to be challenging since the SBA only offered loans with variable interest rates. Going forward, the administration is offering a new type of loan with a fixed rate, allowing interest to be paid upfront. Read More

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Anna Delvillar is the editorial coordinator and a staff writer at ASBN. She graduated with a B.A. in English Composition from Georgia State University and has five years of experience developing content strategy and writing for automotive, tech, and small business media.

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