Skip to content
STATE:
NFIB Logo
Why NFIB
Our Purpose
About NFIB Policy Agenda Victories Benefits of Membership
Take Action
Get Involved
Policies Elections Events
Key Resources
Member Ballot How Congress Voted
Get Support
Business Area
Human Resources Legal & Compliance
Key Resources
Legal Guides Workplace Posters Case Index
Stay Informed
Education
Trends & Research News Webinars Small Business Podcast
Key Resources
SBET Jobs Report Problems and Priorities Tax Survey
Podcast Podcast
Careers Careers
Login Login
Why NFIB
Our Purpose
About NFIB Policy Agenda Victories Benefits of Membership
Take Action
Get Involved
Policies Elections Events
Key Resources
Member Ballot How Congress Voted
Get Support
Business Area
Human Resources Legal & Compliance
Key Resources
Legal Guides Workplace Posters Case Index
Stay Informed
Education
Trends & Research News Webinars Small Business Podcast
Key Resources
SBET Jobs Report Problems and Priorities Tax Survey
Podcast
Careers
Login
Join Now
Home / News / Legal Blog /

Top Three Member Inquiries for July and August 2024

Top Three Member Inquiries for July and August 2024

August 23, 2024

Top Three Member Inquiries for July and August 2024

NFIB’s Legal Center works to keep our members informed about the most pressing legal and regulatory issues affecting small businesses. Each month, we receive numerous inquiries from our members, and here we’re sharing the top three questions that you have asked about recently:
  1. SBA EIDL Loans;
  2. Beneficial Ownership Information Reporting; and
  3. The U.S. Department of Labor’s New Overtime Rule.
  1. SBA EIDL Loans Many of our members have asked about the status of their SBA Economic Injury Disaster Loans (EIDL). As a reminder, since January 1, 2024, the U.S. Treasury has now taken over the handling of a vast majority of unpaid EIDL loans. This transition means that if you are delinquent in your EIDL loan repayment, there is a chance collection has either been sent to Treasury, or you have received a notice that it will soon be. While this may cause concern, there are still steps you can take if you are unable to make loan repayments on schedule.
  • Hardship Accommodation: The SBA is still offering hardship accommodation plans for businesses that are struggling with repayment. If you are facing financial difficulties, reach out to the SBA immediately to inquire about eligibility.
  • Negotiating with Treasury: If your unpaid loan has been deferred to Treasury, it is critical to get in touch with the department as soon as possible to negotiate a payment plan. Proactive communication can prevent further penalties or collection actions.
  • Loan Recalling: If you believe that your loan was wrongly sent to the Treasury (i.e., you are not delinquent in repayment), you can request that the loan be recalled to the SBA for reprocessing. This can help ensure that any errors are corrected and that you’re working with the right agency moving forward.
2. Update on Beneficial Ownership Information (BOI) Reporting Another hot topic this month has been the BOI Reporting requirements under the Corporate Transparency Act (CTA). We know many of our members are concerned about the potential impact of this onerous reporting rule. NFIB has taken a firm stance against the CTA and the BOI reporting by joining a legal challenge as a party plaintiff. However, the case is still pending, and there is no indication when the court will rule. Rest assured, NFIB is fighting for our members’ interests, and we will provide further information as soon as it becomes available. In the meantime, we strongly encourage all members to contact their congressional representatives to express their opposition to the CTA. Legislative pressure is one of the most effective ways to push back against these burdensome regulations, and every voice counts. 3. U.S. Department of Labor’s New Overtime Rule The U.S. Department of Labor (DOL) recently finalized a rule change that will significantly affect small businesses by altering the salary threshold for overtime pay eligibility under the Fair Labor Standards Act (FLSA). Under the new rule, salaried employees will have to earn significantly higher salaries to be exempt from overtime pay requirements:
  • July 1, 2024: The salary threshold increased to $43,888 per year. Employees earning less than this amount are now eligible for overtime pay.
  • January 1, 2025: The threshold will jump again to $58,656, further expanding the pool of employees eligible for overtime.
  • Further Increases: By July 1, 2027, DOL will recalculate the salary threshold and make adjustments every three years thereafter.
This rule change could have significant ramifications for small business owners. Businesses may need to reclassify employees who have long been exempt from overtime pay or face the challenge of issuing substantial salary increases to avoid overtime costs. Either option could place a financial strain on small businesses. NFIB has opposed this rule from the beginning and is preparing to join a legal challenge against it. We believe that DOL lacks the authority to issue a salary-level test for exempt employees, and we are committed to fighting this government overreach. We encourage all NFIB members to continue to reach out to the Legal Center with any issue or question concerning their small business. You can reach the legal center by emailing info@nfib.org.
Topics:
Labor
Legal
Regulations

Get to know NFIB

NFIB is a member-driven organization advocating on behalf of small and independent businesses nationwide.

Learn More
Receive our newsletter and email notification
Knowledge is power. Let us help you stay informed with breaking legislative news, regulatory updates, business tips, and more.

Related Articles

June 9, 2025
NFIB California Main Street Minute, June 9-13
Some good news for small business following big legislative deadline
Read More
East Front of United States Capitol
June 6, 2025
The One Big Beautiful Bill Act is a Big Beautiful Win for Small…
NFIB supports the One Big Beautiful Bill Act because it is one of the most…
Read More
June 5, 2025
NFIB Jobs Report: Main Street Labor Market Weakened In May
Main Street Employers Continue Searching For Qualified Applicants.
Read More
A plumber uses tools to fix pipes beneath a sink.
June 5, 2025
NFIB Jobs Report: Main Street Labor Market Weakened In May
Main Street Employers Continue Searching For Qualified Applicants
Read More
Loading…
NFIB
About NFIB Benefits of Membership Membership FAQs
Advocacy Center Elections Center Legal Center Research Center
Join Now
Media
Media Resources Media Contacts
Partner with NFIB
Careers Become a Provider Candidate Resources
Helpful Links
Contact PAC Contributions Legal Contributions Schedule a Call with NFIB
Follow Us
Stay Informed with NFIB

© 2001 - 2025 National Federation of Independent Business. All Rights Reserved. Terms and Conditions | Privacy Policy | Accessibility