Topics:
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
- SBA EIDL Loans;
- Beneficial Ownership Information Reporting; and
- The U.S. Department of Labor’s New Overtime Rule.
- 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.
- 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.
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