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

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

June 5, 2025
NFIB Jobs Report: Main Street Labor Market Weakened In May
Main Street Employers Continue Searching For Qualified Applicants
Read More