Houston Entrepreneur and Finance professional went from stretching $10 for gas and food to assisting other entrepreneurs with budgeting and tax preparation. During this year’s tax season Aliah Minor, owner of Calberts Tax Service, LLC, has committed to helping other entrepreneurs.
The COVID-19 pandemic has had a significant impact on small businesses worldwide, and many have faced financial challenges. Here are some statistically significant data points about how small businesses have been impacted financially during COVID:
- Closure of Small Businesses: According to a report by Yelp, as of August 2021, around 163,000 small businesses have closed permanently in the US since the beginning of the pandemic.
- Reduction in Revenue: A survey conducted by the National Small Business Association (NSBA) in August 2021 found that 80% of small businesses reported a reduction in revenue as a result of COVID-19, with 29% reporting a revenue decrease of 50% or more.
- Job Losses: The same NSBA survey also found that 44% of small businesses had to lay off employees, and 27% had to reduce hours or furlough employees.
- Government Assistance: A report by the National Bureau of Economic Research found that the Paycheck Protection Program (PPP) provided by the US government helped small businesses stay afloat during the pandemic. As of August 2021, more than eleven million loans worth over $800 billion had been approved through the PPP.
- Digitalization and Online Sales: The pandemic has also accelerated the shift to digitalization and online sales for many small businesses. According to a survey conducted by Shopify, 84% of small businesses have either started selling online or expanded their online presence during the pandemic.
Even though pandemic conditions continue to plague small business owners, it seems despite the odds many Americans have not been deterred from starting their businesses.
According to Aliah, “I can empathize with many business owners, from having to renovate my location because of Hurricane Harvey or closing my doors for the pandemic, I’m familiar with the concept of pivoting and weathering the storm.”
Calberts Tax Service, LLC is launching the “No business left behind” Campaign as an initiative to support Small Business Owners. The pandemic as well as many other natural disasters have caused many business owners to close their doors or experience financial hardship and we at Calberts Tax Service want to do our part to ensure that no business is left behind. While funding was made available to business owners to relieve the pressure of the economic conditions, many were unable to apply because of lack of information, tax regulations and disruptions to business operations.
From now through the tax filing deadline of April 15th we will be offering free tax reviews to business owners with a DBA, LLC, S-Corp, and other official business structures every Sunday at no charge.
Small Business Owners can bring in their prepared tax documents and we will review and advise of any errors, updates, or additional deductions they may meet the qualifications to receive. Walk-ins are welcome on Sunday between the hours of 1:30 pm to 5:00 pm or schedule an appointment using the following link (https://calendly.com/calbertstaxservice/appointment-30).
Calberts Tax Service, LLC has proudly served the Houston community for over 10 years. The firm is committed to enhancing clients’ financial well-being and success through two core values: client communication and individual attention. Please feel free to visit me at www.calbertstaxservice.com.
High School teacher turned Entrepreneur is Leaving no Entrepreneur behind