Small businesses are the lifeblood of the American economy. They generate nearly half of private sector jobs and play a crucial role in innovation and community development. But running a small business often requires more than vision and hard work—it also demands access to capital. For many entrepreneurs, especially those without extensive credit histories or
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The FinCEN fine includes both a civil money penalty and criminal penalties. A civil money penalty can cost individuals up to $591 or more daily. Criminal fines can reach up to $10,000. Businesses will have until January 1st, 2025 to file their initial beneficial ownership information (BOI) report. Important Note: on Dec. 3, 2024, a
It is becoming clear that putting a credit freeze on your account is the best way to go. A credit freeze means that every time someone (including you) wants to open up another credit account or get a loan, you need to use your PIN to temporarily unlock your account. Obviously, you don’t unlock for thieves.
Our job is to help business owners understand when and why a request for their Social Security number comes under these regulations. And we can also help business owners understand when it is for a personal guarantee.
Contact us today to learn more about the new Federal regulations and identification requirements.
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