Weekly Summary of NAV news that affect small businesses owners.
The week ending February 7 2025
It has been a week of very busy news, with many issues that can directly or indirectly affect small businesses owners. Here are the important points important:
TARIFF
A week with tariff news rotation has ended with a temporary return of the majority-but not all of President Trump’s threats to impose comprehensive tariffs. His executive order demanding 25% fees for goods imported from Mexico and Canada, and a 10% fee for Chinese goods, would come into force on Tuesday 4 February 2025. He soon agreed to postpone tariffs in Mexico and Canada for at least one month
China’s tariffs mainly continue, though on Wednesday this week, President Trump issued an executive order that restores what is known as “de minimis” exemption for small packaged goods sent by China. This means that customers will not see an impact of most fees for smaller items purchased by China, such as those sold through the TEMU online shopping site.
China has responded to US fees with vengeful fees, including fees for liquefied natural gas.
Why does it matter: Tariffs can increase costs for consumers and owners of small businesses, and potentially lead to inflation. Fees are often used strategically, however, to protect or receive specific industries facing foreign competition.
Stay at the top of fees: How fees can affect your small business: An updated guide
Ticket stop
TIKTOK ban is in a 75-day return after its ban on January 19, 2025. Those who deleted the popular social media app in anticipation of the ban are unable to download the app from the App Store or Play Store.
What will happen next is everyone’s assumption. YouTuber Jimmy Donaldson Popular (MRBEAST) is reported to be interested in buying US tiktok operations, Youtube Yes Wooing Tiktok Creators on his platform, and President Trump signed an executive order to create a sovereign property fund to finance the purchase of Tiktok.
Why does it matter: Tiktok is a large marketing platform for many creators, freelarder and small business owners. Goldman Sachs predicts that the “Creator’s Economy” will grow to nearly half a trillion by 2027.
Main States for Small Business Applications
Wyoming has more business applications at USA per capita than any other country, according to research published this week from start to Wyoming. The main countries for business formation in 2024 were #1 Wyoming, #2 Delaware, #3 Florida, #4 Montana & #5 Colorado.
In general, new business applications decreased slightly in 2024, lowering 4.76% by 2023 (5,461,471 VS, 5,201,647).
Consumer credit results keep stable
Vantagescore, a national leadership of the loan marking, recently reported that the average VantaGescore 4.0 loan score has kept stable at 702. )
But it also reports that delinquency (delayed payments) that go in 2025 are “close to their highest levels over the last five years throughout the days of all days (DPD) and at the lower three levels Vantagescore’s loan. ”
Why does it matter: Many small business owners, especially startups, rely on their personal credit to receive small business funding. Strong loan results can be useful, especially while business owners build business loans.
Consumer Financial Protection Bureau
President Trump fired CFPB Director Rohit Chopra and Treasury Secretary Scott Bessent as Director of Consumer Financial Protection Bureau (CFPB), a government agency whose work is focused on financial products, including bank accounts, cards of credit and credit men. Bessent is said to have ordered the staff to stop the work “unless expressly approved by the Director of Duty or required by law.”
Why does it matter: Most of the CFPB work are focused on the financial protection of the consumer. Because there is often an overlap between the business of the small business owner and personal finance, it can have a spread effect.
For example, on January 7, 2025, CFPB ended a regulation that prohibits the inclusion of medical invoices in credit reports used by lenders and prohibits lenders from using medical information in their borrowing decisions, potentially increasing credit results for millions of Americans. Previous CFPB actions may be at risk.
At the same time, industry and banking groups such as the Association of Consumer Bankers believe that CFPB regulations make it more difficult and expensive for Americans to enter credit and banking products. They are pressuring for less supervision, which they believe can lead to more innovation in financial services.
Small Business Administration in SH.BA
The appointment of Georgia Kelly Loeffler businessman and former SBA commissioner (the main position in the US small business administration) was advanced on the Senate floor for a future vote. If confirmed, it will take over in the small business administration in the US.
Why does it matter: SBA provides small businesses in the US with partner agencies such as small business development centers, women’s business centers and veteran business owners centers; Capital access through SBA loans including disaster loans and 7 (a) loan; and the expertise of government contracting.
Loeffler has said she would aim for “fraud and waste and abuse”. It is still not clear what Loeffler changes, if confirmed, can do in SBA programs or funds.
Sources for this week’s news
Ticket stop
TARIFF
Formation
Consumer Credit Results
Cfpb
Administration of small business
This article was originally written on February 7, 2025.
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