MEDFORD, Ore., June 09, 2023–(BUSINESS WIRE)–Whether you’re for it, or against it, student loan forgiveness has been a topic of big discussion amongst the public, especially with the Biden Administration’s efforts to cancel up to $20,000 of debt for millions of borrowers. Recently, on June 1st, the Senate passed a bill to block these efforts, pushing it to President Biden’s desk for signature. Although it is expected to be vetoed, accounting firm, Silver Fox Accountancy (SFA), decided to take the initiative to assist college graduate business owners.
“I am a firm believer that having a substantial number of businesses is vital for the economy. Not only do they provide jobs to the public, but they promote healthy competition and growth amongst each other,” says SFA Vice President, Mariah Fox, “Business owners have plentiful expenses to keep track of. We have seen many times where businesses are bringing in a great amount of revenue, but spending more than they make, and then don’t understand how their business is failing. High student loan payments can add to this financial stress. We don’t want to see businesses continue to fail because management and employees are worrying so much about their finances that it takes away from their ability to perform effectively in each business.”
“The nation’s struggles with COVID-19 caused many businesses to fail and caused many people to go without income for periods of time,” says SFA President, Suzanne Silver, “Though stimulus payments helped individuals and businesses during this most eventful time, those payments inadvertently led to this great inflation that we have suffered. Many pitfalls still haunt businesses today that can be avoided as the economy continues to right-size. Knowing how to avoid these pitfalls and understanding where businesses can thrive in any economy is critical knowledge.”
SFA is going to be conducting virtual seminars to educate business owners on properly tracking their finances, help them understand legal entities, taxes, cash flow, and more essentials for business longevity.
“It’s the ‘teach a man to fish’ concept, and accounting firms often ‘give the man a fish’,” says Fox. “We’re teaching business owners how to be successful.”
Classes are still being scheduled, but prospective attendees can go to silverfoxaccountancy.com for updates.
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