Friday, May 21, 2010

SBA Loans/OSHA/Red Flag Rules

As reported in prior emails the stimulus money for the waiver of fees and the 90% guarantee on SBA loans will run out the end of May. It is hoped that $505 million will be approved to provide funding for the rest of the year. It was expected that this would be passed yesterday but it did not happen. Again we are in a last minute situation and the banks will be rushing to get their packages to the SBA so I guess it is possible they could run out of money before the end of the month.

I just learned yesterday from one of our members that OSHA requires businesses to notify OSHA within 8 hours of a death of an employee at their business. This is required even if the death is from natural causes. Our member was fined $5000 for not reporting within 8 hours.

I hope all of you are aware of whether you are subject to the Red Flag rules put forth by the FTC. If you are considered a financial institution or arrange credit you are required to have a program in effect and enforcement will start June 1. Fines will be assessed if you are not complying. You also need to have this approved by your board if you are a corporation or a committee appointed by the board.

Scott Hauge
Small Business California
2311 Taraval Street
San Francisco, CA 94116

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