Small Businesses Received Relief From Congress - But Not The Way You Think - eSeller365

Category: Ebay News
Original source: eSeller365
Read time: < 3 minutes
Sentiment bias: Positive
Sentiment Score: 0.99679
Published: Aug 15th, 2022
Small Businesses Received Relief From Congress - But Not The Way You Think - eSeller365

Quick Read

With Congress out on summer vacation for a few weeks, the passage of the economic competition package (formerly known as the CHIPS and Science Act) brought some relief to small business owners, not through the inclusion of new programs but by excluding harmful legislation.
While preventing these proposals from becoming law was a big win for small businesses, there are still two additional provisions receiving significant support from marketplaces as they believe these would be good for small business sellers.
Small business owners, often afraid to raise prices, or make significant changes to their operations, tend to face more existential challenges.
Connect With Us And Other Small Business Owners Please head over to our Facebook Group for Small Business Sellers and interact with other small business owners.
There are a lot of small businesses that rely on the de minimis threshold to be competitive.

Small Businesses Received Relief From Congress - But Not The Way You Think - eSeller365

With Congress out on summer vacation for a few weeks, the passage of the economic competition package (formerly known as the CHIPS and Science Act) brought some relief to small business owners, not through the inclusion of new programs but by excluding harmful legislation. Originally, included in this legislation were three harmful provisions: The SHOP SAFE Act : This bill would have imposed new restrictions and requirements on marketplaces such as eBay, Etsy and Amazon, including a mandate to ban sellers after three complaints of counterfeit listings. Sellers would have been presumed guilty until proven innocent, forcing them to fight some of the world’s biggest brands. : This bill would have imposed new restrictions and requirements on marketplaces such as eBay, Etsy and Amazon, including a mandate to ban sellers after three complaints of counterfeit listings. Sellers would have been presumed guilty until proven innocent, forcing them to fight some of the world’s biggest brands. The Import Security and Fairness Act : This provision would have imposed tariffs on low-value imports from China by eliminating the customs “de minimis” threshold. There are a lot of small businesses that rely on the de minimis threshold to be competitive. The elimination would have raised consumer prices and further complicated supply chain disruptions. : This provision would have imposed tariffs on low-value imports from China by eliminating the customs “de minimis” threshold. There are a lot of small businesses that rely on the de minimis threshold to be competitive. The elimination would have raised consumer prices and further complicated supply chain disruptions. Country of Origin Online Labeling Act: This proposal would have required online sellers to disclose the country of origin of all products they sell online, including used goods sold domestically. While preventing these proposals from becoming law was a big win for small businesses, there are still two additional provisions receiving significant support from marketplaces as they believe these would be good for small business sellers. The INFORM Act: This bill would improve the safety and transparency of online marketplaces while including workable protections that would aid the safety and privacy of online sellers. Originally, eBay, Etsy, and some other marketplaces opposed this bill. But since then, lawmakers made significant changes to gain industry support. Passage of this bill would eliminate the need for sellers to comply with a patchwork of different state laws. This bill would improve the safety and transparency of online marketplaces while including workable protections that would aid the safety and privacy of online sellers. Originally, eBay, Etsy, and some other marketplaces opposed this bill. But since then, lawmakers made significant changes to gain industry support. Passage of this bill would eliminate the need for sellers to comply with a patchwork of different state laws. 1099-K Reporting: This one is the big elephant in the room that will impact many small lower volume sellers this year. Under new 2023 IRS rules that became law via the passage of the American Rescue Plan Act of 2021, online marketplaces and payment processors must issue a 1099-K form to all sellers that sell a minimum of $600 on their platform. That is a substantially changed requirement from the previous federal threshold of $20,000 and 200 that applied to most sellers (some states had lower thresholds already). A coalition of online marketplaces, including eBay, Etsy, Poshmark, Mercari, OfferUp, Reverb, and Tradesy have formed a coalition to try to change this regulation. Learn more here. Small Businesses Continue to Face Challenges It’s been another eventful year with inflation dampening online commerce growth and raising prices on many small businesses. While inflation affects all businesses, larger companies are usually better able to adjust to such headwinds. Small business owners, often afraid to raise prices, or make significant changes to their operations, tend to face more existential challenges. With three regulations thwarted, the two above remaining ones need attention to help small businesses and marketplaces thrive. Especially the 1099-K situation is potentially giving many occasional sellers a huge pause leading into the holiday season. Note: The information in this post was inspired by an eBay Government Affairs update from last week. Connect With Us And Other Small Business Owners Please head over to our Facebook Group for Small Business Sellers and interact with other small business owners. Follow us on Facebook, Twitter, and LinkedIn to stay up to date with relevant news and business insights for your online business.
The Original Article can be found on eSeller365

Recent Ebay News Articles

Come one, come all: It's time to get your bids in for an evil occult soul-selling device on eBay - The A.V. Club

It can be hard to find the perfect gift for the evil wizard in your life. What kind of present, after all, will excite someone who already owns dozens of black robes, golden chalic …

Read more here
Come one, come all: It's time to get your bids in for an evil occult soul-selling device on eBay - The A.V. Club
The World's Top eBay Sellers - Marketplace Pulse

The largest eBay sellers have each sold tens of millions of items. And despite eBay struggling to grow over the past few years, those sellers still run massive businesses. Marketp …

Read more here
The World's Top eBay Sellers - Marketplace Pulse
Merch for Money Challenge with eBay - Capital

Merch for Money Challenge with eBay eBay for Capital. Picture: Global Roman, Sonny and Sian are going head-to-head to raise money for Capital’s charity Global’s Make Some Noise. …

Read more here
Merch for Money Challenge with eBay - Capital
Heron Preston on eBay’s Decades of Success, His New Auction and Bidding on Sneakers in 2001 - Footwear News

EBay has debuted a new series of drops dubbed “From the Collection,” featuring items belonging to people of note in the worlds of fashion, sports and entertainment. The online mark …

Read more here
Heron Preston on eBay’s Decades of Success, His New Auction and Bidding on Sneakers in 2001 - Footwear News
Market Watch: Bowie and Elvis records among top-sellers on eBay - Goldmine Magazine

Records from both the Thin White Duke and The King scored high sales prices on eBay in September 2022. But the top seller wasn't a rocker, These were the top-selling records on eB …

Read more here
Market Watch: Bowie and Elvis records among top-sellers on eBay - Goldmine Magazine
Latest News
Help & How To's
Around the Web