2015.11.04 EDC Packet Combined - Laserfiche WebLink

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OTB Loans Here is how three of our recent borrowers used their OTB funds Therapy OPS. This business obtained financing for a new outpatient speech therapy clinic in Inver Grove Heights from Venture Bank and the SBA 504 program. OTB provided a working capital loan for Therapy OPS to cover operating costs at the new clinic while insurance reimbursement payments are being processed. Yellow Brick Trading Company. Cara Hobbs used her OTB loan to purchase additional inventory for her shop in downtown Chaska. Cara's Yellow Brick Trading Company offers furniture, antiques and home decor items along with unique clothing and gifts. Doanie )Goo's Spa and Retreat. Starla Tyree and her business partner Carrie Engh, an Edina resident, needed more space for their growing dog grooming business in Shakopee. They used their OTB loan to renovate their new site in a freestanding building just outside of Shakopee's downtown. Expert's Corner Candace Wagner is an attorney who specializes in tax and regulatory compliance issues. With a new tax year now underway, Wagner provides the following reminders about the impact of the Affordable Care Act in 2015. The Patient Protection and Affordable Care Act or "Obamacare" is the biggest tax law change in the last twenty years. This piece of legislation has brought about much confusion in the minds of Americans. In a nutshell, Obamacare expands the affordability and availability of insurance coverage, either through private insurance or through Medicaid. Beginning in 2015, large employers must insure full-time employees or pay a per employee fee.Small businesses will not be required to provide health insurance, but small businesses with less than 25 full-time equivalent employees will have access to tax credits to reduce premium costs if they choose to offer group health insurance plans Individuals will face a tax penalty if they do not have health insurance. However, individuals may be exempt from the tax penalty due to income or may be offered cost assistance, including tax credits, to obtain health insurance. Adults who are under 26 years of age may qualify to stay on a parent's health insurance plan. For more information, contact Candice Wagner at Wagner Accounting and Tax, 612-309-9755. Feel free to forward this information on to businesses in your community.