This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

5 Things to Know About Small Business This Week: May 10

NEW YORK ( TheStreet) -- What happened in small business this week?

1. Senate passes Internet sales tax legislation; could get held up in the House. Sales tax collected by online merchants just got one step closer to becoming a reality this week after the Senate passed legislation that is supposed to "level the playing field" between bricks-and-mortar and e-commerce retailers. The Marketplace Fairness Act still needs to pass the House, which observers say could be a challenge as some Republicans view the measure as a tax increase, according to Marketwatch.

While bricks-and-mortar retailers, yes, even small businesses, can be pleased with the bill's traction, opponents say that the tax requirements will be burdensome on growing online small merchants, according to CNBC .

2. Should small businesses accept bitcoin? Virtual currency bitcoin is popular with a growing number of e-commerce businesses, especially those that operate across international borders because it isn't regulated. According to a Small Business Trends article, accepting bitcoin as a form of payment means lower costs for the merchant, however small-business owners wondering if they should accept the payment form should really consider the nature of their business.

"If you're actively engaged in the online community, Bitcoin may be a better bet than the dollar. If you live in the brick-and-mortar world, you may have a hard time spending it," one blogger writes.

3. Big bank loan approvals for small businesses jump in April. Banks are lending again to small businesses. Biz2Credit's monthly small-business lending index reported all-time highs for approval rates by big and small banks. Small business loan approvals by large banks (those with more than $10 billion in assets) rose to 16.8% from 15.7% in March, Biz2Credit found in its monthly analysis of 1,000 loan applications on its Web site. Year-over-year, large bank approvals are up more than 50%, Biz2Credit said.

Biz2Credit analyzed loan requests ranging from $25,000 to $3 million from companies in business more than two years with an average credit score above 680.

"Big banks such as TD Bank (TD), Sovereign and Wells Fargo (WFC) are investing heavily in new technology to increase speed and service of approvals," Biz2Credit CEO Rohit Arora said in a statement. "As the economy continues to rebound, lending conditions are gradually improving. Higher credit-quality customers are electing to apply to loans from big banks first now that they are more willing to lend and the service has improved."

1 of 2

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs