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News & Press: Arizona Business News Updates

The Heartbleed Bug, Tax Burdens on Small Businesses, and Economic Growth Improvements

Tuesday, April 15, 2014   (0 Comments)
Posted by: Arizona Small Business Association
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Heartbleed Bug Causing Headaches

A computer bug called "Heartbleed" is causing major security headaches across the Internet due to its breakdown of a widely used encryption technology called open SSL that is supposed to protect online accounts for a variety of online communications and electronic commerce.

“It’s a major deal because open SSL is everywhere. People say a lot of this is coming from Yahoo and other major companies, but it’s really out there quite a bit. The best thing we can do now is just change passwords and hope that everybody patches their SSL systems.” Greg Nickolson, Asset Technology

Security researchers who uncovered the threat are particularly worried about the lapse because it went undetected for more than two years.

The Real Burden of Tax Season

It isn’t so much the amount of money a majority of small business owners must hand over to Uncle Sam that makes tax day so difficult.

According to a new survey by the National Small Business Association, more than half of small employers now say the administrative burden and paperwork associated with tax season pose the greatest harm to their businesses. On average, small business owners spend more than 40 hours — the equivalent of a full workweek — filing their federal taxes every year. One in four say they spend at least three full weeks on tax preparation.

Economic Growth Continues to Improve

Small businesses borrowed more money in January than they did a year earlier, signaling continued growth in the economy. This despite cold weather in a large part of the country being blamed for an economic slowdown.

The Thomson Reuters/PayNet Small Business Lending Index, which measures the volume of financing to small companies, rose to 117.2 in January, up four percent from a year earlier.

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