@Spiral said in Home business ideas for transition out of 9-5?:
I would say at any age, depending on one's facts and circumstances, you presumably could make the switch. Currently, during this economic environment, there are many opportunities for entrepreneurial pursuits. Because of the inherent risk of starting a business and complicated by current uncertainty, the SBA has many loan programs in the 7a series, which, if applied for before September 27, 2020 qualify for 6 months of tax free principle and interest paid by the SBA. https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/sba-debt-relief For example, if you took out a $500k 7a working capital loan, the SBA would basically give you a $33k tax free gift. Along with the SBA programs, there are also many other grant programs for small businesses out there.
Good info. Can be an excellent time to attempt starting a new business, for sure.