Despite the myriad of economic assistance available through the recently passed legislative initiatives, there might still be the need for additional funding, according to Barbara Weltman, author of J.K. Lasser’s “Small Business Taxes 2020.” “A number of small businesses are turning to crowdfunding for support in order to stay afloat,” she said.
Crowdfunding — the process of raising money from a large number of people through the internet for projects, ventures, or donations — has grown in popularity in recent years.
“Over the last decade, crowdsourced online fundraising has become increasingly widespread,” said Joyce Beebe, a fellow at Rice University’s Center for Public Finance. “The proliferation of online digital platforms — including GoFundMe, Indiegogo, Kickstarter and Fundrise — connect like-minded individuals to make financial contributions toward various projects.”
