I haven't figured out how bad this hits my wallet yet. This looks like it is to deal with "commercial paper backed securities." Are those a problem like "mortgage backed securities?"
Note, the whitehouse.gov web site has the formatting messed up on this nested list structure. I tried to figure it out and correct it here. I think I got it the way it was intended.
Why don’t they just reduce taxes on small business?
Or is that too easy?
This is actually a good move. A broken clock is right two times per day. Small business were hampered by the banks the last 4-6 months as the baks would not extend credit .Small business could not get loans to buy inventory, equipment or expand.
Now Obama about those small business taxes...
This must be the way things are done in Chigago, gantsa-style. First force business to do things they don’t want to. Then tax “the rich” which is most small business owners, then you will again force them them into some scheme to make them do what you want or they will fail. Nice. Welcome to Obanomics, thug style.
Debt is a big part of the problem. Small business is up to its eyeballs in debt.
If the alleged president was serious about helping the bourgeoise he would encourage Congress to amend the IRC to allow small businesses to pay zero % tax on the first $10 million in retained earnings. These untaxed earnings could be used to buy inventory, plant and equipment, pay down debt faster and hire more workers.
Then, eliminate the capital gains tax on the first $2 to 5 million in gain on the sale of the business (assets or concern).
These two steps would create an explosion of business activity as people would once again feel comfortable with risking capital and years of life to build a business.
I'm not holing my breath. Communists is communists!
Another day another speech by The Telepromoter That Is President...here after known as TTTIP.
Notice: The people responsible for producing these credits have been sacked.
                                Â
Notice: The people responsible for sacking the people responsible for producing these credits have been sacked.
Get down on your knees and be thankful, small business. And oh yes, you have to kiss the ring too. Don’t forget to fill out the union rep contact sheet on your way out the door, too.
Call for Quarterly Reports of Small Business Lending By All Banks:
Thanks but no thanks is what many will tell them.
Here's something the Obama administration neglected to mention:
Few Small Business Owners Seek SBA Loans
While the Small Business Administration reports that it will receive $630 million from the American Recovery and Reinvestment Act for loan programs and loan fee reductions, most small businesses would not seem to be interested. When asked if they had ever applied for an SBA loan, 90 percent of owners said no.
If SBA loans became easier to get, 58 percent of small business owners say it is not very likely or not likely at all that they would apply; 40 percent said it was very likely or somewhat likely that they would apply; and 2 percent were unsure.
http://www.discovercard.com/business/watch/
SBA loans are completely out of reach for most small businesses and require that the business owner put up their own, personal assets as collateral. More:
The SBA uses the following criteria to determine whether a business qualifies as a small business that is eligible for SBA loan assistance:
Construction: Average (three years) annual sales or receipts of not more than $33.5 million, depending upon the specific business type
Manufacturing and mining: Not more than approximately 500 employees
Retail or service: Average (three year) annual sales or receipts of not more than $35.5 million
Wholesale: Not more than 100 employees
Special trade contractors: A limit of $14 million
Agricultural industries: A limit of $.75 million
The SBA loan program will not provide funds for businesses that are able to obtain or provide their own financing. Alternative resources for funding, including personal assets, if available, must be used first.
The administration is pressuring banks to issue more SBA covered loans, and accept additional oversight from the very people who brought you the banking crisis to begin with.
Fed-up Americans mobilize: More than 150 tea parties
World Net Daily | 3/16/09 | Chelsea Schilling
Posted on 03/16/2009 10:05:46 AM PDT by truthandlife
http://www.freerepublic.com/focus/f-news/2207627/posts
Taxes have Georgians looking for action (Tea Party/Tax Revolt)
Rome News-Tribune | March 15, 2009 | Walter C. Jones
Posted on 03/16/2009 4:35:57 AM PDT by abb
http://www.freerepublic.com/focus/f-news/2207412/posts
Thousands at Cincinnati ‘Tea Party’ Protest
Say ‘Stimulus Bill Too Steep’ - Worth Watching!
Breitbart TV/WKRC-TV Coverage | 3-15-09 | Andrew Breitbart
Posted on 03/16/2009 12:41:42 PM PDT by dalight
http://www.freerepublic.com/focus/f-news/2207720/posts
I bet the real plan is; loan them money they won’t be able to pay back, then take over their businesses as punishment.
What a crock! Look at a all the negative impact the Obunch is putting on small business and everyone else. There won’t be anything left to stay in business or purchase business products. They are wrecking this country for their own idiology.
The only good thing about this plan is that our highly leveraged competitors will be cratering if they take this money...
Say it loud, say it PROUD:
O ne
B ig
A ss
M istake
A merica!
How many of these “loans” will go unrepaid just like mortgages. Looks like the same deal to me.