Small businesses will be hurt, and there will be no government bailout for them. Small business owners know that their available resources are not infinite. When the cash flow dries up, the tax man, the employees, the bank, the landlord still want to get paid.
So you use your personal money to keep the business afloat, until that starts to affect your family. You don’t know if you should call it quits. Business will pick up again, but when? You might have gone bankrupt by then.
pelosi, obammy and the other marxists think that having a business is a license to print money, and they want as much of that money as they can get. Well, NO! We’ve been working for the government as long as we have had our businesses. We work long hours to pay employees, the bills and our intransigent silent partner who doesn’t ever lift a finger to help us out and never does a day’s work: the government.
When the cash flow dries up, the tax man, the employees, the bank, the landlord still want to get paid.
This is exactly where we’re at but you can add on refunding money for cancelled or soon to be cancelled venues. We have suspended all business because of the uncertainty. But the bills roll on. And their bullshat bill won’t help people like us at all. Matter of fact they’ll still want their $10k in taxes we’ll owe on April 15th.
Yeah, I’m pissed.
Perhaps self-employment tax payment could be made optional for tax years 2019 and 2020.
The revenue lost could be partially balanced out by lower future Social Security payouts to those not paying in full.