3 Votes
Obama's Small Business Bill
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Today, President Obama signed a $42 billion bill aimed at helping small businesses stimulate the economy. The money from the Small Business Jobs Act actually goes to banks with less than $10 billion in assets so that they can issue loans to small business owners. Just grabbing some older, American small business statistics from 2008 makes one wonder just a little:
- With an estimate of 27.5 million small businesses, an even distribution means there’s only about $1000 available per business.
- Isn’t this the same administration that intends to eliminate tax breaks for Americans making more than $250K (which probably targets large swaths of small business owners)?
Similarly tagged OmniNerd content:
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- Very Small Business Banking: Checking, Savings, and Investments, by Brandon over 5 years ago
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Odd definition of "small" by scottb
Isn’t this the same administration that intends to eliminate tax breaks for Americans making more than $250K (which probably targets large swaths of small business owners)?
The Small Business Administration defines a “small” business as one having fewer than 500 employees for manufacturing businesses or less than $7 million for most non-manufacturing businesses. That may be a useful threshold for deciding who can benefit from SBA programs, but when we’re talking about questions like the one you’ve posed, I think it’s misleading.
A company with hundreds of employees or millions receipts just isn’t what I think of as a small business. It’s certainly not what the people opposing this bill want us to think about when they say “small business”.
Even using that definition, the average small business CEO makes a bit less than the $250k figure—Salary.com estimated it at $233k. Payscale.com says small business owners typically make less than $100k.