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Opinions vary about efforts to make it easier to get an SBA-backed loan, but certain entrepreneurs should still apply, says Tom Taulli.
The Business Mole
Article By: Tom Taulli
Small Biz
http://www.bizequity.com/
WASHINGTON – The Federal Reserve has slashed a key interest rate by half a percentage point as it seeks to revive an economy hit by a long list of maladies stemming from the most severe financial crisis in decades.
The central bank on Wednesday reduced its target for the federal funds rate, the interest banks charge on overnight loans, to 1 percent, a low last seen in 2003-2004. The funds rate has not been lower since 1958, when Dwight Eisenhower was president.
To: The Small Business Mole
Thank you for contacting me regarding the Emergency Economic Stimulus Act of 2008 (EESA). I appreciate hearing from you on this important issue. It is one of the most important issues facing this country right now.
To: The Small Business Mole
Thank you for contacting me about H.R. 1424, the Emergency Economic Stabilization Act of 2008. I appreciate hearing from you about this important issue. The U.S. Senate voted to pass this bill by a margin of 74-25 on Wednesday, October 1, 2008. H.R. 1424 is now being considered by the U.S. House of Representatives.
The financial markets are slowly and surely collapsing. I don’t know all the causes and I’m not sure anybody else does either. The bottom line is that if our congress does not take action very soon we may face a financial and credit melt down of unimaginable levels. The strange thing for me, as a small business owner, is that our political leaders are only worried about the high cost of trying get back on track and not keeping their eye on the real ball, and that includes both Democrats and Republicans. If our major financial institutions fail it will ripple all the way down to the smallest business and individual. Worrying about our mortgage or credit opportunities may be the least of our problems. After hearing comments from some members of congress today even stock market investors don’t see congress as having enough leadership to get past the debate and get something out now that works. It feels like just another, here we go again, political debate that resolves little. If any developed financial plan needs tweaking, as we move through this crisis, then make sure to set up the conditions of the plan that way.
by NFIB President Todd Stottlemyer
When Sen. John McCain delivered the keynote address at our 2008 National Small Business Summit, he did much more than speak to the several hundred interested small business owners who attended. He brought the concerns of our voting bloc to the forefront of the presidential campaigns. In fact, both Sens. McCain and Barack Obama have spent time on the campaign trail specifically addressing the No. 1 issue among small businesses—healthcare. And it’s about time.
Recognizing that healthcare costs have become unmanageable for many small business owners and entrepreneurs, Sen. McCain remarked that, if elected, his administration would introduce healthcare reform that would provide hardworking Americans, like those working in small businesses, more options and expand portability of coverage.
By: Small Business Mole
Good News: The IRS increases the deduction for mileage rates eff: July 1st, 2008
Given the price of gas this increase is coming at a great time. Hopefully this will assist in reducing the pain at the pump through the rest of this year.
Notification IR-2008-82, June 23, 2008
WASHINGTON — The Internal Revenue Service today announced an increase in the optional standard mileage rates for the final six months of 2008. Taxpayers may use the optional standard rates to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
Nydia M. Velázquez, Chairwoman
For Immediate Release
June 12, 2008
Committee Reviews Potential Effects of Proposed Electronic Payments Tax Reporting
WASHINGTON, D.C.- In a hearing held today, expert witnesses and the Committee on Small Business explored the effects of a new tax reporting proposal. The measure would require small companies to file tax reports on all credit card receipts and, while developed with the best intentions, would threaten both the privacy and livelihoods of countless entrepreneurs.
Small Business Taxes & ManagementTM–Copyright 2008, A/N Group, Inc.
Recovery Rebates for Individual Taxpayers
The provision includes a recovery rebate credit for 2008 which is refundable. The credit is computed with two components in the following manner.
