PPP – Probably the only time in our lives where the government will treat small businesses like they treat large corporations every day of the year.
As small businesses, our voices are often just viewed as background noise. We can’t afford lobbyists. Our elected officials don’t have time for us. We don’t spend millions of dollars on accountants who specialize in tax avoidance. We don’t run our money through banks and shell corporations scattered around the globe. Congress doesn’t enact laws that work in our favor. And when the end of the year arrives, we often send upwards of 40% of our profits to the IRS.
On the other side, large corporations enjoy operating under the global umbrella provided by our Military (and all the other benefits afforded to American organizations). When the end of the year arrives many of these companies shuffle their profits through multiple holding companies, allocating profits to shell companies located in countries with low corporate tax rates. In the end, many of them pay little or no tax.
With no clear end in sight to the pandemic, Congress will end up doing something new to support small businesses, but that program won’t be nearly as lucrative as the PPP program.
If you didn’t apply for a PPP loan, it’s not too late.
https://www.linkedin.com/posts/markjsheffield_ppp-smallbusiness-activity-6724061737827614720-Y8st
#PPP #SmallBusiness