Government Help for Small Business? Don't hold your breath!

This week there was more news about what the federal government is going to do to help small business owners.   I don’t think they even understand the problem.

government-money-smlFirst, by defining ‘small business’ as any business with fewer than 500 employees, they are missing the mark completely.  Over 99% of businesses in the US have fewer than 500 employees!   Meanwhile, about 20% of US workers are employed by firms with fewer than 20 employees.   Those are the kind of ‘small businesses’ our government should be trying to help.

When most people hear about government guaranteed SBA loans for small business, they probably think that the business owner is the beneficiary of the government guarantee.   Wrong.  The guarantee is from the government to the bank that made the loan.  The small business guy gets nothing out of the deal.  As a small business owner, you can be guaranteed that they will come after you for every dime you borrow unless and until the loan is repaid.  There will be no help for you, the small business owner, from the federal government.

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