Monday, October 13, 2008

Down 54% to 36% Among Small Business Owners, Obama Releases Small Biz Rescue Plan

Coming on the heels of our Presidential Election Survey results, where Senator John McCain was favored 54% to Senator Barack Obama's 36% by small business owners, Obama over the weekend released a small business rescue plan. The plan would help out small businesses hurt by the financial crisis and would essentially offer tax incentives and loans from the U.S. Small Business Administration.

Obama was quoted as saying in this article: "Small businesses employ half of the workers in the private sector in this country, and account for the majority of the job growth. But we also know that a credit crunch has dried up capital and put these jobs at risk - shops can't finance their inventories, and small firmes can't make payroll. If we don't act, we'll be looking at scaled back operations, shuttered shops, and laid-off workers."

There are some questions as to whether this plan would actually work, considering banks have already become more reluctant loaning to small companies. Read the full article here and feel free to weigh-in on on the comment board. There was a tremendous response to the MerchantCircle survey results, found here, that showed small business owners feel VERY passionately on both sides of the fence.

Community Relations

1 comment:

  1. Geez - I'm so tired of Obama's "me too" mentality. Does the guy have one original idea?

    I am a long term small business owner and a woman and I support McCain/Palin (and not because Palin is a women, I made my choice long before). I've owned more than one company in my business career so far and the latest one I've had for 16 years. I've never had over 10-12 employees so we've always been small. This is by choice and necessity because there is VERY little support from groups like the SBA and I've chosen to build our business on profits, not loans or venture funding.

    Because we are an s-corp. building on profits means often times paying higher taxes at year end because we didn't spend all our profits and we get taxed on them personally rather we take the money out as stockholders or not. That means a potential huge tax increase for us and many others. Most non-business owners DO NOT understand this. Many medical doctors, lawyers, CPAs and other small businesses may have similar tax burdens.

    I see Obama as a threat to my business. I am actually making contingency plans for the first time in 16 years - expecting I may have to change dramatically to survive all the new "changes" and taxes he and the Democrats are proposing. I am expecting more and more people to take their money "off the table" if Obama wins - and that is scary because so much of our economy depends on that money. Please THINK before you vote for Obama - it may mean the end of many small businesses in America - at least as you know it.