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(The New York Times)   When they promised small business loans, they weren't kidding   (nytimes.com) divider line
    More: Fail, Household income in the United States, Sole proprietorship, Loan, Business, Debt, Small business, Business terms, Corporate tax  
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1226 clicks; posted to Business » on 11 Jan 2021 at 6:20 PM (22 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



14 Comments     (+0 »)
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2021-01-11 6:41:38 PM  
Don't be a Small Business Owner.  Problem solved.  Be part of the the great machine.  Join the collective.  Become one with the hive mind.  Obviously the government wants large businesses.  They gave PPP loans in the millions to sports teams, including the lakers.  They gave some small business loans in the $1 range.  It is obvious what the government wants.  The government has nukes, so there is no way to fight.  If you cannot fight, you must be supplicant to your conqourers.  You must join the machine and become one with the mega corp / government.
 
2021-01-11 6:44:28 PM  
Oh that's what they meant.  Thought I was going to be able to borrow a small business for a week or so.
 
2021-01-11 6:46:46 PM  
Fark user imageView Full Size
 
2021-01-11 7:14:59 PM  
O I C.  Because one can sometimes deduct too much farking equipment for too much money, a small business with no employees other than the owner sometimes has taxable income of nearly zero (even though the owner actually made enough money to live on), and the rules used the amount of their taxable income as the base line for the amount of the loan, using that as their yearly payroll amount, with the maximum size of the loan being 2.5 months of payroll.  So, the woman who used all the tax tricks to reduce her company's taxable income to $458 could only get a loan of $95 (458/12*2.5).

Moral of the story: Small companies pay too little in Federal taxes.
 
2021-01-11 7:37:11 PM  
static01.nyt.comView Full Size

Jeanchaiyaphum, reconstructed as it once roamed the Earth during the frozen climates from the late Triassic Period until the end of the Cretaceous period
 
2021-01-11 7:45:37 PM  

Geotpf: O I C.  Because one can sometimes deduct too much farking equipment for too much money, a small business with no employees other than the owner sometimes has taxable income of nearly zero (even though the owner actually made enough money to live on), and the rules used the amount of their taxable income as the base line for the amount of the loan, using that as their yearly payroll amount, with the maximum size of the loan being 2.5 months of payroll.  So, the woman who used all the tax tricks to reduce her company's taxable income to $458 could only get a loan of $95 (458/12*2.5).

Moral of the story: Small companies pay too little in Federal taxes.


One assumes she paid personal income taxes on what she paid herself, minus some sneaky company car games and the like.
 
2021-01-11 8:37:15 PM  

Geotpf: O I C.  Because one can sometimes deduct too much farking equipment for too much money, a small business with no employees other than the owner sometimes has taxable income of nearly zero (even though the owner actually made enough money to live on), and the rules used the amount of their taxable income as the base line for the amount of the loan, using that as their yearly payroll amount, with the maximum size of the loan being 2.5 months of payroll.  So, the woman who used all the tax tricks to reduce her company's taxable income to $458 could only get a loan of $95 (458/12*2.5).

Moral of the story: Small companies pay too little in Federal taxes.


Yeah, this. I read about her taxable income of $458 and I was like "What were you expecting? A couple hundred thousand? Fark off."
 
2021-01-11 8:38:55 PM  

Geotpf: O I C.  Because one can sometimes deduct too much farking equipment for too much money, a small business with no employees other than the owner sometimes has taxable income of nearly zero (even though the owner actually made enough money to live on), and the rules used the amount of their taxable income as the base line for the amount of the loan, using that as their yearly payroll amount, with the maximum size of the loan being 2.5 months of payroll.  So, the woman who used all the tax tricks to reduce her company's taxable income to $458 could only get a loan of $95 (458/12*2.5).

Moral of the story: Small companies pay too little in Federal taxes.


Because small businesses do not have shareholders wondering where the net income is, its main goal isn't to generate a lot of EBITDA and have that lost to taxes. Small business owners find ways to reduce EBITDA so that what's taken as taxes is very little. That's usually done by buying lots of office equipment/furniture and then seeing them turn up at the owner's home the following year. Lots of dinner meetings as well.
 
2021-01-11 9:08:19 PM  
Small business owners avoiding taxes however possible... TAX CHEATS!

Huge corporations avoiding taxes however possible... SMART!

But here is $600 to help you out.
 
2021-01-11 10:33:47 PM  

Geotpf: O I C.  Because one can sometimes deduct too much farking equipment for too much money, a small business with no employees other than the owner sometimes has taxable income of nearly zero (even though the owner actually made enough money to live on), and the rules used the amount of their taxable income as the base line for the amount of the loan, using that as their yearly payroll amount, with the maximum size of the loan being 2.5 months of payroll.  So, the woman who used all the tax tricks to reduce her company's taxable income to $458 could only get a loan of $95 (458/12*2.5).

Moral of the story: Small companies pay too little in Federal taxes.


This most likely.
Many small business owners don't know how to properly add up all costs and charge the real cost of services to their clients so the write offs are used to offset revenue, not profits.
So when it comes to getting a loan, their numbers look farked. Because they are.
 
2021-01-12 12:36:05 AM  
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The staffers were told to divert 99% of the funds to the donor class.
The staffers were told to approve 99% of all applications.
Metrics achieved, bonus check allocated to staffers who realized what was going on and went with the program.
I fail to understand why anyone is surprised about this.
 
2021-01-12 1:44:21 AM  
I'd give her the business. The small business.
 
2021-01-12 2:45:13 AM  

cefm: Many small business owners don't know how to properly add up all costs and charge the real cost of services to their clients


This.
 
2021-01-12 9:04:57 AM  

recondite cetacean: I'd give her the business. The small business.


+1
 
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