Bipartisan lawmakers introduced a new $908B Stimulus Package on Tuesday morning. $288B of it was earmarked for small business aid and the PPP Loan Program.
The Senate Majority Leader shot it down by mid-afternoon. The bill would have offered smaller firms a second round of Paycheck Protection Program Funding in addition to simplified forgiveness on loans under $150K.
This veto sends lawmakers back to the negotiating table. The overall feeling is that Congress must first focus on funding the national government before another Federal Government shutdown occurs on December 11th.
Additional concerns surrounded the ever-changing forgiveness guidance coming out of the SBA and IRS. Congressional members voiced their concerns over business owners who may not want another round of PPP Loan Funding, because they still don’t know how to get forgiveness on the first.
I guess most entrepreneurs don’t have the luxury of receiving my column.
Again, it doesn’t look like anything of substance will happen before the new president is sworn into office in January. Hopefully, at that point, our government will get back to the business of business.
Let me leave you with this.
I keep seeing bright lights at the end of the tunnel. I continue to see entrepreneurs doing what we do best.
To my retailers who now have an online presence…Congratulations.
To my entertainers who now do Zoom parties…Congratulations.
To my restaurateurs who now have heated outdoor patios…Congratulations.
To my contractors who are having the best year of their lives…Congratulations.
To all my brothers and sisters who have had the presence of mind to get past the drama and on with their lives…Congratulations.
I’m sure by now you can tell that I’m the entrepreneur who will tell you to man up and grow a pair when things get bad. In the past thirty years, I’ve taken my businesses through wars, bad economies, and every malady known to man. One thing is certain.
To the victors go the spoils.
It’s going to take time for the economy to turn around. Many businesses have been shut down for too long in order for them to recover. Many of the long-term unemployed will stay unemployed for the foreseeable future. Many customers are so worked into a frenzy over all of this that they will continue to be afraid to even leave their homes.
Don’t kid yourselves. Things will come back. They may not come back the way they were, but they will return in one way or another.
Downtown Chicago will certainly change. Younger entrepreneurs will certainly try to maintain the current status quo with employees working from home so that they can save money on office space and utilities. Sooner or later they will probably realize that you can’t build a team without a clubhouse.
They will also realize that it’s hard to maintain profits and loyalty if you don’t have efficiency and quality. How are you ever going to have efficiency and quality without a team?
It will all come back, but it will take time. To the victors go the spoils.
Accounting Solutions Ltd. stands ready to complete our mission and purpose of protecting you, your family, and your business. If there is anything you need, whether you are a current client or not, you have but to ask. I’m here and I remain,
Accounting Solutions Ltd.
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