Why Kevin O’Leary Is Concerned About Your Small Business
Public companies have been forced to lay off employees due to declining revenue. However, experts believe that the impact on small businesses is the real challenge.
Kevin O’Leary, the popular Shark Tank host, expressed his concerns for small businesses in an interview on Fox Business.
Why Is Kevin O’Leary Worried About Your Small Business?
According to O’Leary, small businesses with five to 500 employees are under tremendous pressure and are the backbone of the economy.
Issues Concerning Small Businesses
O’Leary believes that small businesses have not received the same level of support from the Biden-Harris administration as large corporations have through government programs like The Inflation Reduction Act.
The Federal Reserve’s rate hikes to combat inflation have made it more expensive for small businesses to borrow money, impacting their operations.
Regional bank failures have led to increased regulations, making it difficult for small businesses to borrow money and leaving them concerned about keeping funds in bank accounts.
O’Leary emphasized that small businesses account for 60% of the country’s jobs but have received the least support.
Funding Allocated to Major Companies
O’Leary highlighted the funding options available to major corporations, such as the Chips and Sciences Act and The Inflation Reduction Act. He expressed concern that these funds primarily benefit companies that employ individuals outside the country, rather than supporting local businesses and the domestic economy.
How Would Kevin O’Leary Help Your Business?
Support Proposed Legislation
O’Leary expressed his support for the Depositor Protection Act of 2023, introduced by Senator Bill Hagerty. The act aims to protect commercial deposits of up to $100 million in non-interest-bearing accounts for two years.
Extension Of The Employee Retention Credit
O’Leary believes that small businesses should continue to benefit from the Employee Retention Credit, a refundable tax credit designed to support companies affected by the pandemic.
O’Leary argues that the government should prioritize support for struggling small businesses in the country rather than directing significant funding to global companies.
O’Leary is concerned about the lack of government support for small businesses, which make up a significant portion of the economy. Small business owners have felt the pressure of increased interest rates and inflation. Hopefully, the government will consider O’Leary’s suggestions to address these challenges.
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This article originally appeared on GOBankingRates.com: Why Kevin O’Leary Is Worried About Your Business — and How He Would Help It
Read More of this Story at finance.yahoo.com – 2024-01-13 16:00:39
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