Government, Politics and the Economy Small Business Groups: Cut Payroll Taxes to Help Small Business A plan under consideration by the White House to redirect TARP money from the financial industry to the small-business sector is getting a lukewarm reception from small-business advocacy groups who say that a payroll tax break could bring faster relief to struggling entrepreneurs. WSJ.com CreditSights: CIT May Need as Much as $6 Billion to Avoid Bankruptcy CIT Group Inc., the troubled 101-year-old small business lender, may need as much as $6 billion to avoid bankruptcy after the government refused to give the firm another bailout. Bloomberg.com ... [Read Full Article]

Homeowners are not the only people having trouble with their loans. Many small businesses have also been hit and are now either facing default or foreclosure. According to the National Association for the Self-Employed, “These small business owners will be at-risk for “payment shock” and default as their monthly mortgage payments skyrocket during the “resets” that are scheduled to begin in 4th Quarter 2008 and continue through 2012,” said Prof. Samuel D. Bornstein of Bornstein & Song, CPAs and Consultants. “The resulting defaults will be the cause of the upcoming second “tsunami” wave of foreclosures that will dwarf the subprime crisis and will take many homeowners and small business owners.” So, why are small businesses having this trouble? Many of them are being squeezed from both sides. On the income side, with the recession in full swing, it is getting harder to get paid. According to a survey by Intuit, 22 million of the natio... [Read Full Article]

Politics and Government Bush Promotes Action Plan For Global Crisis President George W. Bush, fighting to get ahead of the growing global financial crisis, hopes to win more converts for an action plan designed to demonstrate that governments have the will and the means to halt the turmoil. Unions Sure Card Check Bill Will Pass The government-affairs director of the AFL-CIO said he is certain that organized labor's top priority—a law that would make it much easier for unions to organize businesses both large and small—will pass Congress and be signed by President Barack Obama. [Read Full Article]

Politics and Economics Obama Pledges to Act on Economy 'Immediately' After Taking Office President-elect Barack Obama vowed to confront the nation's economy crisis “immediately after” taking office in January. He also called upon Congress to pass additional economic stimulus legislation including help for small businesses and an extension of unemployment insurance. New Administration Could Change Small Business Landscape The shift in power with the Democrats in the White House and Congress could change a host of policies affecting small business, including taxes and workers' benefits. [Read Full Article]