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
Foundation Laid for Obama Stimulus PackagePresident-elect Barack Obama had his aides develop a plan to quickly pump money into the economy, create millions of jobs and deliver a tax cut to the poor and middle class. They came up with a two-year economic rescue is expected to cost about $500 billion.
Small Business Health Care Woes U.S. senators are proposing legislative fixes for high health insurance costs.
Economics and Labor Issues
Entrepreneurs Who Kept Coming Back [Read Full Article]