This seems to always relate to "small business" and $250,000. What is "small business"? The definition seems to depend on the group being scammed. Conservatives want us to conjure an image of a hard working couple in their early 60s who have 4 employees and have been building this business for forty years. Nice image and a touching expression of Americana but do you really think this business produces a $250,000 profit?
A "small business" is defined by Wikipedia as: A small business is a business that is privately owned and operated, with a small number of employees and relatively low volume of sales. Small businesses are normally privately owned corporations, partnerships, or sole proprietorships. The legal definition of "small" varies by country and by industry. In the United States the Small Business Administration establishes small business size standards on an industry-by-industry basis, but generally specifies a small business as having fewer than 500 employees for manufacturing businesses and less than $7 million in annual receipts for most non-manufacturing businesses. (Pretty vague)
For SEC purposes, small businesses are defined as domestic companies with revenues of under $25 million, and not investment companies.
This is a business that has one to 50 employees.
An "S" type corporation.
The Small Business Administration defines it as: 500 or fewer employees for most manufacturing and mining industries (a few industries permit up to 750, 1000 or 1,500 employees)
100 or fewer employees for all wholesale trade industries
$6 million per year in sales receipts for most retail and service industries (with some exceptions)
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