Latest / OneLegUpAlex Media / How 585 Small Businesses in America, 300 in New York Will Have One Leg Up Thanks To COVID Era Tax Credits 3-13-25

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How 585 Small Businesses in America, 300 in New York Will Have One Leg Up Thanks To COVID Era Tax Credits 3-13-25 · OneLegUpAlex Media

• 0:01
  Speaker 1: Here's your host, Alex darn all right, and welcome inside
• 0:10
  Speaker 1: to Alex Garrett's one Log Up Network. And I've been
• 0:13
  Speaker 1: wanting to talk about this story for a minute because
• 0:16
  Speaker 1: five years ago today we really started to see the
• 0:19
  Speaker 1: shutdown ramp up in the city. And boy, that week
• 0:24
  Speaker 1: is an essential employee. I'll never forget, uh. And the
• 0:28
  Speaker 1: fact that Saint Patrick's Day was shut down, never forget
• 0:31
  Speaker 1: that either. And I won't forget the fact that the
• 0:33
  Speaker 1: Saint John's Red Storm were in the exact twelve o'clock
• 0:36
  Speaker 1: game when they only played one half of that game
• 0:40
  Speaker 1: and and their season and game cut short, not even
• 0:46
  Speaker 1: able to play the second half of their Biggiest Tournament
• 0:49
  Speaker 1: first round game. And now five years later, the twelve
• 0:53
  Speaker 1: o'clock slot, they are back in action. Rick Pattino, Big
• 0:56
  Speaker 1: East Coach of the Year. So much healing going on
• 0:59
  Speaker 1: five years later, I feel like and this is part
• 1:02
  Speaker 1: of it. Nearly three hundred business owners small business owners,
• 1:06
  Speaker 1: according to Gothamist, are expecting a twenty million dollars in
• 1:12
  Speaker 1: COVID era funds that will be paid out by the
• 1:15
  Speaker 1: federal government after years of limbo. That's right, New York
• 1:19
  Speaker 1: small businesses are getting their own kind of small business
• 1:22
  Speaker 1: Saturday boost from the federal government five years later. And
• 1:27
  Speaker 1: that's so important to highlight in how we're helping New
• 1:30
  Speaker 1: York City have one leg up for small businesses, and
• 1:33
  Speaker 1: the federal government is as well. The twenty million going
• 1:36
  Speaker 1: to the New York businesses through the IRS is part
• 1:40
  Speaker 1: of fifty million dollars in employee retention credit refunds owed
• 1:45
  Speaker 1: to five hundred and eighty five small businesses across the country. Now,
• 1:50
  Speaker 1: the reason why this was delayed, they say in Gothamist,
• 1:53
  Speaker 1: is the result of rampant fraud from businesses seeking illegal payouts.
• 1:58
  Speaker 1: The IRS previously put out of moratorium on processing claims
• 2:02
  Speaker 1: so it can review the back law of applications. But
• 2:05
  Speaker 1: five years later, there is healing for five hundred and
• 2:09
  Speaker 1: eighty five small businesses, including including three hundred right in
• 2:18
  Speaker 1: this New York state. And that's very exciting because I
• 2:24
  Speaker 1: feel like these small businesses need that boost. They need
• 2:27
  Speaker 1: that shot in the arm as much as some would
• 2:30
  Speaker 1: argue the vaccine. They need this shot in the arm
• 2:32
  Speaker 1: to keep their businesses going. And you got a credit.
• 2:35
  Speaker 1: Dan Goleman, a representative who he and other federal leaders
• 2:39
  Speaker 1: pressure the government to make good on its debt, and
• 2:42
  Speaker 1: now here we go, thanks to Goldman and others, five
• 2:47
  Speaker 1: hundred and eighty five small businesses and three hundred right
• 2:52
  Speaker 1: here in New York State are getting there rightfully owed
• 2:58
  Speaker 1: money back. And that is so important to keep these
• 3:02
  Speaker 1: businesses going, to keep these businesses thriving, I would say.
• 3:06
  Speaker 1: And Goldman then said that there was understaffing and underfunding
• 3:11
  Speaker 1: within the IRS. The IRS is now dispersing tens of
• 3:14
  Speaker 1: millions of long overdue funds thanks to hundreds of New
• 3:19
  Speaker 1: York small businesses. Senator Schumer send the statement will keep
• 3:22
  Speaker 1: pushing for the IRS to swiftly resolve the backlog. So
• 3:25
  Speaker 1: it's very exciting. And by the way, Senator Schumer, I
• 3:28
  Speaker 1: think it's wise if you don't play politics with this
• 3:32
  Speaker 1: stopgap funding bill. We had Dane Christensen on yesterday to
• 3:37
  Speaker 1: talk about this. We need that funding for even the
• 3:41
  Speaker 1: federal government workers. I mean, remember there was such an
• 3:44
  Speaker 1: outcry about federal employees being fired. Now they too, who
• 3:49
  Speaker 1: are still employed by the government, have to wait till
• 3:51
  Speaker 1: twelve minute to see if a deal is done, and
• 3:54
  Speaker 1: the Senate Minority leader holding it in the balance for politics,
• 3:59
  Speaker 1: Come on, Senator, your office was so nice to us
• 4:02
  Speaker 1: and the Digestive Disease Coalition when we met with them
• 4:06
  Speaker 1: in the offices last week, and they assured us they
• 4:10
  Speaker 1: would look into this funding. They would look into the
• 4:13
  Speaker 1: bills that we've been talking about. So do the right thing,
• 4:16
  Speaker 1: get your members on board and have them pass this
• 4:19
  Speaker 1: stopgap to make sure the federal employees who you are
• 4:23
  Speaker 1: fighting to keep their jobs, by the way, do keep
• 4:26
  Speaker 1: their jobs and they're not shut down. And in turn,
• 4:29
  Speaker 1: you would also make good on your promises to help
• 4:32
  Speaker 1: out the disabled community as well. So I'm very proud
• 4:38
  Speaker 1: of the small businesses that have continued through COVID and beyond.
• 4:42
  Speaker 1: I'm very proud that they're now survived to see these
• 4:46
  Speaker 1: payouts finally happened for them and the five hundred and
• 4:50
  Speaker 1: eighty five small businesses across the country. You've made it.
• 4:54
  Speaker 1: You've made it through the pandemic, You've made it into
• 4:57
  Speaker 1: this year enough to see this funding. And that's a
• 5:03
  Speaker 1: credit to you and your fortitude. And yeah, Noah con
• 5:07
  Speaker 1: says that northern attitude if you're in New York and
• 5:10
  Speaker 1: the Northeast, because a lot of small businesses did have
• 5:13
  Speaker 1: to buckle under during COVID could not match up with
• 5:16
  Speaker 1: the Starbucks in the corporate world, which I found pretty
• 5:20
  Speaker 1: ashamed that that was the talking point in the blame
• 5:23
  Speaker 1: when they should have been helping the small business during COVID.
• 5:27
  Speaker 1: Well there's the help now finally five years later, and
• 5:32
  Speaker 1: the lockdowns were not due to underfunding of the IRS
• 5:36
  Speaker 1: and all that. No, they were due to government policies,
• 5:39
  Speaker 1: and I truly got sick of by the summer of
• 5:42
  Speaker 1: twenty twenty. I thought, with fresh air with summer, let
• 5:47
  Speaker 1: us out know that the lock the tight the screws
• 5:50
  Speaker 1: got tightened. Actually as we went along, that's where the
• 5:55
  Speaker 1: problem was. Yes, there was a lot of fraud, and
• 5:59
  Speaker 1: many people got billions of dollars in COVID relief under
• 6:03
  Speaker 1: frauduling causes. I just thought that they needed to be
• 6:10
  Speaker 1: allowed to stay open for the better of the country.
• 6:15
  Speaker 1: And that wasn't an IRS problem. That was a blue state,
• 6:18
  Speaker 1: blue city issue. And it took a while for New
• 6:23
  Speaker 1: York City to recover. But another report from Gotham it
• 6:26
  Speaker 1: says we are back to pre pandemic levels as far
• 6:29
  Speaker 1: as population now, I don't know of all four hundred
• 6:32
  Speaker 1: and twenty thousand people that left the state and city
• 6:36
  Speaker 1: came back, but it's going to see that there are
• 6:39
  Speaker 1: some meters coming back to pre pandemic levels. That is
• 6:46
  Speaker 1: refreshing to hear as much as the fact that there
• 6:49
  Speaker 1: are five hundred and eighty five small businesses that will
• 6:51
  Speaker 1: be getting the money they were rightfully owed during the
• 6:54
  Speaker 1: pandemic for the employer attention credits. And maybe I should
• 6:59
  Speaker 1: make get a project here on the one Up network
• 7:02
  Speaker 1: to sift through the five hundred eighty five and see
• 7:05
  Speaker 1: how they survived and give us an intake on how
• 7:07
  Speaker 1: they had one leg up in the pandemic to make
• 7:10
  Speaker 1: it to this point where they can see money coming back.
• 7:14
  Speaker 1: Now that's a story I want to know about and
• 7:16
  Speaker 1: hear about, don't you. The resilience, the fortitude, the persistence
• 7:24
  Speaker 1: even in the face of a pandemic to keep going.
• 7:31
  Speaker 1: Congratulations to five hundred and eighty five, five hundred and
• 7:34
  Speaker 1: eighty five small businesses, and I can't wait to see
• 7:46
  Speaker 1: what these businesses can do to grow their company uninhibited
• 7:51
  Speaker 1: five years later. That just excite you as well. If
• 7:55
  Speaker 1: you support the Small Business Commuit, which I don't know
• 8:00
  Speaker 1: why you wouldn't. I really don't know why you wouldn't.
• 8:08
  Speaker 1: So we'll follow this story and we'll get folks like
• 8:13
  Speaker 1: Adara Epstein, who runs a childcare senner, and Michael Seckler,
• 8:18
  Speaker 1: who had just works a small business adviser group in
• 8:21
  Speaker 1: New York City. May we'll get them on to talk
• 8:23
  Speaker 1: about this and how important it is that these small
• 8:26
  Speaker 1: businesses get the money they're owed. Now five years later
• 8:33
  Speaker 1: reporting on this was Julia Hayward and a forgothamist, and
• 8:38
  Speaker 1: I'm glad she wrote about this because someone needs to
• 8:41
  Speaker 1: highlight that the small businesses that persisted and kept going
• 8:48
  Speaker 1: or getting rewarded. And it's a life lesson you keep
• 8:52
  Speaker 1: going and keep being persistent, if you keep growing even
• 8:55
  Speaker 1: through adversity, even through a pandemic, you too can get
• 8:59
  Speaker 1: your reward and have one leg up in life and
• 9:02
  Speaker 1: in business, just like these five hundred and eighty five
• 9:05
  Speaker 1: small businesses that are here today to tell their story
• 9:09
  Speaker 1: of how they pushed through and survived long enough to
• 9:13
  Speaker 1: see what was the number again? Let me get it
• 9:16
  Speaker 1: right for you here, because I really do want to
• 9:19
  Speaker 1: get that right for you. Twenty million to New York businesses,
• 9:29
  Speaker 1: part of fifty million, and according to some, there are
• 9:33
  Speaker 1: still ninety million dollars stuck in limbo. So let's get
• 9:36
  Speaker 1: that release too, and I'll do what I can here
• 9:42
  Speaker 1: on the one network to get all the money back
• 9:44
  Speaker 1: to the rightful hands and the rightful owners of these
• 9:47
  Speaker 1: small businesses. Happy March Madness, Happy Big East Tournament, Go Johnny's,
• 9:58
  Speaker 1: and let's write the wrongs of twenty twenty five years
• 10:03
  Speaker 1: later here on the Will Long Up Network