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S. 1222, The Empowerment Zone, Renewal Community and Enterprise Community Enhancement Act of 2009 (3 comments ↓)
S. 1222 would amend the Internal Revenue Code of 1986 to extend and expand the benefits for business operating in empowerment zones, enterprise communities, or renewal communities.
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Prof. Samuel D. Bornstein
November 14, 2009, 2:06pm (report abuse)Pres. Obama announced a "Forum on Jobs and Economic Growth" in December,2009.
The EZ/RC/EC Enhancement Act of 2009 provides a unique opportunity for job retention and job creation. I believe that my research may be of interest to help prevent further deterioration in the job market, especially since the Toxic Mortgages held by Small Business owners are beginning to reset. This may lead to financial distress, foreclosures, and job loss.. Job retention is as important as job creation.
My research discovered a Link between the Mortgage Crisis--- and Small Business Owners.
My research found that small business owners often took out mortgages on their homes to get cash for their newly created or existing businesses, but the main problem was that they used toxic mortgages.
Samuel D. Bornstein
Professor, Kean University, School of Business, Union, NJ
Partner, Bornstein & Song, CPAs & Consultants, Oakhurst, NJ
Tel: (732) 493 - 4799
Cell:(908) 433 - 6744
FAX:(732) 493 - 3399
Prof. Samuel D. Bornstein
November 14, 2009, 2:07pm (report abuse)The Link between Unemployment and Foreclosures is clearly evident. There is a Self-Perpetuating Cycle:
Rising unemployment leads to higher rates of mortgage defaults and forelcosures.
Concurrently, small businesses with Toxic Mortgages which are resetting in 2009-2012 will also precipitate job loss and foreclosures. As the toxic mortgages reset in 2009 through 2012 and spark the 2nd Tsunami Wave of Foreclosures, small business owners will suffer financial distress, ----lose their homes to foreclosure, ---and precipitate employee unemployment ---which will lead to more foreclosures !!!.
pete donald
November 14, 2009, 4:01pm (report abuse)empowerment zone has been completely ineffective in oklahoma city. an extension is not warranted.