“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 $7.5 million in annual receipts for most non-manufacturing businesses.[4][5] The definition can vary by circumstance—for example, a small business having fewer than 25 full-time equivalent employees with average annual wages below $50,000 qualifies for a tax credit under the health care reform bill Patient Protection and Affordable Care Act.[6]” https://en.wikipedia.org/wiki/Small_business#Size_definition...
A sub 500 person factory could easily be too large for this bill, on the other hand an ACA small business would be tiny by comparison.
Not sure about you, but my mom and pop definitely fall in that category.
Both Doordash and your mom and pop qualify (if your mom and pop decided to IPO).
There are a lot of issues with this newsletter, but this bit at the end stuck out. The 'loophole' is for companies with
- total annual gross revenues less than $1.07 billion and
- less than $1 billion in non-convertible debt in the past three years and
- not a “large accelerated filer,” as defined in Exchange Act Rule 12b-2
The newsletter is trying to make this sound like it was meant for mom-and-pop shops, but how on earth can you have revenues of more than $1.07 billion without being a "multibillion-dollar" company?
https://www.sec.gov/smallbusiness/goingpublic/EGC