They say a picture is worth a thousand words. The pictures above (or at least the checks in them) are worth SO much more.
The checks are the first GSP refunds for The Cannon Group, a small business in Westerville, Ohio that imports plastic bags for newspapers from Sri Lanka. For nearly 2 years while GSP was expired, the company had to pay higher taxes on every shipment.
Now that money is coming back – one check for each shipment – and is being put to good use.
The Cannon Group plans to add one full-time employee in September and is looking to add at least one new salesperson in the next 6 months. The refunds also saved the job of another employee that would’ve gone away due to the loss of other business. For this Ohio small business, at least 3 net jobs are tied to GSP renewal and refunds.
These moves shouldn’t come as a surprise. President Frank Cannon said nearly a year ago:
“With a loss of $700,000 to our bottom line we cannot afford to hire any new staff. If Congress renews GSP retroactively, we would definitely hire more staff.”
Ways and Means Trade Subcommittee Chairman Pat Tiberi (R-OH) cited the company, based in the district, when introducing the legislation back in April. At the time, Mr. Tiberi said GSP renewal would help companies like The Cannon Group grow their businesses and “ultimately create jobs.”
And he was right. In addition to The Cannon Group, companies like Thompson Traders, Kona Bicycle, and Primetac all are benefiting immediately from GSP renewal.
What steps are you taking now that GSP has been renewed? We want to hear from you!