The Corner

Poor Little Rich Girls

Tim Fay, a former small-business owner and eloquent critic of race- and gender-based preferences, notes that the current Small Business Administration certification form for EDWOSBs — that’s “economically disadvantaged women-owned small businesses,” for those of you lucky enough not to know — states that an owner-applicant can have quite a bit of money and still be eligible:

(xviii) The economically disadvantaged woman upon whom eligibility is based has read the SBA’s regulations defining economic disadvantage and can demonstrate that her personal net worth is less than $750,000, excluding her ownership interest in the concern and her equity interest in her primary personal residence. . . .

(xx) The adjusted gross income of the woman claiming economic disadvantage averaged over the three years preceding the certification does not exceed $350,000.

(xxi) The adjusted gross income of the woman claiming economic disadvantage averaged over the three years preceding the certification exceeds $350,000; however, the woman can show that this income level was unusual and not likely to occur in the future, that losses commensurate with and directly related to the earnings were suffered, or that the income is not indicative of lack of economic disadvantage.

(xxii) The fair market value of all the assets (including her primary residence and the value of the business concern but excluding funds invested in an Individual Retirement Account or other official retirement account that are unavailable until retirement age without a significant penalty) of the woman claiming economic disadvantage does not exceed $6 million.

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