WHEREAS it is fitting that the recurring anniversary of this date [November 11] should be commemorated with thanksgiving and prayer and exercises designed to perpetuate peace through good will and mutual understanding between nations. Congress, 1926
November 11 is Veterans Day; it’s a federal holiday. It’s also a day on which we can recognize that Veterans make great entrepreneurs and great employees. To honor veterans, support their businesses. If you own a business, consider hiring veterans. Here are some reasons why.
Veteran-owned businesses
SCORE reported there were 1,713,151 veteran-owned businesses in the U.S., generating $1 trillion in revenue. The Chartbook on Veteran-owned Firms from the Federal Reserve based on the annual survey of small businesses found most were profitable and the majority (63% for majority veteran ownership and 60% for partial veteran ownership) expected profits to increase. What this says to me is that veteran-owned businesses are solid.
Some of the most famous brands in the U.S. exist thanks to their founders who were veterans. Just to name a few:
- Esurance’s Chuck Wallace
- FedEx’s Frederick Smith
- Go Daddy’s Bob Parsons
- Nike’s Phil Knight
- Walmart’s Sam Walton
Veterans make good employees
There are many compelling reasons to hire vets:
- They have good characteristics:
- Skills
- Reliability
- Discipline
- Resourcefulness
- Leadership
- You may get a tax break. The work opportunity credit allows you to claim a credit for hiring certain veterans. There’s no limit on the number of vets for whom you can take the credit. The credit is set to expire at the end of 2025, unless Congress extends it. For now, the maximum tax credit per vet is:
- $2,400 for a qualified veteran certified as being either (a) a member of a family receiving SNAP assistance (food stamps) for at least a 3-month period during the 15-month period ending on the hiring date, or (b) unemployed for a period or periods totaling at least 4 weeks (whether or not consecutive) but less than 6 months in the 1-year period ending on the hiring date.
- $4,800 for a qualified veteran certified as being entitled to compensation for a service-connected disability and hired not more than 1 year after being discharged or released from active duty in the U.S. Armed Forces.
- $5,600 for a qualified veteran certified as being unemployed for a period or periods totaling at least 6 months (whether or not consecutive) in the 1-year period ending on the hiring date.
- $9,600 for a qualified veteran certified as being entitled to compensation for a service-connected disability, and unemployed for a period or periods totaling at least 6 months (whether or not consecutive), in the 1-year period ending on the hiring date.
Final thought
“Honoring the sacrifices many have made for our country in the name of freedom and democracy is the very foundation of Veterans Day.” — Charles B. Rangel
To all veterans…Thank you for your service.
More blogs have been published about Veterans Day, see this list here.
