Question

Identify ethical issues that arise in domestic and global business environments using an understanding of ethical concepts and of legal and business principles

Case Scenario:

The outbreak of the COVID-19 pandemic required Americans to shelter in place thus causing the U.S. economy to freeze-up, resulting in millions of lost jobs. The U.S. Congress passed legislation to try and limit the economic damage. Included in the legislation was a stimulus package that would give $1,200 to single tax filers making $75,000 or less and $2,400 to married couples making $150,000 or less. The purpose of the payment was to give people emergency funds and to stimulate the economy. Also included was the CARES Act that provided the Paycheck Protection Program (PPP). The PPP was a program administered by the Small Business Administration that was targeted at small business. It provided for a government loan that was forgivable if used to pay employees’ salaries and benefits, mortgages, rent, and utilities. According to the SBA website, "[t]he Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.”

Answer 1

Abstract

Fundamental ethical issues in business include promoting conduct based on integrity and that engenders trust, but more complex issues include accommodating diversity, empathetic decision-making, and compliance and governance consistent with a company's core values.

Ethical Issues that arise in domestic and global business environments:

The Business ethics concepts was began in 1960s as most of the businesses or corporates became more aware of a rapidly rising consumer based society that indicates the concerns related to the environment, social issues, and corporate responsibilty which leads to guaranteeing the public fair and equal treatment.

Ethics is the fundamental for an impartial internal atmosphere in an organization. Ethics indicate what is right/good and what is wrong/bad in business and also relates to the employees, employer and business managements with moral values.

Business ethics primarily focus on the following:

1. Appropriate business policies and practicies which includes corporate governance, bribery, discrimination, insider trading, corporate social responsibility, and fiduciary responsibilities.

2. Business ethics also ensures that a certain standard level of trust exists between customers and different types of business formats.

Principles of Business Ethics:

Integrity is the most important factor in business, if businesses act with integrity, ethical behavior is just progression.

Follwing are the main ethical qualities.

1. Honesty

2. Respect

3. Personal responsibility

4. Compassion

5. Dependability.

These qualities are further integrated into the six pillars such as Trustworthiness, Respect, Responsibility, Fairness, caring, Citizenship.

Paycheck Protection Program is specifically meant for small business to provide the financial support, but the large business and employee with higher income have intentionally excluded from this policy which is not fair.

As per the above question it is very beneficial policy to  small business. It provided for a government loan that was forgivable if used to pay employees’ salaries and benefits, mortgages, rent, and utilities.

Authories from PPP Policy keep an eye on the funds flow and streamlined the unethical approches in a systematic manner to justify the consumer.

Also these policy holders of PPP Model have  earned their members trust by providing convinient banking and competitively priced insurance, and a comprehensive suit of investment products through their strategic providers.