Currently the federal Truth in Lending Act (TILA) requires that consumer creditors disclose critical financing information, including annual percentage rate (APR), in a clear and comparable format. However, Congress has yet to extend these disclosure requirements to small business loans and other credit products, which means small businesses are vulnerable to irresponsible lenders. As small businesses recover from the pandemic, it should go without saying that transparent lending shouldn’t be up for debate.
A paid family and medical leave program in Georgia would allow small business owners and their employees to contribute to an insurance pool that would help provide access to paid leave when employees need time to care for their families. At the same time, it would help small businesses compete with larger employers that can afford to offer paid family and medical leave on their own. What’s more, these programs find strong support among the small business community. We urge lawmakers to move forward and pass a paid family and medical leave program in 2023.
A proposed bill, HF2, seeks to level the playing field for small businesses in the hiring market and boost the Minnesota small business community. If enacted, HF2 would provide up to 12 weeks of medical leave and 12 weeks of family leave with partial wage replacement. Through a grant program, this bill will help offset the costs of hiring replacement workers or paying overtime when a worker goes on leave. Join us in encouraging Minnesota legislators to consider the benefits of establishing a state paid family and medical leave program.
In Maine, more than 150,000 small businesses operate and hire more than half of the state’s total workforce. One way to boost Maine’s small business community is by creating a state-administered paid family and medical leave program. A recent legislative commission recommended a proposal that would provide up to 16 weeks of family and medical leave with partial wage replacement. The program would be financed through a 1% payroll tax split between employers and employees, making it easier and more affordable for employers to implement this benefit.
Small Business Majority maintains a story bank that chronicles the personal experiences of small business owners across the United States. In today’s world, entrepreneurs like you often make tough decisions affecting their bottom line, and we want to hear about them. We are committed to ensuring your voice is heard by policymakers on some of the most important issues affecting small businesses so we can advocate on your behalf.