“Senator Wyden’s proposal will raise billions to support much needed infrastructure programs and eliminate vexing complexity in the tax code, while lowering taxes on a key segment of business owners,” said John Arensmeyer, Founder and CEO of Small Business Majority. “Reducing complexity and increasing deductions will re-focus this tax benefit for many small business owners that need this the most, rather than a tiny percentage of the very wealthiest business owners who have access to an army of lawyers and accountants to help them take advantage of deductions and loopholes.
Small Business News
Let’s support a bipartisan infrastructure plan that’s vital to Virginia’s economic recovery and small businesses. Almost every Virginian has felt the frustration dealing with disinvestment in infrastructure. We know what it feels like to down potholed roads, or navigate poor transit and rail networks. Small businesses have a unique perspective on these frustrations: If customers have a harder time getting to your business or finding your business online, they're quick to move on.
"Small businesses downtown were uniquely impacted by the pandemic because office buildings were closed, no one was visiting family-run lunch places or corner stores—and who knows if and when those office workers will return to pre-pandemic capacity.” Mark Herbert, Vice President of Strategic Initiatives, Small Business Majority.
Leaders of the US Senate have scheduled a vote today on the bipartisan infrastructure deal and the 3.5 trillion budget blueprint, the largest public initiative since the New Deal. This is the first major test for the plans as they navigate the troubled waters of a divided and polarized Congress. The plan includes investments in infrastructure, as well as expanded tax benefits, child care, health care, education, climate change and immigration.
“As today’s hearing emphasized, small businesses, particularly diverse-led businesses, need policies that will help ensure an equitable and resilient recovery from COVID-19,” said Bianca Blomquist, Senior Policy and Engagement Manager, Small Business Majority.
“While we recognize the political difficulties in enacting major legislation, the cost of inaction is too great to be measured,” the groups including the Small Business Majority, AFL-CIO and National Alliance of Healthcare Purchaser Coalitions wrote.
“This makes them more vulnerable to loss compared to large businesses that have backup resources that other facilities or locations [have],” said Xiomara Peña with the non-profit Small Business Majority.
U.S. Senator Susan Collins joined Senators Tammy Duckworth (D-IL), Tim Scott (R-SC), and Ben Cardin (D-MD) in introducing bipartisan legislation to help increase support for female entrepreneurs and women-owned businesses.
The legislation is supported by the Women Veterans Business Coalition (WVBC), Small Business Majority, Center for American Entrepreneurship, Women Construction Owners and Executives (WCOEUSA), National Association of Women Business Owners (NAWBO), GovEvolve, and HUBZone Contractors National Council.
Small businesses are the backbone of Colorado’s economy, employing over 1 million people and making up 99% of all businesses. This community of entrepreneurs leads in innovation and job creation, and throughout the pandemic, they’ve had to quickly adapt to keep their businesses afloat.
Applying to the program was also only part of the problem: Of the small businesses that did, many didn’t receive the funding they requested. A Small Business Majority survey in February 2021 found that 75 percent of white business owners received the full amount they asked for, while 51 percent of business owners of color did.
“There were a lot of flaws in the way programs were developed that excluded businesses,” says Brian Pifer, a policy expert for Small Business Majority. “If people had connections or lawyers or accountants, they were at the front of the line.”