It appears that Congress is finally making progress on the Build Back Better plan, which comes at a crucial time when many small businesses are still very uncertain about the future. Indeed, a recent Small Business Majority poll found that 38% of small businesses are reporting a decline in business conditions compared to the month before.
Small Business News
The holiday season is fast approaching and while we’re seeing a decline in coronavirus cases in Illinois, small businesses are still being hammered by supply chain disruptions, among other pandemic-related issues. Though it’s apparent that we may not be able to solve this problem before December comes around, key proposals in the pipeline such as the bipartisan infrastructure bill and the Build Back Better plan can address other challenges hurting entrepreneurs.
Small Business Majority is a national small business organization that empowers America’s diverse entrepreneurs to build a thriving and equitable economy. We engage our network of more than 85,000 small businesses and 1,500 business and other partner organizations to advocate for public policy solutions and deliver resources to entrepreneurs that promote equitable small business growth.
As a small business owner, I’m glad that elected leaders across the country are coming to an agreement this week to vote on the proposed Build Back Better plan that will provide long-term support for the small business ecosystem. The political infighting in Washington has left a lot to be desired, but I’m hoping this culminates with the passing of the Build Back Better plan and the bipartisan infrastructure package.
Congress has a once-in-a-generation opportunity to fix a disparity between large and small businesses by enacting the tax reforms currently proposed in the Build Back Better plan. Eighty-five percent of small businesses feel the tax code unfairly benefits large corporations over small businesses, while about two-thirds of small businesses support increasing taxes on corporations.
This week, Loren Feldman talks to John Arensmeyer, founder and CEO of Small Business Majority, an advocacy group for entrepreneurs about the seemingly endless negotiations in the senate over what could be the Biden administration’s most important piece of legislation. What’s in the bill that would help business owners? Is there anything that would hurt? Is there anything not in the current version that should be? And will this ever end?
Inflation and labor shortages have trickled down to small businesses, giving them another challenge to combat during the pandemic. The ability to pay rent has also threatened thousands of small businesses. A recent survey by Small Business Majority reported among U.S. small businesses who rent or own their business space, 78% are struggling with their rent.
Senate Finance Committee Chair Ron Wyden, D-Ore., today unveiled an updated version of the Billionaires Income Tax, which would ensure billionaires pay tax every year, just like working Americans. John Arensmeyer, Small Business Majority Founder & CEO: “Small businesses believe it's time for wealthy Americans to pay their fair share in taxes and stop benefiting from an unfair tax system that has disadvantaged entrepreneurs for decades…”
On this bonus episode brought to you from the Access To Capital Summit in Ft. Pierce Florida Xiomara joins Tom to talk about capital access and what Small Business Majority has been doing in their small business communities in California. Xiomara brought her expertise to the Treasure Coast and talked to a group of bankers and organizations that are all sharing the effort to make the Treasure Coast a better place for businesses to grow by gaining access to capital.
Entrepreneur, Dr. Cindy Banton, writes a letter in support of the Build Back Better plan, which includes vital investments for small business recovery.