Even with lifeline federal relief, thousands of businesses closed permanently, and lost with them were the jobs they provided. A survey commissioned in by the Small Business Majority in November found that about 15% were facing permanent closure within three months.
Small Business News
The pandemic’s emergency loan program was a lifeline for millions of small businesses. For others, the loan amounts weren’t enough, if they arrived at all.
For centuries, small businesses owned by people of color have contributed to the fabric of this nation’s innovation and economic growth. Between 2007 and 2017, businesses owned by people of color grew 10 times faster than the overall growth rate for U.S. small businesses during the same period, and today entrepreneurs of color operate more than 8 million businesses.
Los líderes del Senado de la nación han programado una votación para hoy sobre el acuerdo de infraestructura bipartidista y el plan presupuestario de 3,5 billones, la iniciativa de inversión pública más grande desde el New Deal. Esta es la primera prueba importante para los planes al sortear las turbulentas aguas de un Congreso dividido y polarizado. El plan incluye inversiones en infraestructura, así como beneficios fiscales ampliados, cuidado infantil, atención médica, educación, cambio climático e inmigración.
“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.
The bill "will raise substantial much-needed money, eliminate burdensome complexity, and refocus the [pass-through] tax deduction to where it's needed the most," said John Arensmeyer, founder and CEO of Small Business Majority.
John Arensmeyer, founder of the Small Business Majority, an advocacy organization, said approximately 60% of the total dollar benefit of the current deduction goes to the wealthiest 1.6% of pass-through businesses, such as hedge funds and real estate partnerships.
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.
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.
"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.