Today, Small Business Majority submitted remarks to the House Committee on Finance during the Virginia Regular Session support SB 1146, which would provide up to $50,000 in deductions related to the Rebuild Virginia Grants and up to $50,000 for forgiven PPP loans. SB 1146 would create parity in how PPP funds are treated at both the federal and state level and would allow small businesses not to incur more debt during the pandemic.
Small Business Majority submitted a comment today on the State Small Business Credit Initiative (SSBCI) ahead of a House Committee on Financial Services subcommittee hearing about the program. SSBCI was a critical resource to strengthen state programs that support financing for small businesses across the country.
Today, small business owner Sandra Leibowitz submitted a letter of support to the House of Delegates, which would establish a state-run paid leave program in Virginia. Paid leave programs allow small business owners the ability to attract and retain employees without the hassle of managing the nuances of offering these benefits.
Today, Tierra Henderson submitted written testimony to the House Committee on Labor and Commerce in support of HB 2332, which would establish a reinsurance program in Virginia. For Tierra, and other self-employed individuals, reinsurance programs help stabilize costs in the individual marketplace. HB 2332 is an important step forward for small businesses.
Today, Small Business Majority submitted a letter of support for HB 2174, which would establish an automatic enrollment payroll deduction individual retirement account (IRA) retirement savings program in Virginia. This would be an important step to support small business owners and their employees who are unable to access traditional retirement benefits.
On January 21, CEO John Arensmeyer submitted a letter of support for the nomination of Isabel Guzman to head the Small Business Administration (SBA) to leaders of the Senate Committee on Small Business & Entrepreneurship.
Small Business Majority submitted written testimony during Virginia's General Session in support of HB 1787, which would establish an state income tax exclusion for Paycheck Protection Program (PPP) borrowers. Small Business Majority called on the House Committee on Finance to support the legislation as it would help small buisnesses by creating parity in how PPP funds are treated at the federal and state level.
Today, Small Business Majority sent a letter of opposition to the Virginia Assembly opposing SB 1341, association health plans. These plans would have negative impacts on the marketplace- and consequently on small businesses that already struggle with healthcare costs. Ensuring strong and robust individual and small group healthcare marketplaces is vitally important to Virginia's entrepreneurs because this is essential to keeping costs down for business owners and their employees.
Today, Small Business Majority submitted a letter regarding the Consumer Financial Protection Bureau's proposals under consideration for the implementation of Dodd Frank Section 1071. Successful implementation of Section 2071 would ameliorate the systemic barriers that women business owners and entrepreneurs of color face when attempting to access capital to start, grow and sustain their enterprises.
Small Business Majority has released its comprehensive state policy agenda to ensure entrepreneurship is at the center of a thriving and inclusive economy in Virginia during and after the COVID-19 pandemic. It’s critical that state lawmakers enact both short- and long-term policies to support and empower these entrepreneurs by guaranteeing that they have access to capital to maintain and pivot their business, affordable and quality healthcare and the tools and benefits they need to sustain themselves now and in the future.