Policy Statements

On July 18, Small Business Majority submitted a statement for the record in response to a U.S. House Committee on Financial Services hearing titled “Dodd-Frank Turns 15: Lessons Learned and the Road Ahead.” The statement outlines the existing financing gaps that disproportionately impact women- and minority-owned businesses and how the implementation of Section 1071, which requires banks to collect and report data on small business loan applicants to the CFPB, would address these disparities by increasing transparency in the small business lending market. 

On July 16, Small Business Majority sent a letter to the U.S. Senate Committee on Health, Education, Labor, and Pensions (HELP) in opposition to the Association Health Plans Act (S. 1847), which would destabilize small business health insurance markets by broadening access to Association Health Plans (AHPs) for small businesses and entrepreneurs. The expansion of AHPs, which are not subject to many Affordable Care Act (ACA) regulations, would result in higher premium costs for small group markets and leave small business owners and employees with inadequate coverage.

On July 2, Small Business Majority submitted comments in response to the Consumer Financial Protection Bureau’s (CFPB) interim final rule to further extend compliance dates set forth in the small business lending data collection rule required under Section 1071 of the Dodd-Frank Act. Under the interim final rule, the collection of critical small business lending data by financial institutions will be further delayed until July 1, 2026.

On June 12, Small Business Majority and the Small Business Tax Reform Coalition sent a letter to the U.S. Senate, signed by nearly 200 small business owners from across the country, urging Congress to pass legislation similar to the Mom and Pop Tax Relief Act (H.R. 3249). The bill would replace the existing 20% passthrough deduction under Section 199A with a simplified deduction of up to $25,000. The letter highlights how H.R.