House Passage of Build Back Better Plan Important Step for Small Business Recovery; Senate Must Now Pass this Plan Without Delay
Statement from John Arensmeyer, Founder & CEO of Small Business Majority, calling for the swift passage of key investments in the care economy needed to better position small businesses for a long-term recovery
"Today, the U.S. House of Representatives passed the Build Back Better plan, which includes robust investments in healthcare, childcare and paid family leave needed to ensure that small businesses are at the center of a thriving and equitable economy. We strongly urge the U.S. Senate to swiftly pass this plan and keep these key provisions in place to bolster our nation’s entrepreneurs and their employees.
Small business owners need and support the benefits included in the Build Back Better bill to give them the economic foundation to start and grow businesses and to promote a more resilient workforce. In particular, strengthening the Affordable Care Act (ACA) by reducing health insurance premiums for more than 9 million Americans who buy insurance through the ACA marketplace, the majority of whom own or work for a small business, is an essential step in their long-term recovery.
Additionally, the bill includes support for quality and affordable childcare that will greatly support small business childcare providers who are predominantly underpaid and overworked women and people of color. The lack of access to affordable childcare has become increasingly complex and a significant burden to working parents, impeding retaining a skilled small business workforce. What’s more, the legislation would invest in a national paid family leave program, support that is needed to promote a stronger workforce and ensure that small businesses that can’t afford robust benefits are able to compete with large corporations for talent.
While we are disappointed that the tax provisions have significantly changed from what was originally introduced, we are pleased that the bill retains the 15% minimum tax on corporate profits that large corporations report to shareholders, as well as setting a minimum tax rate of 15% on corporate offshore profits. Small businesses are strongly supportive of provisions that will help ensure wealthy corporations and individuals pay their fair share while addressing disparities for Main Street.
It’s important to note that while the bill makes substantial investments in healthcare, childcare, and paid family and medical leave, we are incredibly disappointed that the $25 billion allocated for small business-related assistance and programs in September was drastically reduced to only $5 billion. Funding for important U.S. Small Business Administration resources—such as a direct lending product, the Community Advantage Program, and the Office of Native American Affairs, among others—needed to spur entrepreneurship and address barriers in access to capital for under-resourced small businesses was significantly cut. We hope that these provisions are restored by the Senate or addressed in future legislation.
Our nation needs the robust investments included in this bill to create a thriving, equitable economy. The U.S. Senate must come together now to quickly adopt this plan and get these critical resources to America’s job creators, who have already been waiting far too long."
About Small Business Majority
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 community organizations to advocate for public policy solutions and deliver resources to entrepreneurs that promote equitable small business growth. Our deep connections with the small business community along with our scientific research enable us to educate the public about key issues impacting America’s entrepreneurs, with a special focus on advancing the smallest businesses and those facing systemic inequalities. Learn more about us on our website and follow us on Twitter, Facebook and Instagram.