National

Today, Small Business Majority and more than 50 small business organizations sent a letter to Congressional leaders underscoring the importance to preserve the $10 billion allocated to the State Small Business Credit Initiative program. As representatives of small businesses around the country, our organizations know firsthand that access to capital can determine the success of any small business and that is why we rise to show our support for preserving a program that is instrumental in helping small business owners access much-needed capital.

On April 6, Small Business Majority submitted a letter to congressional leaders opposing pay-fors for the Bipartisan COVID Supplemental Appropriations Act. The Act rescinds dollars from key programs, including $900 million from the Economic Injury Disaster Loan Advance and nearly $2 billion from the State Small Business Credit Initiative. Rescinding these dollars undercuts the trajectory of the small buisness ecosystem during a time when small business owners are still struggling to keep their doors open. 

On March 16, LaJuanna Russell, founder and president of Business Management Associates, Inc. (BMA) and the Chair of the Board of Directors and a member of the Small Business Council for Small Business Majority, testified before the U.S. Select House Committee on Economic Disparity and Fairness in Growth about the critical role of entrepreneurship as a pathway to long-term financial stability and growth for Americans, as well as to discuss barriers to starting and sustaining small businesses.

In a letter submitted to Chairwoman of the House Committee on Financial Services, Maxine Waters, and Ranking Member Patrick McHenry, Founder and CEO John Arensmeyer urged members to markup H.R. 6054, the Small Business Lending Disclosure Act of 2021 in its current form and pass it out of committee immediately. The bill would protect entrepreneurs from predatory lenders that offer unfair terms and conditions. Additionally, the measure would extend safeguards already required in consumer lending, through the Truth in Lending Act, to small business borrowers. 

Last year, the American Rescue Plan provided billions of dollars to state governments to support their communities. After a year, these governments still have an opportunity to support their local small business ecosystem. We offer updated recommendations for strategic investments that can have a transformative impact on the long-term sustainability of a small business ecosystem. 

On February 16, LaJuanna Russell, founder and president of Business Management Associates, Inc. (BMA) and the Chair of the Board of Directors and a member of the Small Business Council for Small Business Majority, testified before the U.S. House Committee on the Budget on a proposal to eliminate the U.S. debt limit, which would help mitigate financial risks and uncertainty for businesses of all sizes. 

Today, John Arensmeyer submitted comments on the notice of proposed rulemaking (NPRM) issued by the Treasury Department’s Financial Crimes Enforcement Network (FinCEN), titled “Beneficial Ownership Information Reporting Requirements” (RIN 1506-AB49), regarding the implementation of the recently enacted Corporate Transparency Act of 2020 (CTA). An anti-money laundering measure, the CTA requires FinCEN to establish a secure database to which U.S. companies submit basic identifying information of their true, “beneficial” owners.

Today, Small Business Majority along with 13 local, state, and national organizations, sent a letter to President Joe Biden, Senate Majority Leader Charles Schumer, and West Virginia Senator Joe Manchin urging the leaders to reignite negotiations surrounding the Build Back Better package. The Build Back Better package provisions include access to affordable healthcare, childcare, paid family and medical leave, and leveling the playing field on taxes, which would benefit the small business ecosystem.