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In coordination with Thursday’s report, the administration is highlighting new steps it plans to take to remove barriers to entry for small business entrepreneurs and help Americans start and maintain small businesses.
To increase access to capital for small businesses, the administration plans to provide more than $300 billion in loans and capital investments through 2030, and expand Small Business Administration’s funding programs and financing programs that strengthen relationships with small lending banks.
The administration will also increase access to federal small business programs, invest $100 million in the SBA’s Community Navigator Program, double funding for the Minority Business Development Agency and provide a suite of technical assistance to ensure Americans seeking to start small businesses are able to access the services available. for them. On current spending, the administration says it will boost investments, including funding from the bipartisan infrastructure bill, to increase research and development to support small businesses.
To increase revenue, the White House is proposing to increase the corporate income tax, raise rates to 28%, the 15% minimum written income tax for large, highly profitable corporations and increase enforcement to tackle tax evasion.
“By fighting the pandemic, providing greater financial security for families, and providing more than $450 billion in emergency relief to small businesses, the administration has helped create the conditions for this unprecedented business and job creation — unfortunately, congressional Republicans are taking a different approach,” the official said. A senior administration official told reporters on Wednesday.
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