Biden will promote “small business boom” at a roundtable with small business owners at the White House 2022-04-28 04:04:38

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The 23-page report, shared with CNN on Wednesday, touts encouraging numbers about small business creation during 2021, including 5.4 million new businesses, with small businesses creating 1.9 million jobs in the first three quarters of 2021. President Joe Biden She will highlight the report’s findings at a roundtable with small business leaders at the White House on Thursday.

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.

The report criticizes a The proposed “saving America” ​​plan From Republican Senator Rick Scott of Florida, which estimates “tax increases for 49.7 percent of small business owners,” including 81.6 percent of small business owners who earn less than $50,000 annually. According to White House estimates, small business owners who experience a tax increase will see a median tax increase of $1,200 annually.

“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.

Scott pushed a package against accusations that his plan would raise taxes, telling CNN last month that his focus was on ensuring a “fair” tax law. Senate Republican Leader Mitch McConnell of Kentucky publicly blame Scott’s proposals.

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