As the 119th Congress kicks off and the new administration prepares for the inauguration on January 20th, a new report from Goldman Sachs, 10,000 Small Businesses Voices, and the Bipartisan Policy Center offers an actionable playbook to help grow the U.S. economy by tackling the most pressing challenges faced by our nation’s small businesses.
The Small Business Policy Playbook: Winning Strategies to Drive Economic Growth, released today, provides a policy strategy to unleash legislative efforts to level the playing field for small businesses by giving them the tools to compete for workers, cut red tape, remove barriers that stall their success, and foster an environment to drive tech investment and innovation.
“We are proud to partner with the Bipartisan Policy Center to provide lawmakers on both sides of the aisle with actionable policy solutions to help level the playing field for small businesses,” said John F.W. Rogers, Executive Vice President of Goldman Sachs. “Small businesses are the backbone of the American economy and will help fuel economic opportunity, growth and prosperity.”
To amplify these recommendations, Goldman Sachs’ 10,000 Small Businesses Voices is launching a football-themed advertising campaign rallying policymakers to “score a win for small businesses.” The ad, which can be viewed online, will run on Connected TV (CTV) as part of a broader push to drive attention and support for small businesses in Washington.
“Republicans and Democrats agree that meaningful economic growth requires a thriving small business sector,” said Margret Spellings, President and CEO of the Bipartisan Policy Center. “The Small Business Policy Playbook offers the 119th Congress and the incoming Trump Administration clear legislative recommendations for bipartisan policies that they can enact to empower small businesses to access capital, innovate, and remain competitive in today’s rapidly evolving marketplace.”
The Small Business Policy Playbook doesn’t stop at identifying the hurdles on the field. It proposes actionable legislative solutions designed to empower small business ingenuity and drive economic momentum towards the goal line, with recommendations in three crucial areas: workforce, cost of doing business, and innovation and opportunity.
“In a time in which America is looking for commonsense, bipartisan wins from Washington, lawmakers should look no further than to the Small Business Policy Playbook for strategies to help small businesses lift up the American economy,” said Jessica Johnson-Cope, president and principal of Johnson Security Bureau, Inc., a third-generation family-owned security services firm based in the Bronx. “This playbook provides a roadmap for how policymakers can support small business owners so we can thrive, grow, and create jobs and opportunities in our communities.”
The recommendations incorporate insights gathered directly from small business owners through extensive research. Key recommendations include:
Workforce: Competing for Qualified Workers
- Benefits for Employees of Small Business: Amend the retirement startup credit and enhance the paid family leave tax credit to help small employers compete with larger corporations.
- Access to Affordable Child Care: Update child care tax credits and strengthen programs to expand the child care labor market in support of working parents.
- Skills Training: Encourage partnerships between the Small Business Administration (SBA) resource partners and workforce programs to offset training costs and upskill workers.
Cost of Doing Business: Removing Financial Barriers
- Access to Capital: Expand Small Business Investment Companies and revamp technical assistance for microloans and fintech financing solutions.
- Tax Policy: Reinstate full R&D expensing and maintain successful small business tax incentives such as Section 179 expensing.
- Regulatory Relief: Appoint and confirm a Chief Counsel for the SBA’s Office of Advocacy to ensure small businesses aren’t being held back by red tape.
Innovation and Opportunity: Sparking Growth
- Technology Investment: Ensure resource providers, such as SBDCs, are equipped to offer training and guidance on digitalization and AI.
- Federal Contracts: Further increase small business procurement goals and bolster outreach and technical assistance to prepare small businesses to compete for contracts.
- Manufacturing and Exports: Expand access to capital for manufacturers and improve investment opportunities in small manufacturers through Small Business Investment Companies.
With Congress and the new administration eager to deliver on economic promises, the Small Business Policy Playbook presents a unique opportunity for policymakers to champion small businesses—and, in turn, the economy at large. Small businesses are ready to team up and run the plays with Washington to secure a win for the American economy.
Thanks for reading CPA Practice Advisor!
Subscribe Already registered? Log In
Need more information? Read the FAQs
Tags: Legislation, Small Business
