Statement by Frank Knapp, Jr., co-chair of Small Business for America’s Future and CEO of the South Carolina Small Business of Chamber
Washington, D.C., Nov. 7, 2020—Joe Biden has been democratically elected the next president of the United States and we need to swiftly bring an end to this hard-fought race, implement the will of the people and begin the hard work of helping small businesses survive and rebuild from the pandemic.
We cannot allow illegitimate challenges to the election drag on for months and create yet another crisis that destabilizes the country and our economy. In a recent survey, 66% of small business owners worried about election integrity say an unclear result would have negative consequences for the economy. Fortunately we have clarity. Biden won fair and square and it’s time for President Trump to concede so the country can move on to addressing the critical issues at hand.
It is time for President-elect Joe Biden and Vice President-elect Kamala Harris to get to work and we encourage them to begin laying the groundwork for policies that will help small businesses survive the pandemic and thrive in the future. We also encourage our current Congressional lawmakers to absorb the message voters sent in electing Biden: they want leaders to take the pandemic seriously, listen to science and stop with the political theater. Do not wait until after the inauguration to pass legislation that will help small business weather Covid-19. Get it done now. Small businesses cannot wait any longer.
A recent Small Business for America’s Future survey found 34% of small business owners say they will not survive past the end of the year without further financial relief, 28% have considered closing their business permanently due to Covid-19 and 19% are facing the possibility of declaring bankruptcy.
That is a desperate state of affairs for the 30 million small business owners in this country who employ nearly half of all American workers. We need a healthy small business sector to have a strong economic recovery. To get there we need a national plan to control the virus and additional federal relief targeting Main Street.
The Trump Administration’s bungled handling of the Paycheck Protection Program, politicization of mask wearing and inability to provide further financial relief to Main Street has been disastrous for America’s small business owners and their employees. We hope a change in White House leadership is the reset needed to manage the pandemic and get the help our small businesses need to survive and recover.
In addition to Covid-19 relief, we urge the Biden Administration to take on other important small business issues including:
- Correcting market failures that have resulted in unbearably high healthcare costs and create affordable options for entrepreneurs and their employees. Seventy-one percent of small business owners surveyed say lowering healthcare costs is their top concern–so much so that every solution tested, from government-provided healthcare to market-based solutions, found support.
- Common-sense tax policies that put small businesses on a level playing field with large corporations and correcting the failures of the 2017 Tax Cuts and Jobs Act.
- Creating programs that promote the economic security of small businesses by addressing universal small business problems that make them less competitive with big business. Access to capital in particular was a top concern for small business owners.
In a March survey, 81% of small business owners said they did not think our leaders in Washington, D.C. understood what small businesses need. We sincerely hope new leaders in Washington will make small business a priority and do what’s necessary to ensure our Main Street small businesses survive, recover and thrive.
About Small Business for America’s Future
Small Business for America’s Future (formerly Businesses for Responsible Tax Reform) is a coalition of small business owners and leaders nationwide working to provide small businesses a voice at every level of government. We’re committed to ensuring policymakers prioritize Main Street by advancing a just and equitable economic framework that works for small business owners, their employees and their communities. Visit www.smallbusinessforamericasfuture.org. Follow us on Twitter and Facebook. #SmallBizAF