November 19, 2021
Today the U.S. House passed the reconciliation bill that addresses many needs of small businesses. The bill, also referred to as Build Back Better, now goes to the U.S. Senate for consideration.
Below is a statement by Frank Knapp Jr., President and CEO of the South Carolina Small Business Chamber of Commerce, co-chair of Small Business for America’s Future and Board member of the American Sustainable Council.
The House reconciliation bill passed today will provide benefits to small businesses that the South Carolina Small Business Chamber of Commerce supports:
Puts money on Main Street—The bill continues the child tax credits that putting monthly checks of up to $300 per child in the hands of working American’s. That money is spent in local communities and increases consumer demand for the goods and services of small businesses.
Addresses the labor shortage—The most significant category of workers who have not fully returned to the job market are women with children principally because of the cost of childcare. This bill provides for a child-care tax credit that will enable mothers to again re-enter the workforce to the enormous benefit of small businesses. Additionally, universal pre-K for 3-and 4-year-old children will also enable more female workers for small businesses to meet growing customer demand.
Promoted entrepreneurship in underserved communities—The bill provides for the US Small Business Administration to make small, direct loans to entrepreneurs who cannot access capital from traditional financial lenders. This is particularly vital to grow the economies of our rural and underserved communities.
Makes health insurance more affordable—The bill caps the cost of many prescription drugs. It also provides for continuation of recent Administration actions that have opened the door to small business owners to receive premium assistance for individual health insurance policies through the federal Marketplace. It also continues the enhanced premium assistance to all American’s who purchase a health insurance plan through the Marketplace.
Makes small businesses more competitive with big business—The bill provides for family and medical leave for workers, which most small businesses cannot offer due to cost. This will make these small businesses more competitive with big business when recruiting and retaining workers.
Addresses sea level rise caused by climate change—The bill promotes alternative energy and reduces the cost of electric vehicles to reduce carbon emissions that drive rising seas that threaten small business coastal tourism.
Protects our coast from offshore oil drilling—The bill would permanently protect the Atlantic Coast from offshore oil exploration and drilling, both of which would harm our small business coastal economy. Drilling for oil would also be banned in the Pacific and Easter Gulf of Mexico.
Pays for itself—The bill establishes a minimum 15% tax rate for big corporations, many of whom are highly profitable but using accounting practices to pay no income tax. This will level the playing field for small businesses that are paying their fair share. The bill also raises taxes on the extremely wealthy and protects most Americans from any tax increases. Additional revenue will come from enforcement of current tax law to address tax cheating by the wealthy.