Bipartisan Policy Center Offers Legislative Options for Small Business Growth

Like 119^th Congress begins and the new administration prepares for inauguration on January 20^tha new report from Goldman Sachs, 10,000 small business voicesand the Bipartisan Policy Center offers an actionable playbook to help grow the American economy by addressing the most pressing challenges facing our nation’s small businesses.

The Small Business Policy Book: Winning Strategies to Drive Economic Growthreleased today, offers 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 to their success and foster an environment to encourage investment in technology 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 FW Rogers, Executive Vice President of Goldman Sachs. “Small businesses are the backbone of the American economy and will help drive economic opportunity, growth and prosperity.”

To reinforce these recommendations, Goldman Sachs’ 10,000 small business voices is launching a football-themed ad campaign, rallying policymakers to “deliver a win for small business”. The ad, which can be viewed online, will appear on Connected TV (CTV) as part of a broader push to bring attention and support to 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 Book provides the 119th Congress and the incoming Trump administration with clear legislative recommendations for bipartisan policies they can adopt to empower small businesses to access capital, innovate and remain competitive in today’s evolving marketplace fast.

of Small Business Policy Book it does not stop at identifying obstacles in the field. It proposes actionable legislative solutions designed to empower small business ingenuity and drive economic momentum across the finish line, with recommendations in three core areas: workforce, cost of doing business, and innovation and opportunity.

“At a time when America is looking for common sense, bipartisan wins from Washington, lawmakers need look no further than Small Business Policy Book for strategies to help small businesses boost the American economy,” said Jessica Johnson-Cope, president and CEO of Johnson Security Bureau, Inc., a third-generation family-owned security services firm based in the Bronx. “This book provides a roadmap for how policymakers can support small business owners so we can thrive, grow and create jobs and opportunities in our communities.”

Recommendations include insights gathered directly from small business owners through extensive research. Key recommendations include:

Workforce: Compete for skilled workers

• Benefits for small business employees: Change the early retirement credit and improve the paid family leave tax credit to help small employers compete with larger corporations.
• Access to affordable childcare: 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 Small Business Administration (SBA) resource partners and workforce programs to offset the costs of training and skilled workers.

The cost of doing business: Removing financial barriers

• Access to capital: Expand small business investment companies and innovate technical assistance for microloans and fintech financing solutions.
• Tax policy: Restore full R&D spending and maintain successful small business tax incentives like Section 179 spending.
• Regulatory Relief: Appoint and confirm a Chief Counsel for the SBA’s Office of Advocacy to ensure that small businesses are not stymied by red tape.

Innovation and opportunity: Driving growth

• Investments in technology: Ensure that resource providers, such as SBDCs, are equipped to provide digitization and AI training and guidance.
• Federal contracts: Further increase small business procurement targets and strengthen outreach and technical assistance to prepare small businesses to compete for contracts.
• Production and Export: Expand access to capital for producers and improve investment opportunities in small producers through Small Business Investment Companies.

With Congress and the new administration eager to deliver on economic promises, Small Business Policy Book presents a unique opportunity for policymakers to protect small businesses – and, in turn, the economy at large. Small businesses are ready to come together and run the shows with Washington to secure a win for the American economy.