The Biden Administrations’ American Jobs Plan is an important step forward for small businesses, providing a clear bold plan of action by the Biden-Harris Administration to invest in America and create a level playing field for the backbone of our economy, America’s small businesses.
As Main Street entrepreneurs continue to recover from the economic fallout of the COVID-19 pandemic, the American Jobs Plan will create access to capital for millions of struggling small businesses, providing $100 billion in low-interest business loans, by funding nonprofit lending programs in disadvantaged areas. This combined with bold infrastructure investments will stimulate local economies and benefit small businesses that provide goods and services such as supplies, support, contractors, and more.
Additionally, Small Business for America’s Future supports the Biden-Harris Administration proposal to adjust the corporate tax rate. Since the passage of the Tax Cuts and Jobs Act (TCJA) in 2017, we have strongly advocated against the former Administration’s pandering to larger business under the guise of economic growth and job creation. By adjusting the corporate tax rate to 28% – still far lower than the rate before the TCJA – the American Jobs Plan corrects the massive and unfair 40% tax cut that law gifted wealthy corporations and right sizes the corporate tax structure. This ensures small businesses aren’t carrying the burden of the tax code and corporations pay their fair share.
By providing the support they need to grow after COVID-19 and leveling the playing field on corporate taxes, the American Jobs Plan will help small businesses strengthen the long-term competitiveness of our economy.
We applaud President Biden’s proposal and urge the House and Senate to pass all legislation needed to implement his plan.