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Today marks the 100th day of President Joe Biden’s Administration. His first 100 days are unique because he entered office during this country’s worst economic crisis since the Great Depression, due to the global Covid-19 pandemic. Fortunately, recent studies by Intuit and the U.S. Chamber of Commerce show that a majority of business owners are optimistic about the future. Small businesses are the backbone of the nation’s economy. They account for almost half of the country’s economic activity and employ more than half of all Americans. When Main Street is robust, so is our economy.
One of the keys to recovering is a fully reopened Main Street and the Administration has taken many steps -- both big and small -- towards making that happen. Here are three areas where the Administration has made progress.
1. Access to Cash and Vaccines: When you run a small business, cash is king and getting our economy going again will depend on the
quick deployment of vaccines. The Biden-Harris Administration has taken steps in both areas. To help small businesses survive the pandemic, the Administration has made changes to the Paycheck Protection Program (PPP)
so that the distribution is more equitable, and increased Economic Injury Disaster Loans (EIDL) maximum loan amounts to $500,000 from the previous cap imposed of $150,000. President Biden has also emphasized the criticality of Covid-19 vaccines in opening the economy and has
asked small business owners to be leaders in this area and is supporting them by offering a
paid leave tax credit for employees receiving the vaccine. Recognizing the healthcare challenges millions of Americans are facing, he has opened a special enrollment period for the marketplaces using
healthcare.gov so business owners and their employees can have access.
2. Supporting Small Business Recovery Through Policy and Legislation: The Biden-Harris Administration has passed and is developing additional legislative packages to support small businesses in recovering from the pandemic. The first was the American Rescue Plan, which was signed into the law on March 11. This legislation supports small businesses in a number of ways, including $15 billion in flexible disaster program grants for the most vulnerable businesses, $28.6 billion for a Restaurant Revitalization Fund grant program, $16.2 billion for a Shuttered Venue Operators Grant program, and over $7 billion for additional PPP loans. The bill also establishes a Community Navigator Pilot program to help small businesses access the Small Business Administration’s (SBA) programs and resources. Moody’s Analytics
estimates that the plan would create 7.5 million jobs in 2021 and return the economy to full employment a year faster than if no action is taken. The Administration opened the
Shuttered Venue Operators Grant program on Monday and will launch the
Restaurant Revitalization Fund this Friday.
3. Giving a Voice to Small Business:
Perhaps most importantly, President Biden is making sure Main Street has a voice at the table.
I recently
interviewed Isabella Casillas Guzman, the new SBA Administrator, who noted, “I’m also committed to making sure that the SBA meets our small businesses—and the diversity they represent—where they are.” Throughout this process, the Administration has been taking steps to better understand small business owners and their voices. The White House has been hosting sessions on the American Rescue Plan, vaccines, and the paid leave tax credit. U.S. Treasury Secretary Janet Yellen
hosted a small business roundtable early in her tenure and both the President and Vice President have
made visits to Main Street businesses in person to hear from them and make announcements. If small businesses continue to have this type of dialogue, the Biden presidency has the potential to build a truly stronger and more equitable Main Street.
This progress seems promising. Just this week, the President announced several milestones in our path to recovery from Covid-19. While all of this is good news and warmer weather is here for much of the country, we can’t take our foot off the gas pedal of progress. Our next legislative priority must be a robust infrastructure package. Congress is currently considering the American Jobs Plan, which will help small businesses in a
number of ways, including increasing federal contracting opportunities and expanding access to capital. Just yesterday, in his address to Congress, the President laid out all of this and the
new American Families Plan. While details are still to be worked out and Congress continues to negotiate on these important economic recovery vehicles, we must keep our eye on the prize that this sort of large investment is important for small business, consumers, and our economy.
Small businesses have always been the engine that has helped us recover from our economic challenges. For Main Street to support our country’s recovery from Covid-19, we need to ensure that they are given the tools and resources to enable their ability to bounce back quickly and ensure a better America. The American Jobs and Families plans can help us do that.
Let’s build off President Biden’s productive first 100 days. Let’s get vaccine shots in arms, as well as continue to invest in our people, small businesses, and communities to truly create a country where everyone who works hard -- regardless of where they come from -- can once again achieve our great American dream.
This piece originally appeared in Forbes on April 29, 2021. You can view it online here.
Rhett Buttle is the founder of Public Private Strategies, Executive Director of the Small Business Roundtable, Founder of the NextGen Chamber of Commerce, a Senior Fellow at The Aspen Institute, and a contributor for Forbes.
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