SMALL BUSINESSES PROVIDE THE LIFEBLOOD OF A STRONG ECONOMY
Small businesses make up more than 99% of all employer firms, and yet far too many Washington politicians spend their time looking out for only the biggest and wealthiest corporations. I’m not beholden to those corporate special interests, and in Congress I’ll work to shift our priorities and fight for the small business owner and entrepreneurs whose hard work, dreams, and innovation make our economy thrive.
Expand Small Business Access to Capital
Many small businesses and entrepreneurs struggle to access the capital necessary to start and expand their businesses. Inadequate access to capital holds these business back and harms our economy. We should ease access to capital in a variety of ways, including by:
Encouraging crowdsourcing for small businesses to provide access to equity capital by assisting entrepreneurs to understand how new SEC regulations will provide opportunities for growth, and continuing to work to expand equity crowdfunding availability.
Expanding the availability of Small Business Administration (SBA) loans, and increasing the capital available to women and minorities who have a more difficult time getting financial support elsewhere.
Strengthening and expanding the community banking system, which currently provides more than half of small business lending.
Incentive providing loans under $50,000 so that smaller businesses can access the capital they need to expand.
Cut through the Red Tape
We need to make it easier for small businesses to spend more time operating their business and less time on compliance paperwork. That’s why I support increasing funding for Small Business Development Centers (and other programs) to make sure they are fully staffed with qualified personnel to assist entrepreneurs and small business owners create and grow their businesses. I support and will fight to keep America’s Small Business Tax Relief Act of 2015, which would raise the small business expensing level to $500,000, and allow small businesses to deduct up-front the cost of purchasing new equipment, software and property. Finally, I will support legislation designed to allow small businesses to temporarily defer a portion of their federal income tax liability so they can continue making new investments to grow.
Invest in Local Infrastructure and Improve Job Training Programs
Small businesses thrive in areas with strong local infrastructure and a stable supply of qualified employees. Communities throughout this District lack access to adequate high-speed broadband access, which makes it difficult for some local businesses to compete. I therefore support federal grant programs to expand high-speed internet and improve our local infrastructure, including by completing deferred maintenance on our roads, bridges, and other physical infrastructure We must also ensure that we have the most qualified employees possible by improving affordable access to community colleges and vocational training programs.
Expand ACA Tax Credits
I support the Small Business Tax Credit Accessibility Act, which is designed to help more small businesses qualify and utilize the ACA’s small business healthcare tax credit. Additionally, I support allowing healthcare tax equity for the self-employed so that freelancers can deduct their healthcare expenses from their FICA obligations and reduce their overall tax burden.
Raise the Federal Minimum Wage
No one should have to work two or more full-time jobs to make a living wage, so I support raising the national minimum wage to $15 per hour, which will help small businesses. Additionally, now that California has already passed a $15 minimum wage, increasing the national minimum wage will help our businesses stay competitive. Notwithstanding the misleading rhetoric to the contrary, raising the minimum wage will help our local businesses in numerous ways, including by increasing productivity and reducing turnover and training expenses. Moreover, increasing wages for the lowest earners means that consumers will have more money to spend, boosting the local economy overall.