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In concert with Thursday’s report, the administration is highlighting new steps it’s planning to take to remove barriers to entry for small business entrepreneurs and assist Americans in starting and maintaining small businesses.
To increase access to capital for small businesses, the administration is planning to offer more than $300 billion in loans and equity investments through 2030, expanding Small Business Administration financing programs and funding programs that strengthen ties to small lending banks.
The administration will also increase access to Federal Small Business Programs, investing $100 million in the SBA’s Community Navigator Program, doubling funding for the Minority Business Development Agency and providing an array of technical assistance to ensure that Americans seeking to start small businesses are able to access services available to them. On existing spending, the administration says it will leverage investments, including funding from the bipartisan infrastructure bill, to increase research and development to support small businesses.
To raise revenue, the White House is proposing a corporate income tax hike, raising rates to 28%, a 15% minimum tax on book income of large, highly profitable corporations and increased enforcement to address tax avoidance.
“By combating a pandemic, providing families with greater financial security, and delivering more than $450 billion in emergency relief to small businesses, the administration has helped create the conditions for this unprecedented business and job creation — unfortunately, Republicans in Congress have a different approach,” a senior administration official told reporters Wednesday.
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