FACT SHEET: The small business boom under the Biden-Harris administration
Thanks to the US bailout and the fair implementation of emergency relief programs, President Biden and Vice President Harris have fostered the strongest recovery on record for Main Street. In 2021, Americans asked to start 5.4 million new businesses, more than 20% more than any previous year on record.
The boom in new business creation has been particularly strong for entrepreneurs of color. In 2021, Hispanic Americans built new businesses at the fastest pace in over a decade and 23% faster than before the pandemic.
And, over three-quarters of 2021, small businesses with fewer than 50 employees added 1.9 million jobs, the fastest start to small business job growth on record.
This new White House report details America’s historic small business recovery and shows how the Biden-Harris program laid the foundation for this small business boom. By focusing on fighting the pandemic, providing Americans with greater financial security, and providing more than $450 billion in emergency relief for small businesses, the Biden-Harris administration has helped create the conditions of unprecedented business and job creation.
The Biden-Harris strategy to save and revitalize Main Street stands in stark contrast to Republicans’ latest tax plan in Congress. The Republican congressional proposal introduced by Sen. Rick Scott to impose a minimum tax on middle-class families would raise taxes on small businesses across the country. In addition to detailing the historic economic progress the Biden-Harris administration has made to date, the appendix includes a new state-by-state analysis of Congress’ Republican fiscal plan. Analysis shows that this tax plan would raise taxes for almost half of small business owners (6.1 million people), including 82% of small business owners earning less than $50,000 a year. Under Congressional Republicans’ plan, the typical small-business owner would see their taxes rise by nearly $1,200.
President Biden rejects Congressional Republicans’ plan to raise taxes on half of small business owners. Its four-pillar economic strategy for small business will reduce costs and level the playing field for families and small businesses. The plan focuses on:
1. Broaden access to capital,
2. Make landmark investments to help small businesses navigate available resources,
3. Leverage federal spending to support small businesses, and
4. Level the playing field for small business owners by reforming the tax code.
Read the full report here: https://www.whitehouse.gov/wp-content/uploads/2022/04/President-Biden-Small-Biz-Boom-full-report-2022.04.28.pdf