HOW HAVE SMALL BUSINESSES FARED UNDER BIDEN?

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President Biden took office during the 2021 Covid headwind, and as a result, he has made significant legislation to address the needs and struggles of small businesses.

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Biden’s government implemented policies immediately, but how did these policies impact small businesses?

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Policies Introduced by the Biden Administration

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A $1.9 trillion stimulus package to provide financial support to individuals, families, and small businesses who suffered the most due to COVID-19.

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This plan dictates that $1.7 trillion will be spent till 2031 to improve infrastructure. It promises more jobs, but they come at a cost.

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A salient feature of this policy is that the $1.7 trillion figure will partially be funded by higher corporate taxes, raising them from 21% to 28%. The proposed tax reforms resulted in higher tax bills for small business owners, hindering their ability to invest and hire new employees.

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The Biden administration also proposed to increase the minimum wage from $7.25 to $15/hour in the Raise the Wage act.

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While the increased wages are only in effect in Washington, California, Connecticut, and Massachusetts, many states are expected to join this list by 2025. This act will help decrease poverty but also mean more labor costs for small business owners.

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HOW HAVE SMALL BUSINESSES FARED UNDER BIDEN?

President Biden took office during the 2021 Covid headwind, and as a result, he has made significant legislation to address the needs and struggles of small businesses.

Biden’s government implemented policies immediately, but how did these policies impact small businesses?

Policies Introduced by the Biden Administration

A $1.9 trillion stimulus package to provide financial support to individuals, families, and small businesses who suffered the most due to COVID-19.

American Rescue Plan Act

This plan dictates that $1.7 trillion will be spent till 2031 to improve infrastructure. It promises more jobs, but they come at a cost.

American Jobs Plan

A salient feature of this policy is that the $1.7 trillion figure will partially be funded by higher corporate taxes, raising them from 21% to 28%. The proposed tax reforms resulted in higher tax bills for small business owners, hindering their ability to invest and hire new employees.

The Biden administration also proposed to increase the minimum wage from $7.25 to $15/hour in the Raise the Wage act.

Raise the Wage Act

While the increased wages are only in effect in Washington, California, Connecticut, and Massachusetts, many states are expected to join this list by 2025. This act will help decrease poverty but also mean more labor costs for small business owners.

Swipe Up For The Rest of the Article

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