As the 119th Congress begins, Goldman Sachs, in partnership with the Bipartisan Policy Center, has released a new report. This report aims to tackle the challenges that small businesses face and offers practical solutions to boost the U.S. economy.
The report, titled The Small Business Policy Playbook: Winning Strategies to Drive Economic Growth, outlines strategies designed to support small businesses. It emphasizes creating a fair environment for these businesses to thrive, compete for workers, and access innovative technologies.
John F.W. Rogers, Executive Vice President of Goldman Sachs, highlighted the importance of this initiative, stating that small businesses are vital for economic growth and job creation.
To promote these recommendations, Goldman Sachs is launching a football-themed campaign encouraging lawmakers to take action for small businesses. A related advertisement will be available online and on Connected TV, aiming to draw attention to the needs of small businesses in Washington.
Margret Spellings, President and CEO of the Bipartisan Policy Center, noted that both Republicans and Democrats recognize the need for a strong small business sector to drive economic growth. The playbook offers clear recommendations for bipartisan policies that can help small businesses succeed.
This playbook addresses three key areas: workforce, cost of doing business, and innovation. Here are some main recommendations:
Workforce: Competing for Qualified Workers
- Employee Benefits: Revise retirement startup credits and enhance paid family leave tax credits.
- Affordable Child Care: Update child care tax credits to support working parents.
- Skills Training: Foster partnerships for training to upskill workers.
Cost of Doing Business: Removing Financial Barriers
- Access to Capital: Expand options for small business investment and financing.
- Tax Policy: Support full R&D expensing and maintain small business tax incentives.
- Regulatory Relief: Appoint a Chief Counsel for the SBA to reduce red tape.
Innovation and Opportunity: Sparking Growth
- Technology Investment: Provide training on digital tools and AI for small businesses.
- Federal Contracts: Increase procurement goals for small businesses.
- Manufacturing and Exports: Enhance capital access for small manufacturers.
As Congress works to fulfill economic commitments, the Small Business Policy Playbook represents a crucial opportunity. By advocating for small businesses, lawmakers can contribute to a stronger economy. Small businesses are eager to collaborate with Washington to achieve common goals.
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Accounting,Small Business
