The Biden Administration has released a report touting a “small business boom” and presenting a four-pillar economic strategy for small businesses as the country is recovering from the economic slowdown caused by the pandemic.
The 23-page report, released by the White House, touts encouraging figures on small business creation in 2021.
Last year, Americans had applied to start 5.4 million new businesses — more than 20 percent higher than any previous year on record.
The boom in new business creation has been particularly strong for entrepreneurs of color. In 2021, Hispanic Americans started new businesses at the fastest rate in more than a decade and 23 percent faster than pre-pandemic levels.
And, in the first three-quarters of 2021, small businesses with fewer than 50 employees created 1.9 million jobs, the fastest start to small business job growth in any year on record.
By focusing on combatting the pandemic, providing Americans with greater financial security, and delivering more than $450 billion in emergency relief to small businesses, the Biden-Harris Administration has helped create the conditions for unprecedented business and job creation, the new White House report claims.
The report also criticizes the latest tax plan from Republicans in Congress.
The Republican proposal put forward by Senator Rick Scott to impose a minimum tax on middle-class families would increase taxes on small businesses across the country, according to the Biden administration.
A state-by-state analysis of the Republican tax plan finds that it would raise taxes on nearly half of small business owners, or 6.1 million people.
The White House says President Joe Biden’s four-pillar economic strategy for small businesses will lower costs and level the playing field for families and small businesses.
The plan is focused on expanding access to capital, making historic investments in helping small businesses navigate available resources, leveraging federal spending to support small businesses, and leveling the playing field for small business owners by reforming the tax code.
Biden will discuss the findings of the report in a roundtable with small business leaders at the White House at 2 PM ET on Thursday.
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