In a pivotal House Committee hearing on small business affairs, Chairman Roger Williams (R-TX) invited Small Business Administration (SBA) Administrator Kelly Loeffler to discuss President Trump’s proposed budget and its implications for small businesses across the nation. The session was aimed at unveiling how this budget could reinvigorate support for "Main Street America."
“It was an honor to have Administrator Loeffler testify in today’s hearing to shed light on how the President’s budget, the passage of the One Big, Beautiful Bill Act, and the goals of the Trump SBA will usher in the Golden Age of Main Street,” stated Williams. The committee is intent on aligning its efforts with the SBA’s mission to empower local businesses.
One key element of this discussion was the One Big, Beautiful Bill Act, which Administrator Loeffler emphasized as crucial for small businesses. “This bill is pro-growth, pro-small business, and pro-worker,” she said. The legislation intends to provide a 23 percent pass-through deduction and immediate expensing benefits, a move which could offer relief for many small business owners facing potential tax increases under previous policies.
Loeffler pointed to past mismanagement that burdened small businesses, highlighting that “$1.6 trillion in mandatory spending drove inflation that crushed small businesses.” In doing so, she expressed optimism that the legislation would not only ease financial burdens but also enhance security for small business environments plagued by crime. This aspect is pressing for business owners concerned about the safety of their operations.
Engaging with members of the committee, Loeffler highlighted the importance of local manufacturing, as exemplified by the Long Island-based technology company, Orbic. “Our loan volume in the 7(a) program for manufacturers is up 74 percent in President Trump’s first 100 days,” she noted, showcasing a commitment to fostering domestic production. The Small Business Administration aims to provide capital for innovation in essential technology sectors, which could be a significant boost for small manufacturers aiming to secure their supply chains and reduce reliance on foreign production.
While the proposed budget and accompanying legislation offer promising pathways for small businesses, some challenges remain. Representatives during the hearing voiced concerns over regulatory burdens encountered by small business owners, particularly during the recent administration. Rep. Stauber expressed that “more than 1,100 new regulations were added to the Federal Register” during the Biden Administration, costing small businesses an estimated $1.8 trillion in compliance.
In response, Loeffler assured committee members that the SBA is prioritizing small business advocacy in Washington by staffing the Office of Advocacy. “We’re going to ensure that small businesses have a regulatory watchdog in Washington,” she committed, aiming to facilitate a clearer pathway for small businesses to navigate existing rules.
Amidst this discussion, the overarching emphasis remained on the immediate and practical implications of the proposed budget for small business owners. Many are hopeful that the initiatives discussed will foster a more favorable environment for operations, competitiveness, and growth.
The One Big, Beautiful Bill Act stands as a beacon for many in the small business community, providing potential tax relief and immediate financial benefits. However, it is essential for small business owners to stay informed and engaged with ongoing legislative discussions. As the SBA moves forward with its plans, proactive participation in advocacy efforts may help leverage further improvements in regulations and support systems designed for small business sustainability.
For further details, you can watch the full hearing here or visit the original press release here.
Image Via Envato: AmnajKhetsamtip
