![]() ![]() Not only is the framework paid for, it is done so by helping level the playing field in the tax code. ![]() #Synergy one lending bbb codeThree quarters of small business owners have said the tax code favors large corporations over small businesses and that small businesses are harmed when large businesses or corporations use loopholes to avoid paying taxes. Finally, the BBB framework provides $224.8 million for the SBA's Community Advantage Loan program, a pilot program for underserved businesses, $190 million for a growth accelerator grant program, and $100 million for a five-year pilot program for loans without personal or entity guarantees to cooperatives and employee-owned organizations. It also includes $950 million to renew and continue the SBA's 7(a) loan fee waivers and $850 million for "uplift incubators,” where nonprofits or economic development organizations can apply for grants to support underserved startup and small businesses. Velázquez in testimony to the House Rules Committee. This investment in SBA’s direct lending program will fill those gaps in our lending market and ensure underrepresented entrepreneurs have the capital they need to launch and grow their businesses,” said House Small Business Committee Chairwoman Nydia M. “Lending reports have shown that 7(a) loans under $150,000 have decreased by almost 53 percent over the past five years. The package allocates nearly $1.5 billion for a new direct loan program at SBA to make direct loans of up to $150,000 (for contractors and manufacturers, the limit is $1 million). Small Business Administration (SBA) programs that support recovery and provide long-term solutions. The BBB framework will make a $5 billion investment in U.S. There is much more to do in this area, but these steps will provide greater stability for many small business owners and their employees. The package also closes the Medicaid coverage gap, which could help 4 million uninsured people obtain coverage. In addition to the first ever movement to allow the government to negotiate prescription drug costs (limited, but a very big deal), the BBB framework meets this need by reducing premiums for more than 9 million Americans who buy insurance through the Affordable Care Act Marketplace by an average of $600 per person per year. Steps to Reduce Healthcare Cost and Expand Coverage In the same SBAF survey, lowering health insurance and prescription drug costs was the most cited policy priority for small business owners, with 73% saying it was important to their business. Most importantly, this package directly lifts up small businesses and thus communities across the country. A Small Business for America’s Future (SBAF) survey of more than 1,000 small business owners found that 74% believe it is important that lawmakers continue bolstering the economy by supporting policies like the infrastructure and care economy investments. Not only will this help small businesses, many say this is what they want. A Moody’s Analytics report estimates that it will add 1.5 million jobs per year on average across the decade and boost GDP by nearly $3 trillion. If passed, the investments made by the BBB framework will support small businesses, enable more Americans to join and remain in the labor force, and grow our economy from the bottom and middle. While this legislation excludes some provisions advocates have fought hard for, there is no doubt this bill still marks a transformational opportunity for American business, workers, and our country. Following weeks of negotiations with many Members of Congress and President Joe Biden, the House of Representatives kickstarted the process for debating and passing the bill based on the recently announced framework for the BBB budget reconciliation package. With the historic passage of the Bipartisan Infrastructure Bill this past Friday, Congress now turns its attention to the sweeping social infrastructure package known as the Build Back Better (BBB) Act. ![]()
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