Were you hoping the Build Back Better Plan would pass Congress so your small business could access important government funding? By all accounts, it seems the Biden administration’s funding plan has no path forward to be approved in Congress — at least not in its original form. So does that mean your business can’t get money to grow?
Build Back Better may be dead, but there are still a host of options out there for small business owners.
How Would Build Back Better Affect Small Business?
Build Back Better was a legislative framework proposed by President Joe Biden that would have affected a number of sectors of the economy from parents of young children to older Americans to — you guessed it — business owners. A Moody’s analysis showed that the plan could have added 1.5 million jobs per year on average over a 10-year period while boosting the nation’s GDP by nearly $3 trillion.
When it came to small businesses, there were a number of items included in the plan, such as:
- A $5 billion investment in U.S. Small Business Administration (SBA) programs, including $1.5 billion for a new direct loan program for businesses. This would have created more loans under $150,000 for business owners.
- A leveling of the playing field in regards to taxes with some 136 countries agreeing to a 15% global minimum tax to prevent companies from sending jobs abroad to reap large tax breaks.
- A reduction in healthcare costs and closing of the Medicare gap, ensuring greater stability for small business owners and their employees.
- And, paid leave meant to make small businesses more competitive.
After passing the House of Representatives, a Build Back Better bill stalled in the Senate.
So now what? Here’s where you can look to other forms of government funding for small businesses…
How Can I Get Support for My Small Business?
The failure of Build Back Better to pass may have shut down the options outlined above, but what it didn’t do was rescind existing government support for small businesses. And there is a lot of support still out there!
Among the support still available for small businesses
- Government loans — Loan opportunities vary from state government loans to programs like the US Small Business Association’s 7(a) guaranteed loan program, which offers a government’s guaranty to loans made by commercial lenders. These loans typically carry lower interest rates, which can give a small business a big leg up. Learn more about government loans and how to apply.
- Government grants — Government grants offer a big advantage for small business owners, since they don’t have to be paid back. There are opportunities out there for start-ups, businesses affected by the pandemic, and more. Find out how your small business can get grant money.
- Tax credits — Want to pay less in taxes? Of course you do! Tax credits for small businesses can decrease the amount you owe — or might even earn you a refund from the government.
Not quite sure where your small business can get the most help? Click here to schedule your free consultation with a member of the ClaimYourAid.com team to find out if your business qualifies for government grants, credits, or refunds.