Back when they were was campaigning for office, President Obama and Vice President Biden created a plan for small business (pdf). It outlined those areas they felt were most important in helping kickstart recovery for small businesses that had been hit hard by the economy. Some key components of the plan include:
- Lowering health care costs with a new small business health tax credit
- Providing zero capital gains and other tax relief for small businesses and startups
- Expanding loan programs for small business
Considering he’s been bombarded with a huge amount of critical issues, it’s amazing he’s been able to accomplish as much as he has.
- Healthcare has claimed a lot of press, and been discussed ad nauseum for over a year. A historic reform bill was passed just last week. I believe that in the long term this will be a good thing for small business and “wannabe” entrepreneurs. We should stay tuned on this issue.
- Capital gains taxes can discourage people from investing in small businesses, which ultimately stifles job growth. PolitiFact reported that the American Recovery and Reinvestment Act (ARRA) contained a small provision reducing (but not eliminating) capital gains taxes, which accomplishes some (but not all) of what the president set out to do.
- Shortly after taking office, the president announced an expansion of the SBA loan program. This included guaranteeing up to 90 percent of all loans for a limited time.
So there’s still plenty of work to be done to help small businesses stay alive and thrive. I think he’s made good progress. Here’s a recent weekly address about more help for small business. (Click here if you can’t see the video.)
But remember, your success depends first and foremost on you. What have you done to make that happen?