On February 17, 2022, Gusto submitted comments to the House Financial Services Subcommittee on Consumer Protection and Financial Institutions hearing entitled “Small Businesses, Big Impact: Ensuring Women and Minority-owned Businesses Share in the Economic Recovery.”
According to Gusto data, action is needed now to help small businesses across the country. Our data shows small business payroll reserves in hard-hit industries are tighter now than they were during the height of early pandemic lockdowns.
Gusto’s comment provides recommendations on policy solutions that will provide critical assistance for small businesses and ensure a holistic approach to addressing the challenges faced by women and minority-owned small businesses. Specifically, the comment provides support for the State Small Business Credit Initiative (SSBCI), the expansion of the Minority Business Development Agency, Small Business Administration reforms and modernization, the expansion of responsible fintech lender activities, and transparency and clear disclosures for all loans.
Read the full letter here: