On February 24, 2022, Gusto sent a letter to Domestic Policy Advisor Ambassador Susan Rice and National Economic Council Director Brian Deese to request that small business policies be considered in drafting President Biden’s State of the Union address.
As traditionally underrepresented small businesses continue to struggle, we ask President Biden to drive forward this important sentiment. It is more important than ever to create sustainable solutions for women and minority entrepreneurs, who have been hit the hardest by unemployment, business closures, and barriers to business ownership.
The letter also calls on the administration to consider the following small business equity policies for inclusion in State of the Union:
- Allocate additional resources for traditionally underserved small business owners.
- Require prompt payment to all small businesses that have contracted (or subcontracted) with the government
- Ensure that 15% of all Federal contracts go to small and disadvantaged businesses by 2025.
- Require annual reporting by States on the entities that receive SSBCI contracts, which will bring transparency to the program to evaluate equal access.
- Provide equity funding through the MBDA to low-wealth minority business owners.
- Reform the SBA to better target women- and minority-owned businesses to ensure that they have better access to credit.
- Ensure that broadband access is implemented in the communities that most need it.
- Extend the Employee Retention Tax Credit (ERTC) into 2022.
Read the full letter here: