On February 3, 2022, Gusto’s Head of Compliance and Public Policy, Jeanette Quick, testified before the House Financial Services Subcommittee on Diversity and Inclusion regarding access to capital and potential policy solutions for women- and minority-owned small businesses.
Quick provided testimony on the challenges faced by women- and minority-owned businesses in obtaining capital and possible solutions to encourage the creation and growth of diverse entrepreneurs’ businesses. Her testimony provides Gusto’s insights on the ongoing challenge small businesses face in economic recovery and calls for:
- Support for initiates to increase the percentage of federal contracts awarded to small and disadvantaged businesses;
- Increased transparency and reporting requirements related to the distribution of State Small Business Credit Initiative (SSBCI) funds to ensure equal access;
- Legislation to provide targeted funding to low-wealth minority business owners through the Minority Business Development Agency;
- SBA reforms to better target women- and minority-owned businesses, including improving access to credit by removing barriers for SBA lenders and changing program requirements to increase eligibility;
- Mechanisms to ensure that broadband access in underserved communities; and
- An extension to the Employee Retention Tax Credit, which provided a refundable tax credit to help businesses keep their staff employed through the pandemic.
Read Quick’s full testimony here and watch the full hearing below: