One vibe the small business industry is getting from the race to 2020’s Presidency is that no one cares about them.
Not a handful of the many names from the Democratic field have majored in entrepreneurship and small businesses. It is dreadful that core issues like the status of the economy and the small business industry, are far behind matters like gun regulation, social justice, immigration, climate change, healthcare, and foreign affairs.
Only a few candidates are mentioning micro-business loans, despite the fact that access to merchant funding is central for the growth of small to mid-sized companies. Surprisingly, the misled majority are concentrating on issues that will harm, rather than assist, micro-businesses, like raising—to 15 per hour –the federal minimum wage.
A Spotlight on What Some of the Candidates Are Saying
Former Vice President Joe Biden
Biden has shown great support for small businesses before. He even backed the American Jobs Act as VP in 2011, which led to reduced payroll taxes and pushed for changes to give access to micro-business capital. His 2020 campaign site also highlights a few plans for small businesses.
But Biden had also supported the $15 per hour federal minimum wage starting 2015 even when President Obama advocated for $12 per hour. In the meantime, his talks of addressing income inequality and improving the economy are just mere words without concrete action.
Senator Cory Booker
Senator Booker is a part of the senate board on Small Business and Entrepreneurship. He also organizes seminars for micro-business owners in New Jersey. During the webinars, they discuss the federal resources available to micro-businesses and share best industry practices.
He also initiated the Startup Opportunity Accelerator (SOAR) Act to channel $25 million to fund a five-year project where startups would contend for grants to use in their expansion projects.
Senator Booker also advocates for the increase of $15 per hour minimum wage.
Senator Elizabeth Warren
Senator Warren is a staunch supporter of small business. She hosts an annual business event in her home in Massachusetts where small businesses gather in hundreds for a day to network and attend workshops.
Warren is looking to lead the US to an era where big corporations won’t compete unfavorably against smaller ones, depress wages and skyrocket the cost of living. She has advocated for an increase in taxes on big corporations.
She has tabled a $7 billion proposal to fund 100,000 newly established minority-owned firms and create up to a million employment opportunities. Businesses that qualify for the SBA 8(a) program would receive these finances as grants and not loans. The taxes from large corporations will cater to these grants and programs.
Senator Kamala Harris
In 2014, as Attorney General for California, Harris helped micro-businesses fight against cybercrime.
Harris has pushed for the turnaround of President Donald Trump’s 2017 tax cuts and advocates for the raising of the minimum wage to $15 per hour. So far, Harris hasn’t made any official proposals linked to small businesses as a contender.
These are the plans and opinions of only a few of the runners for the 2020 presidency. What comes out is that small businesses are not really a priority among the contenders. Most of them can only rely on their previous support. They are not giving small business owners full support and making it an agenda in their campaign policies.