Six months ago, President Trump vowed that his sweeping tax reform would “bring back Main Street” by slashing taxes on small businesses. Now that the plan is law, small firms’ enthusiasm for the changes depends on which side of Main Street they find themselves. The vast majority of larger small businesses with income upwards of $200,000 will tangibly benefit from the legislation, and many are already sharing their windfall with employees and ramping up capital investment. And while most smaller enterprises will come out ahead as well, their gains are marginal in many cases and advocacy...
How good is the tax cut for small business? Depends on who you ask
Congress must stabilize the ACA to stabilize small businesses
It is undeniable that assaults on the Affordable Care Act (ACA) will soon lead to massive spikes in health-care premiums, an outcome that will devastate America’s small businesses.
A recent analysis by California’s ACA marketplace, Covered California, estimates premiums would increase anywhere from 35 to 94 percent over the next three years mainly because Congress chose to eliminate the ACA’s individual mandate. When these forecasts come true, it will be particularly harmful for small firms and self-employed business owners. After all, more than 3.7 million small-business employees...
California on verge of creating retirement plan for private-sector workers
For Mark Herbert, California director of the Small Business Majority, that’s not a concern. Polling by his organization and AARP found that two-thirds of small business owners in California support a state retirement-savings program. For small companies, the main barriers to offering a retirement plan are cost, administrative complexity and fiduciary liability under the federal law. “CalSavers solves for all three,” he said.
How to Avoid the 5 Most Common Pitfalls of Gig Work
When you work for yourself, you know well and good no one is putting away retirement money for you. No 401(k) matching, no HSA savings — nothing. Therefore, it’s paramount you meet with a financial advisor and make a plan for retirement.
According to a Small Business Majority poll, 40 percent of freelancers are not saving enough for retirement. Sixty-nine percent say they don’t make enough to put money in a retirement plan, based on the fact their income varies so widely from month to month.
Small Businesses in America: Costly Credit and Growth Challenges
For small businesses across the country, getting capital to operate or expand can be costly as traditional banks are often reluctant to extend small loans or work with risky new ventures. Enter online lenders, which typically approve loans quickly but also carry high annual percentage rates with tough payback terms. The video also features the Responsible Business Lending Coalition’s Small Business Borrowers' Bill of Rights, a set of lending practices that promotes transparency and fairness in small business lending.
4 Ways Inequality Hurts Financially
If Amazon chooses an LGBTQ-friendly state, “It will cement Amazon as a leader in LGBT equality and send a strong signal that fully protecting all employees is essential to the bottom line and that states without protections better get on board. More importantly, Amazon employees will be able to work at HQ2 and raise their families in the local community with a sense of security and the knowledge that their employer has their back,” says Chris Fleming, the “No Gay? No Way” campaign spokesperson.
Likewise, Amazon wants the best talent. With more than 20% of Millennials identifying as...
Time to Stop Tax Breaks for Outsourcing
It makes little sense for the U.S. government to provide tax breaks to companies that outsource America's jobs, and yet the recently passed Republican tax law makes the problem worse, it doesn't solve it. That's why Rep. Lloyd Doggett (D-Texas) and Sen. Sheldon Whitehouse (D-R.I.) are introducing the "No Tax Breaks for Outsourcing Act."
The legislation already has been endorsed by the AFL-CIO, AFGE, AFSCME, the Alliance for Retired Americans, Communications Workers of America (CWA), International Federation of Professional and Technical Engineers (IFPTE),...
Female Entrepreneurs Of Color Say Access To Birth Control Was “Critical” To Their Success, According To A New Survey
Ever wanted to run a small business? Whether it's a blog or a boutique hedge fund, something unexpected may contribute to your success: birth control. At least, that's according to a new survey of 507 female small business owners across the U.S. Female entrepreneurs of color, in particular, were more likely to say access to birth control was "critical" to their success as a small business owner.
And this new survey, from the national business advocacy organization Small Business Majority, shows that, for female entrepreneurs of color, being able to exert...
Group presses the Labor Department on its association health plan proposal.
Georgetown University’s Health Policy Institute is leading an open records request asking the DOL to release statistics and information about its enforcement of association health plans, as well as past policy and regulation regarding the plans. Mila Kofman, head of the DC Health Benefit Exchange Authority, Russell Suzuki, Hawaii’s acting attorney general and John Arensmeyer, CEO of Small Business Majority are among the signatories to a letter detailing the request. The group is deeply skeptical of the plans, which have a history of fraud.
Birth control access is a staple of female entrepreneurship
Birth control access is a staple of female entrepreneurship. As anyone with a functioning brain knows by now, birth control has always been about more than sex, and is also about women’s ability to make the best and safest decisions about their educational and professional advancement. In addition to its health benefits, by safely preventing unplanned pregnancy, women are able to focus on school or pursue opportunities in the workforce that they otherwise wouldn’t be able to.
On Thursday, Small Business Majority released a survey that found contraceptive access allowed the majority...
Coalition Demands Crucial Information About Association Health Plan Rulemaking
On March 1st, a coalition of stakeholders, including Georgetown University’s Center on Health Insurance Reforms (CHIR), the DC Health Benefit Exchange, the Acting Attorney General of Hawaii, AFL-CIO, Center on Capital & Social Equity, Families USA, National Alliance on Mental Illness, National Partnership for Women & Families and the Small Business Majority released a letter calling on the Department of Labor (DOL) to withdraw or substantially delay the proposed regulation regarding Association Health Plans (AHPs).
The Unexpected Impact Of Birth Control On Female Entrepreneurship
A survey released today by Small Business Majority found half of women under 50 say they put off starting a family to focus on their business. Meanwhile, younger women entrepreneurs say contraceptive access has allowed them to advance their careers and focus on starting and growing their businesses.
“Most small business owners’ business finances are tied to their personal finances, which is why access to birth control and reproductive health is so important for women entrepreneurs,” said Vernita Naylor, founder and owner of Jabez Enterprise Group.
Women Entrepreneurs of Color Say Access to Birth Control is Important to their Success
A scientific opinion poll released today found women small business owners, especially women of color, say their ability to access birth control has impacted their business’ bottom lines. Meanwhile, younger women entrepreneurs say contraceptive access has allowed them to advance their careers and focus on starting and growing their businesses.
The survey, conducted by Lake Research Partners and American Viewpoint on behalf of Small Business Majority, found 65 percent of African-American and 64 percent of Latina small business owners say access to birth control, and the freedom to...
California Democrats Hope To Trim 'Windfall" Federal Tax Cut For Businesses
Appalled by federal tax cuts for businesses, passed by Republicans alone last year, two Democratic members of the California State Assembly have proposed an amendment to the state constitution that would impose a "windfall" tax surcharge on corporations that earn more than $1 million. The money would go into a new "Middle Class Fiscal Relief Fund" that would pay for tax relief and other projects to benefit low- and moderate-income communities.
The amendment, though, may put another business group, the Small Business Majority in something of a bind. Though...
Black Business Loans Up to $100,000 or More With This New Resource
Research also reveals that black-owned firms are less likely to receive loans, receive lower loan amounts and pay higher interest rates than non-black firms. But the national advocacy group Small Business Majority hopes to make accessing capital easier for those firms by leading Venturize into its next phase. Venturize is a public effort launched in 2016 to help small business owners make better decisions when pursuing financing.
Call on legislators to pass 2018 FAMLI Act for sake of Colorado small businesses
As a small business owner, I know how difficult it is to take time off for medical or family leave, and I struggle to extend paid leave benefits to my employees. My business, A la Carte Gifts and Baskets, could greatly benefit from a state paid leave program.
Another Voice: Trump administration jeopardizing health care for California’s small businesses
President Donald Trump's administration recently proposed a rule that would make it easier for insurance companies to sell health insurance across state lines, an idea Trump’s supporters have argued would lower health care costs for small businesses.
In reality, however, Trump and his allies are using small businesses as cover for a policy that would weaken the Affordable Care Act and, in turn, the health insurance marketplaces that many California entrepreneurs need to access quality, affordable health care. If the proposed rule is finalized it could increase premiums,...
Money an issue as many businesses don’t give caregiver leave
Paid time off to care for ill family members is a benefit many employees wish for, but it’s hard to come by — especially at very small companies with limited financial resources. But a quarter-century after the Family and Medical Leave Act gave employees at larger businesses up to 12 weeks of unpaid time off for their medical needs or those of family members, a growing movement aims to help staffers at small businesses get paid leave.
Forcing staffers to choose between caring for a family member and their paychecks doesn’t make sense to Lisa Goodbee. She gives the 17 staffers at her...
Local Workers Consider W-4 Adjustment in the Wake of New Tax Plan
Upon hiring, workers fill out a W-4 form with their company's payroll department, informing the government how much they'd like withheld from their paycheck. With more workers now opting for the standard deduction and more exemptions no longer available, employees who receive more money in their paycheck each week may not be prepared to see a smaller refund at the end of the year. The process is complicated, and the owner of Bagel Grove in Utica wants to help her employees understand their finances. "If you're someone that has very few claims on their W-4, less is...
Black Business Loans Up to $100,000 or More With This New Resource
The national advocacy group Small Business Majority hopes to make accessing capital easier for those firms by leading Venturize into its next phase.