{"id":1035902,"date":"2024-06-12T23:11:46","date_gmt":"2024-06-12T23:11:46","guid":{"rendered":"https:\/\/democrats.org\/?p=1035902"},"modified":"2024-06-12T23:11:47","modified_gmt":"2024-06-12T23:11:47","slug":"small-business-is-booming-for-communities-of-color-thanks-to-president-biden-and-vice-president-harris","status":"publish","type":"post","link":"https:\/\/democrats.org\/news\/small-business-is-booming-for-communities-of-color-thanks-to-president-biden-and-vice-president-harris\/","title":{"rendered":"Small Business is Booming for Communities of Color Thanks to President Biden and Vice President Harris"},"content":{"rendered":"\n
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Today, President Biden and the Small Business Administration announced that a record 18 million new business applications<\/em> have been filed under the Biden-Harris administration \u2014 the most applications under any president in history<\/em>. Thanks to President Biden\u2019s economic agenda, the economy is growing from the bottom up and middle out, and business owners of color are getting the help they need to serve their communities and bolster economic growth across the country. <\/p>\n\n\n\n

NEW: The number of small business applications filed under the Biden-Harris administration reached a <\/strong>record 18 MILLION<\/em><\/strong>. <\/strong><\/p>\n\n\n\n

Statement from President Biden<\/a>: \u201cToday, my Administration announced over 18 million new business applications since I took office, each one an act of hope and confidence. We\u2019ve had the three strongest years for new businesses on record<\/strong> and the small business boom that has powered our economic comeback continues.\u201d<\/p>\n\n\n\n

Statement, Small Business Administration<\/a>: \u201cSince the start of the Biden-Harris administration, there have been 18.1 million new business applications with an average 443,000 filed each month \u2013 a rate over 90% faster than pre-pandemic averages.<\/strong> Having already achieved the first, second, and third strongest years of new business applications on record, President Biden\u2019s economy remains on track for its fourth consecutive year of historic business filings. The U.S. economy has grown more under President Biden than at this point in any presidential administration in the last quarter century.\u201d<\/strong><\/p>\n\n\n\n

President Biden\u2019s economic agenda has helped hardworking Americans and business owners, especially business owners of color, get back on track since the pandemic. <\/strong><\/p>\n\n\n\n

Statement from President Biden<\/a>: \u201cSince the pandemic, Black business ownership has more than doubled, Hispanic business ownership is up 40 percent, and women own a record share of businesses.\u201d<\/strong><\/p>\n\n\n\n

Forbes<\/a>: \u201c\u2018AAPI businesses have benefited from a stronger economy, with over 2.91 million AAPI owned businesses and counting,<\/strong> fueling job creation and economic growth in their communities,\u2019 [said Chiling Tong, President and CEO of the National Asian Pacific Islander American Chamber of Commerce and Entrepreneurship (National ACE).\u201d
<\/p>\n\n\n\n

Let\u2019s not forget <\/strong>every Republican <\/em><\/strong>voted against President Biden\u2019s historic American Rescue Plan that helped hundreds of thousands of restaurants and child care programs stay open.<\/strong><\/p>\n\n\n\n

White House Fact Sheet<\/a>: \u201cThe American Rescue Plan also includes a Small Business Opportunity Fund to provide growth capital to main street small businesses in economically disadvantaged areas, including minority-owned businesses\u201d<\/p>\n\n\n\n

Statement from President Biden<\/a>: \u201cEvery Republican in Congress voted against vital American Rescue Plan relief that helped 100,000 restaurants and bars and 225,000 child care programs stay open, and a State Small Business Credit Initiative that is helping businesses launch across the country.\u201d<\/p>\n\n\n\n

Trump sided with big corporations and greedy Wall Street execs over small businesses during his presidency \u2014 and he\u2019s promised to do it again if reelected. <\/strong><\/p>\n\n\n\n

New York Times<\/a>: \u201cRepublicans argue that this will benefit small businesses. In fact, a large majority of small-business owners already have personal tax rates below 25 percent. This provision would aid a small group of developers, investors and other tycoons who work in professions or industries where it is relatively easy to set up pass-through businesses. <\/strong>Like, yes, Mr. Trump and his family, who make their money from one such industry: real estate.\u201d<\/p>\n\n\n\n

Vox<\/strong><\/a>: \u201cTrump said this tax break was for small businesses. It\u2019s giving $17 billion to millionaires this year\u201d<\/strong><\/p>\n\n\n\n

\u201cIf many average Americans aren\u2019t noticing or loving the tax cut bill yet, it might be understandable \u2014 it benefits the wealthy by design. And a congressional report released this week shows that one specific new deduction for so-called \u2018pass-through\u2019 companies is heavily benefiting the rich. \u2026 The Republican tax bill cut the corporate tax rate to 21 percent from 35 percent and disproportionately benefits corporations and the wealthy.\u201d<\/p>\n\n\n\n

Trump\u2019s administration left behind small business owners of color during the pandemic.<\/strong><\/p>\n\n\n\n

NPR<\/a>: \u201cBut a new report from the Small Business Administration’s inspector general found that businesses owned by people of color may not have received loans as intended under the Paycheck Protection Program. <\/strong>There was no evidence, the report said, that the SBA told lenders to prioritize business owners in \u2018underserved\u2019 markets, including business owners of color \u2014 something the CARES Act had specifically instructed the SBA to do.\u201d<\/p>\n\n\n\n

And Trump repeatedly spewed anti-Asian rhetoric during the pandemic, which was followed by an uptick in hate crimes, violence, and backlash against AANHPI-owned businesses. <\/strong><\/p>\n\n\n\n

CNBC<\/a>: \u201c\u2018We were scared\u2019: Asian-owned small businesses devastated by double whammy of Covid and hate crime\u201d<\/strong><\/p>\n\n\n\n

PBS NewsHour<\/a>: \u201cAsian-owned businesses say they\u2019re reeling from hate and violence, operating in fear\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Today, President Biden and the Small Business Administration announced that a record 18 million new business applications have been filed under the Biden-Harris administration \u2014 the most applications under any president in history. Thanks to President Biden\u2019s economic agenda, the economy is growing from the bottom up and middle out, and business owners of color […]<\/p>\n","protected":false},"author":263,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1035902","post","type-post","status-publish","format-standard","hentry","category-press-release"],"acf":[],"yoast_head":"\nSmall Business is Booming for Communities of Color Thanks to President Biden and Vice President Harris - Democrats<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/democrats.org\/news\/small-business-is-booming-for-communities-of-color-thanks-to-president-biden-and-vice-president-harris\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:site_name\" content=\"Democrats\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-12T23:11:46+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-12T23:11:47+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/democrats.org\/wp-content\/uploads\/2024\/05\/War-Room-Master-Image.png?w=1024\" \/>\n<meta name=\"author\" content=\"Claire DePree\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Claire DePree\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/democrats.org\/news\/small-business-is-booming-for-communities-of-color-thanks-to-president-biden-and-vice-president-harris\/\",\"url\":\"https:\/\/democrats.org\/news\/small-business-is-booming-for-communities-of-color-thanks-to-president-biden-and-vice-president-harris\/\",\"name\":\"Small Business is Booming for Communities of Color Thanks to President Biden and Vice President Harris - 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