{"id":1047584,"date":"2024-09-04T19:55:27","date_gmt":"2024-09-04T23:55:27","guid":{"rendered":"https:\/\/democrats.org\/?p=1047584"},"modified":"2024-09-04T19:55:28","modified_gmt":"2024-09-04T23:55:28","slug":"vice-president-harris-plan-to-help-small-businesses-will-continue-the-black-small-business-boom-started-under-the-biden-harris-administration","status":"publish","type":"post","link":"https:\/\/democrats.org\/news\/vice-president-harris-plan-to-help-small-businesses-will-continue-the-black-small-business-boom-started-under-the-biden-harris-administration\/","title":{"rendered":"Vice President Harris\u2019 Plan to Help Small Businesses Will Continue the Black Small Business Boom Started Under the Biden-Harris Administration"},"content":{"rendered":"\n

DNC Director of Outreach Communications Tracy King released the following statement: <\/em><\/strong><\/p>\n\n\n\n

\u201cVice President Harris\u2019 newly released small business plan, a major component of her plans to build an opportunity economy, will help continue and expand the Black small business boom that started under the Biden-Harris administration. President Biden and Vice President Harris have taken action to close the racial wealth gap and invest in the success of Black families, with the number of Black-owned businesses doubling since before the pandemic and  millions of new jobs created. A Harris-Walz administration will continue the fight to expand economic opportunities for working- and middle-class Black families while Donald Trump\u2019s extreme and billionaire-friendly economic agenda will fail us at every turn. Make no mistake; Trump has already failed us before \u2013 from skyrocketing Black unemployment on his watch and failures in providing support to Black small businesses during the pandemic to lining the pockets of his Wall Street allies at the expense of the middle class with his signature tax scam. The contrast is clear: Vice President Harris and Governor Walz are the only candidates in this race who will continue to grow the economy, prioritize new investments in Black communities, and fight for Black working families.\u201d<\/p>\n\n\n\n

Today, Vice President Harris announced a plan to help small businesses start, grow, and create jobs that will directly benefit Black-owned small businesses. <\/strong><\/p>\n\n\n\n

The Grio<\/a>: \u201cThe Harris campaign announced that the vice president would also unveil new policies on Wednesday as part of her economic agenda. These include $5,000 to $50,000 in tax deductions for startup expenses for small businesses. Harris will also announce a goal of securing 25 million new small business applications in her first term if elected.<\/p>\n\n\n\n

\u201cMany of Harris\u2019 economic policies announced so far directly align with the top concerns of Black voters, according to the Black Census, a 2023 survey of more than 200,000 Black voters conducted by Black Futures Lab\u201d<\/p>\n\n\n\n

Politico<\/a>: <\/strong>\u201cKamala Harris rolled out a new plan for small business tax breaks, as the vice president looks to contrast her economic agenda with former President Donald Trump ahead of next week\u2019s debate.<\/p>\n\n\n\n

Harris\u2019 proposal, released on Tuesday, calls for significantly expanding the tax deduction for start-up expenses from $5,000 to $50,000, while also setting the goal of 25 million new small-business applications during her first term, according to a Harris campaign official granted anonymity to describe details of the plan. The plan also proposes reducing barriers to getting occupational licenses and developing a standard tax deduction for small businesses. […]<\/p>\n\n\n\n

The proposal\u2019s focus on tax breaks for small businesses attempts to craft a contrast with Trump, who has called for lowering the corporate tax rate, as well as extending and expanding his 2017 tax law.\u201d<\/p>\n\n\n\n

In June, the Biden-Harris administration announced over 18 million new business applications had been submitted since they took office, and Black-owned small business creation is at its highest level in 25 years.  <\/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. Since the pandemic, Black business ownership has more than doubled, Hispanic business ownership is up 40 percent, and women own a record share of businesses.<\/strong><\/p>\n\n\n\n

Small Business Administration<\/a>: \u201cUnder the Biden-Harris Administration, the United States has experienced a historic small business boom being led by women and people of color, and FY23 furthered that trend with 11 percent more loans delivered to small businesses than in FY22. Black-owned small businesses are crucial to this monumental growth, with the rate of Black-owned small business creation at its highest level in 25 years.\u201d\u00a0<\/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<\/strong><\/p>\n\n\n\n

Vice President Harris, with Biden, has presided over the creation of over 2.5 million jobs for Black workers and under their leadership, the Black unemployment rate fell below five percent for the first time ever<\/em> on record.<\/em><\/strong><\/p>\n\n\n\n

White House Fact Sheet<\/a>: Indeed, in April 2023, the unemployment rate for Black workers dropped to 4.8 percent, the lowest since [data collection] began.<\/strong> The latest data shows that unemployment rate for Black workers was 5.6 percent in April 2024 continuing the trend of low unemployment rate for this group by historical standards. For context, the average unemployment rate for Black Americans was about 8 percent from 2016 to 2020 and 11 percent from 2000 to 2015.<\/strong><\/p>\n\n\n\n

Axios<\/a>: \u201cThe unemployment rate for Black Americans fell below 5% for the first time ever in April.<\/p>\n\n\n\n

\u201cAnother all-time low: the gap between Black and white unemployment. It’s now 1.6 percentage points, down from 5.4 points in August 2020 and 12.1 points in January 1983.\u201d <\/p>\n\n\n\n

White House Fact Sheet<\/a>: \u201cThe Biden-Harris administration has:<\/p>\n\n\n\n