Press Release
☷FACT SHEET The Small Business Boom Under the Biden Harris Administration
White House ( By Press Release office)
Apr 28,2022
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Through the American Rescue Plan and the equitable implementation of emergency relief programs , President Biden and Vice President Harris fostered the strongest recovery for Main Street on record . In 2021 , Americans applied to start 5 . 4 million new businesses—more than 20 percent higher than any previous year on record . The boom in new business creation has been particularly strong for entrepreneurs of color . In 2021 , Hispanic Americans started new businesses at the fastest rate in more than a decade and 23 percent faster than pre - pandemic levels . And , in the three - quarters of 2021 , small businesses with fewer than 50 employees created 1 . 9 million jobs , the fastest start to small business job growth in any year on record . This new White House report details the historic recovery for America’s small businesses and demonstrates how the Biden - Harris agenda laid the foundation for this small business boom . By focusing on combatting the pandemic , providing Americans with greater financial security , and delivering more than $450 billion in emergency relief to small businesses , the Biden - Harris Administration has helped create the conditions for unprecedented business and job creation . The Biden - Harris strategy to rescue and revitalize Main Street contrasts sharply with the latest tax plan from Republicans in Congress . The Congressional Republican proposal put forward by Senator Rick Scott to impose a minimum tax on middle - class families would increase taxes on small businesses across the country . In addition to detailing the historic economic progress the Biden - Harris Administration has made to date , the Appendix includes a new state - by - state analysis of the Congressional Republican tax plan . The analysis finds that this tax plan would raise taxes on nearly half of small business owners ( 6 . 1 million people ) , including 82 percent of small business owners making less than $50 , 000 per year . Under the Congressional Republicans’ plan , the typical small business owner would see their taxes increased by almost $1 , 200 . President Biden rejects Congressional Republicans’ plan to increase taxes on half of small business owners . His four - pillar economic strategy for small businesses will lower costs and level the playing field for families and small businesses . The plan is focused on:1 . Expanding access to capital , 2 . Making historic investments in helping small businesses navigate available resources , 3 . Leveraging federal spending to support small businesses , and4 . Leveling the playing field for small business owners by reforming the tax code . Read the full report here: https://www . whitehouse . gov/wp - content/uploads/2022/04/President - Biden - Small - Biz - Boom - full - report - 2022 . 04 . 28 . pdf###
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