☷Remarks by President Biden Before Meeting with Small Business Owners
White House ( By Press Release office)
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2:08 P . M . EDTTHE PRESIDENT: Good afternoon , everyone . We’re joined today by five small - business owners who are helping power America’s economic recovery . And I want — I want to welcome the Administrator of the Small Business Administration , Isabella Guzmán . Nice to have you , kiddo . ADMINISTRATOR GUZMÁN: Thank you . THE PRESIDENT: And these enterprises and entrepreneurs know that an American economy is strong because America’s small businesses are strong . Small businesses typically account for more than 40 percent — people don’t realize it — 40 percent of the gross domestic product of the United States . They create two thirds of all new jobs . And they employ nearly half — nearly half of all the private sector workers . And today , thanks to the economic strategy , more — more small businesses are being created , and small businesses are creating more jobs faster than ever before . Thanks in large part to the American Rescue Plan , last year , Americans applied to start 5 . 4 million — 5 . 4 million new businesses , 20 percent more than any other year on record . We saw businesses with fewer than 50 workers create 1 , 900 , 000 jobs for the first three quarters of 2021 alone . That’s the highest rate of small - business creation ever — ever recorded in a single year . And we have some of the folks right here who did it . We have every indication that this trend is going to continue . The reason for that is because we’re giving people financial security to take a risk and pursue their small - business dreams . This boom has been particularly strong for entrepreneurs of color . Hispanic entrepreneurs started new businesses in 2021 at a faster rate in more than a decade , 23 percent faster than the pre - pandemic levels . And , you know , the five folks that join me today exemplify what a difference it makes when — when everyone gets a fair shot . Jennifer was — was able to start growing her engraving business last year because of the Child Care Tax Credit and the small - business support of the Small Business Administration . Jeff and Nicolas are master coffeemakers — roasters — who were able to open their first brick - and - mortar café last year . And Eddie and Daniel were able to turn their food truck into a brick - and - mortar company of their own . ( Laughs . ) That must feel pretty good , huh And they’re just some of the folks driving this economic recovery and reminding us that everything — that anything and everything is possible in America . And my administration is working tirelessly to open doors for more outstanding entrepreneurs . You know , unfortunately , Republicans have a different approach . The Republican plan , led by Senator Rick Scott of Florida , Chairman of the National Republican Senatorial Campaign Committee , would tax half of our small - business owners an extra $1 , 200 a year on average . Not only do they oppose making big corporations pay their fair share , they want middle - class families and small - business owners to pay more . Our administration estimates that the Republican proposal would raise taxes on 6 . 1 million small - business owners , including 82 percent of small - business owners who earn less than $50 , 000 a year . That just doesn’t — that’s — that’s just not right . Our administration wants to make it easier to start a business , easier for a small business to succeed . And our plan is to , one , expand access to capital for small businesses; make historic investments in technical assistance programs to help entrepreneurs thrive; and direct hundreds of billions of dollars in government contracts to small businesses in every community; and level the playing field — and I mean level the playing field for small business , making sure the largest corporations in America begin to pay their fair share . And now I’m looking forward to discussing my plan and hearing from these remarkable entrepreneurs . Thank you for being here . 2:12 P . M . EDT
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