Small Businesses

Small businesses are the engine of the American economy, and I am committed to helping them grow and prosper. As an entrepreneur myself, I know first-hand the challenges that small business owners face. Now, as a member of the Committee on Small business and Chairman of the Subcommittee on Rural Development, Entrepreneurship and Trade, I am using those experiences to help small business owners across Western North Carolina and the country.

Increasing Entrepreneurial Opportunity

I was proud to sponsor H.R. 2352, the Job Creation Through Entrepreneurship Act of 2009. This legislation passed the House of Representatives with overwhelming support, by a vote of 406 to 15. H.R. 2352 expands entrepreneurial development (ED) programs within the Small Business Administration (SBA) to create jobs and provide entrepreneurs with the technical assistance and training necessary to manage a small business. This bill represents the first major overhaul of the SBA’s entrepreneurial development programs in a decade. The bill increases entrepreneurial opportunity for Native Americans by reaching out to the community and expanding access to small business contracts, and it seeks to help gain resources for small businesses owned by service-disabled veterans.

The Job Creation Through Entrepreneurship Act of 2009 will use today’s technology to help small business entrepreneurs continue their education and increase networking opportunities by establishing access to distance-learning programs and establishing a nationwide peer-to-peer technical assistance network through the Small Business Administration. By using modern technology, entrepreneurs will be able to pursue their career goals with more ease than ever before. I am also committed to ensuring funds from The American Recovery and Reinvestment Act of 2009 reach small businesses in Western North Carolina to assist them as they grow and prosper.

Small Business Tax Relief

Last year, Congress was able to get a major tax relief package signed into law to help our small businesses. This tax package extended Section 179 Small Business Expensing, which will allow small business owners to buy and write off more equipment each year for use in their trade or business. Additionally, the tax relief package ensures married couples who jointly own a small business both receive credit for paying Social Security and Medicare taxes and included an enhanced tip credit to ensure employers do not lose current tax benefits when the minimum wage increases.

Health Care and Small Business

One of the greatest burdens on small business today is the rising cost of health care. Since 2001, the price of health care coverage has risen 74% and is still increasing by up to 16% each year. During this time of economic hardship, businesses are making tough decisions on whether to cut health care coverage or cut jobs. I cosponsored H.R. 859, the Small Business CHOICE Act of 2009 to permit small business to form health insurance cooperatives. The CHOICE Act ensures that small businesses have the widest range of health care options available to them and offers a refundable tax credit to small businesses that choose to join a cooperative.

Becoming Energy Efficient

One of the most promising avenues of economic growth for Western North Carolina is the development of renewable energy and energy efficient technologies. In the 110th Congress, I introduced the Small Energy Efficient Business Act (SEEBA), H.R. 2389, which takes important steps in achieving that goal. SEEBA spurs investment in the production of alternative sources, such as biofuels, and the development of energy efficient technology by expanding the Small Business Investment Corporation, increasing investment in small producers. Also included in SEEBA is the creation of the Renewable Fuel Capital Investment program, an initiative designed to help small firms develop renewable energy sources and new technologies. SEEBA was a part of H.R. 3221, The Housing and Economic Recovery Act of 2008.

Learn more about the House Committee on Small Business.

Learn more about opportunities through the U.S. Small Business Administration.

Learn more about the American Recovery and Reinvestment Act of 2009.