It’s been over 20 years since Congress last reauthorized the Small Business Administration. The time is now, says Goldman Sachs CEO David Solomon.
First, small businesses are struggling to find and keep good workers. Lawmakers should consider new programs to help small business compete with big business to retain and develop talent. For example, Congress could enhance paid leave programs and create new tax credits to support small businesses' hiring and retention efforts.
Third, child care is one of the most significant economic vulnerabilities highlighted by the pandemic. According to Goldman Sachs survey data, 80 percent of small business owners support Congress increasing access to affordable child care. Congress could help by expanding and enhancing programs designed to lower the cost of child care and increasing access in what are known as"childcare deserts" across the country.
The federal government already has goals for the share of contracts awarded to various types of small businesses, including those owned by women and those located in historically underutilized business zones . Yet the women-owned small businesses federal contracting goal has been met just twice since it was established in 1994 and the HUBZone goal has never been met.
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