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How his presidency would affect your small business

How his presidency would affect your small business

Rhonda Abrams, Special to USA TODAY
Published 10:00 a.m. ET Oct. 14, 2020

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In the three decades I’ve been advocating for small businesses, there’s never been a more challenging time for them and for the self-employed. And we’re far from out of the woods as this pandemic is not yet under control, and the economy is likely to take a long time to recover.

We’ve seen how President Donald Trump and his administration have responded to this crisis, but what would an administration headed by Joe Biden and Kamala Harris look like for small business and the self-employed?

“Day one, the focus is getting the coronavirus under control,” said Rhett Buttle, Biden for President National Business Advisor. “One in six small businesses are probably not coming back, and COVID is top of mind for most small businesses. The effort to contain the virus and ensure recovery is part of Biden’s small business plan, and small business stakeholders and the focus on small business will be a critical part of that.”

Looking at Biden’s top 6 proposals:

► Grants, not loans, for true small businesses that have lost substantial revenue. “We’ve been doing small business roundtables around the country,” said Buttle, “and we’ve heard directly from small business owners that not only was PPP (the Paycheck Protection Program) mismanaged but they weren’t sure how forgiveness worked.”

My take: Biden has this right. Grants, instead of loans, were the better choice originally for small businesses who were being told they’d need to take on debt when they had no idea when they’d even be able to open – and low confidence in a program with a bungled rollout. Grants

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