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National Small Business Survey Reveals Economic Optimism and Support for the Inflation Reduction Act on its Anniversary

In a survey of nearly 1,000 small business owners, Main Street entrepreneurs express optimism about the economy and positive sentiments about the Inflation Reduction Act and its provisions, including strong support for prescription drug reforms

Washington, D.C., Aug. 16, 2023— One year after the Inflation Reduction Act became law, a new national survey of 961 small business owners fielded between Aug. 4-15 shows most Main Street entrepreneurs are feeling optimistic about their future and credit government investment for contributing to recent positive economic news. 

More than half of the respondents believe the year-old Inflation Reduction Act has been beneficial to small business, with a notable 63% acknowledging that government spending and investments, including the Act, have contributed to positive economic momentum. Fifty-seven percent of small business owners are optimistic about the future of their business while just 23% are pessimistic, most of those only being moderately so.

The survey also shows small business owners support many of the provisions in the law:

• 78% support the Act’s measures to allow Medicare to negotiate lower prescription drug prices with 61% strongly supporting it. Seventy percent support the government extending the negotiated drug prices from Medicare to private insurance plans. 
• 62% believe the IRS should improve its service and responsiveness to the small business community and a notable 63% support the decade of investments the Inflation Reduction Act makes to modernize and enhance the efficiency of the agency.
• 66% said measures to rein in inflation benefit small business
•  5 in 10 small business owners find the Act’s investment in the clean energy economy, including the myriad of tax incentives, beneficial to sparking business opportunities in the sector. In fact, 58% said they were likely to invest in or adopt clean energy technologies for their business in the near future.
• 65% believe raising the small business Research and Development Refundable Tax Credit will help small businesses

“The feedback from the small business community underscores the tangible impact of the Inflation Reduction Act,” said Shaundell Newsome, Co-Chair of Small Business for America’s Future and founder of Sumnu Marketing in Las Vegas, Nevada. “Many of us were struggling to recover after the pandemic and this legislation is giving small businesses a boost that will pay dividends for years to come.” 

However, the survey shows that awareness of the law is lagging with just 45% of small business owners said they were familiar with the details of the Act. 

“While the Act has brought positive change, the findings also underscore the importance of continuous engagement and education. Small businesses, which form the backbone of our economy, must be thoroughly acquainted with laws so they can take advantage of the opportunities it provides for  their businesses and growth,” Newsome said. With strong implementation of the law, the Inflation Reduction Act will continue to create economic opportunity in communities across the country.”

View the full survey report here. 

To schedule an interview with a representative from Small Business for America’s Future contact: Janel Knight Trulear at janel@emccommunications.com or (617) 875-6581.

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About Small Business for America’s Future
Small Business for America’s Future is a coalition of small business owners and leaders nationwide working to provide small businesses a voice at every level of government. We’re committed to ensuring policymakers prioritize Main Street by advancing a just and equitable economic framework that works for small business owners, their employees and their communities. Visit www.smallbusinessforamericasfuture.org. Follow us on Twitter and Facebook. #SmallBizAF