FOR IMMEDIATE RELEASE

Media Contact
Janel Knight Trulear
janel@emccommunications.com
(617) 875-6581

Small business group applauds President’s decision to sign bipartisan deal that avoids near historic debt ceiling default, urges lawmakers to advance priorities that support Main Street 

Statement by Small Business for America’s Future Co-chair Anne Zimmerman, Founder & Owner of  Zimmerman & Co CPAs Inc on the bipartisan deal to raise the debt ceiling that averts catastrophic effects to Main Street. 

Washington, D.C., June 2, 2023 – We are pleased President Biden will sign the bipartisan debt ceiling agreement into law averting an unprecedented and damaging government default on its financial obligations. It's a collective sigh of relief for small business owners who are hopeful something like this won’t happen again and lawmakers will now turn their attention to policies that will help our economy grow rather than tactics that set us back. 

Small business owners were deeply concerned about the potential impact this debate would have on the markets and the economy. Many small business owners like me feared the harm a default would cause to our livelihoods after weathering the effects of the pandemic. A recent Small Business for America’s Future survey of over 1,000 small business owners revealed that 76% of respondents believed a default would harm their businesses. 

It’s good to see most lawmakers put aside their differences and worked together to pass this legislation. Negotiating is an important part of the democratic process. However, we are concerned about some cuts that will affect Main Street. 

The deal rescinds around $28 billion in COVID relief program funding which, unfortunately, includes $150 million for the State Small Business Credit Initiative (SSBCI). It is anticipated that it will cut money set to be used for business coaching for entrepreneurs. Now more than ever, as small businesses continue to rebound from the pandemic they need every resource available to help them thrive. 

We are also concerned about the reduction in IRS funding for modernization. This move could allow large corporations to continue to exploit loopholes to avoid contributing their fair share, while small business owners, the bedrock of American innovation and job creation, consistently fulfill their tax obligations. 

It’s our hope that lawmakers would reconsider these cuts and  focus on an agenda that continues to bolster our economy and helps Main Street thrive. 

To request an interview with a Small Business for America’s Future Co-chair Anne Zimmerman, contact Janel Knight Trulear at janel@emccommunications.com or 617-875-6581.

###

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.