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

STATEMENT: Small Business Group Urges Lawmakers to Prioritize Raising Debt Ceiling Without Delays or Political Grandstanding

Statement by Small Business for America’s Future Co-Chairs, all of whom are small business owners, about the negative impact to Main Street that turning a pro forma vote to raise the nation’s debt ceiling into a political fight could have

Washington, D.C., April 28, 2023—The United States is on the brink of a critical moment as lawmakers face the urgent task of raising the nation's debt limit. The consequences of failing to do so could be disastrous for small businesses, local economies, and the financial stability of the country. It is crucial for Congress to act promptly and responsibly, without negotiations or political grandstanding, to protect the backbone of our economy—small businesses that have already faced considerable economic challenges since the beginning of the pandemic.

Small business owners and entrepreneurs, many of whom rely on personal savings and credit, are particularly vulnerable to the potential repercussions of a failure to raise the debt ceiling. Such a failure would lead to skyrocketing interest rates on loans and credit cards, tightening the credit market and making it increasingly difficult for small businesses to access much-needed capital. This would disproportionately affect minority-owned, women-owned, and underserved small businesses, which already face significant barriers in obtaining financing.

Here are what the Co-Chairs of Small Business for America’s Future are saying about the need to to raise the nation’s debt limit cleanly:

“Congress must act responsibly and raise the debt ceiling without making it contingent on budget cut negotiations. Our small businesses and the American economy cannot afford the instability and uncertainty that come with such conditions. It is crucial to separate the need to address our nation's debt limit from political bargaining over budgetary concerns. Let us not jeopardize the livelihoods of millions of entrepreneurs and their employees by engaging in protracted negotiations. Instead, let's focus on the urgent task at hand and ensure the financial stability of our nation.”

Erika Gonzalez
CEO, President, & Co-Founder of South Texas Allergy and Asthma Medical Professionals (STAAMP) and STAAMP Clinical Research
San Antonio, TX

“As a small business advocate, I want to emphasize that the future success of small businesses is vital to our nation's economic recovery. Playing politics with the debt ceiling puts that future at risk. Just as small businesses are expected to pay their bills, so should the United States. Congress has a separate mechanism for negotiating spending, called the federal budget process, which should be used for addressing budgetary concerns. I urge Congress to prioritize raising the debt limit immediately without making it contingent on budget negotiations, in order to prevent unnecessary harm to our nation's entrepreneurs and the communities they support.” 

Shaundell Newsome
Visionary & Founder, Sumnu Marketing
Las Vegas, NV

“As a third-generation small business owner in the manufacturing industry, the stability of our economy is vital for the livelihood of my family, employees, and the legacy of our craftsmanship. The consequences of not raising the debt ceiling could be disastrous for businesses like ours that have been an integral part of our community for decades. I implore Congress to act swiftly and responsibly to safeguard the American dream for numerous entrepreneurs.”
Walt Rowen
President of Susquehanna Glass Co.
Columbia, PA

“As a CPA working closely with numerous small business clients, I can attest to the importance of a stable economic environment for their continued success. A protracted dispute over raising the debt ceiling endangers the economic progress we've made and puts the livelihoods of countless entrepreneurs, their employees, and their communities at risk. The time for decisive action is now, and I urge Congress to prioritize raising the debt ceiling without making it a protracted political debate.”

Anne Zimmerman

Founder & Owner, Zimmerman & Co CPAs Inc.
Cincinnati, OH

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

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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.