First, I’d like to welcome Administrator Guzman. Thank you for being here today. We appreciate you coming in for another appearance before this committee during your short time as administrator. Back in March, when you were confirmed, small firms were still reeling from 2020, a year when around 800,000 small businesses permanently closed their doors – roughly 30 percent more than in a typical year... Read more »
Since the 1980s, America has largely been mired in a slump when it comes to new business formation. This fact rarely generates headlines or garners attention in the media, but its implications are severe. New businesses make up the foundation of our economy. The entrepreneurs that launch enterprises and products are the catalysts for American innovation. The statistics paint a startling picture of... Read more »
Small businesses are the backbone of the American economy. They employ nearly half the private workforce, and drive development through groundbreaking innovations. However, for entrepreneurs to positively impact our communities, they must have the capital necessary to start and run their businesses. Congress has long realized that funding on reasonable terms can be hard to come by for small firms.... Read more »
The United States Government is the largest purchaser of goods and services in the world. In fiscal year 2020 alone, Federal agencies obligated more than $650 billion in federal contracts. Through its buying power, the Federal Government is uniquely positioned to incentivize the economy and strengthen the industrial base. Thus, it is vital that small businesses have ample opportunity to compete in... Read more »
Our nation’s 30 million small businesses are the foundation of the American economy. Small firms employ nearly half the private workforce, account for 44% of economic activity, and export over $1 trillion in goods annually. It is hard to overstate the importance of small firms to the country’s economic wellbeing. Recognizing the structural importance of these firms, and the need for new business f... Read more »
The COVID crisis dealt a severe blow to American workers. In 2020, the pandemic raised unemployment rates, halted wage growth, and lowered employees’ satisfaction with their jobs. This shock occurred as the labor force was already contending with rising income and wealth inequality and growing uncertainty surrounding retirement security. The Small Business Committee serves as the voice of small fi... Read more »
In Maine, we have been home to a strong logging and forest products industry for hundreds of years. It’s part of our identity as a state and thousands of Mainers still make their living in the woods or in mills making things out of forest products. The industry has faced tough times in recent decades for a variety of reasons: disastrous trade policies, demand slumps, and much more. But loggers and... Read more »
Seventeen months ago, during the early days of the COVID crisis, this committee and our counterparts in the Senate worked together to create emergency relief programs to assist small businesses. At that time, hundreds of thousands of small firms across the country were closing their doors to protect their customers and their employees. Recognizing the dire nature of this situation, Congress create... Read more »
The coronavirus pandemic may have been the most severe and widespread shock to the global economy in recent history. It was a harsh reminder of the economic and social injury that come with being unprepared. The impact to small businesses in the U.S. has been especially damaging. In an effort to quickly address the crisis, Congress established emergency relief programs like the Paycheck Protection... Read more »
As new technology has made America more dependent on digital tools, malicious actors have been launching more frequent and severe cyber-attacks. In the early months of 2021, we’ve seen a wide array of headlines detailing attacks on institutions like large corporations and municipal governments. Just yesterday, the Biden administration acknowledged that hackers affiliated with the Chinese governmen... Read more »
