Washington, D.C.— Today, House Small Business Committee Chairwoman Nydia M. Velázquez (D-NY) issued the following statement after President Biden’s State of the Union address:
“Tonight, President Biden detailed the remarkable recovery of the economy and American small businesses during his administration. When the President took office, small businesses were amidst a once-in-a-lifetime crisis. Now, thanks to the American Rescue Plan and other policies advanced by congressional Democrats, we are experiencing a record rebound. The ARP funded vital initiatives like the Paycheck Protection Program, Restaurant Revitalization Fund, and Shuttered Venue Operator grant, saving untold businesses. These businesses went on to create new jobs and support the economy. In 2021, our country added 6.6 million jobs, the most on record. Economic growth and retail sales rose while the unemployment rate dropped. This environment gave entrepreneurs the confidence to pursue their dreams as small business formation hit record highs.
“Though American entrepreneurs have made extraordinary progress, challenges still exist on the horizon. During his speech, President Biden addressed some of the key concerns small business owners face and highlighted his plan to strengthen American manufacturing, reduce everyday costs, and promote fair competition. We must lower costs for families, not their wages, and create an environment where small businesses can compete on a level playing field with their corporate peers. Achieving these goals will require close collaboration between the White House and Congress, and I look forward to working with the President to build a better America for working families.”