Uncategorized

U.S.Cun Lift Burdens of Small Business

Click to see original imageNational Small Business Week, designated by Congress for May 9-15, should be more than a period of back-slapping, testimonials, and picturetaking. Not that “thank you’s” aren’t in order. Indeed they are. But plagued by high interest rates, the recession. and burdensome regulations, small business needs more than commendation – it needs the support and relief only Congress can provide. Of the number of nonfarm businesses in America. about 10.4 million (96.7 percent) are considered “small” by SBA standards. Together they represent a driving force within the American economy and the mainstay of our free enterprise system. They create almost 90 percent of all new employment and account for about 40 percent of the gross national product. Close to 99 percent of the 3 million-plus farms in the United States also are considered small businesses and their role in the economy is highly significant Sen. Lowell Weicker Jr.. RConn., chairman of the Senate Small Business Committee, has proposed a five-point agenda or the lawmakers to consider in behalf of business: 1. Help improve current economic conditions with initiatives that will bring interest rates down and narrow federal deficits. 2. Enact the Small Business Innovation Research Act to assure small businesses they will receive a fair share of federal research and development contracts. 3. Alpprove the Delinquent ayments Act to insure that government the largest purchaser of goods and services – pays its bills to contractors within four to six weeks. 4. Restore the smallissue Industrial Development Bond program, a source of funding which Weicker says is now closed to the states “by illconceived and illogical action by the IRS.” 5. Enactment of the Regulatory Reform Act which would ease the regulatory burden by re quiring federal agencies to evaluate the costs and benefits of major rules before imposing them. Cowess appropriately has c led on Americans to observe Small Business Week with activities in recognition of the contribution made by these business institutions. The lawmakers themselves can help make the week meaningful by tackling the recommended legislation. Strengthening the business community can contribute to reversal of tthe unemployment trend and assist in economic recovery.