Entrepreneurship & Opportunity for Small Business in 2020
By Ashley D. Bell
Regional Administrator, U.S. Small Business Administration
White House Policy Advisor for Entrepreneurship & Innovation
WASHINGTON, DC – A new year brings new opportunity. As we celebrate the 2nd year of the Tax Cuts Jobs Act, small businesses are well positioned to grow and prosper.
The year end-review highlights include more than 7 million jobs created since November 2016, and an unemployment rate at the lowest rate in 50 years, with rapid business startups by minority women.
This leads to 83% of small business owners believing that the TCJA is having a positive impact on the economy, according to a recent study by the National Federation of Independent Businesses.
To share some great news as we ring in the new year, in the last twelve months, American workers have seen a 3% wage increase.
Across the nation, women and especially minority entrepreneurs are starting businesses locally and adding flavor to local main streets and taking their business global. Today, businesses are taking advantage of tax reform and the ability to deduct up to 20 percent of their qualified business income.
As we witness small business growth across the nation, we want to help entrepreneurs continue to grow through investment and diversification.
Throughout 2020 I have plans to tour the nation and host Opportunity and Entrepreneurship Summits. These events will help educate entrepreneurs on the opportunities that exist through investment into Opportunity Zones.
As private equity is growing in relevance to small business, opportunity zones present an additional outlet for small business to grow, thrive and invest.
Upcoming summits are scheduled for Columbus, OH, Charlotte, NC, Atlanta, GA, Detroit, MI, Chicago, IL. Phoenix, AZ, Philadelphia, PA and Las Vegas, NV. Please reach out to your local SBA district office for more information on these summits and to see what events may be coming up in your area in the near future.
The local SBA district offices may be easily found by visiting www.sba.gov.
2020 is looking to be a full, prosperous year for small business and I look forward to working with entrepreneurs across the nation to help highlight future opportunities as well as to listen and learn about what policy changes are needed to assure continued small business growth.