"Ranking Member Velázquez Works to Build on Small Business Success Under Biden During Hearing"
Summary
A press release dated February 6, 2025 on a House Small Business Committee hearing to examine the outlook for American small businesses during the 119th Congress. According to the release, Ranking Member Nydia M. Velázquez said 21 million Americans started a small business in four years and called strengthening SBA programs the committee's top priority. The release states she raised the risks that mass deportations, inflationary tariffs and pauses in federal funding pose to small businesses. It reports her concern over reports that the Department of Government Efficiency had gained access to the SBA's HR, contract and payment systems, and her call for an immediate committee investigation. Small business owners also testified on how proposed tariffs and corporate tax cuts would affect small firms.
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Ranking Member Velázquez Works to Build on Small Business Success Under Biden During Hearing February 6, 2025 WASHINGTON- Today, the House Small Business Committee held a hearing to examine the outlook for American small businesses during the 119th Congress. During the hearing, Ranking Member Nydia M. Velázquez emphasized the need for Congress to build on the progress that small businesses have made under the Biden administration and to push back against efforts to weaken the Small Business Administration (SBA). "In just four years, 21 million Americans took a leap of faith and started a small business, setting a record for a single presidential term. Despite the unprecedented challenges of a global pandemic and recession, our nation experienced a historic small business boom and economic resurgence," said Ranking Member Velázquez. "As a committee, our top priority must be strengthening SBA programs to build on this momentum, not undermining them." During the hearing, Ranking Member Velázquez highlighted the risks that Trump administration policies such as mass deportations, inflationary tariffs, and pauses in federal funding pose to small businesses. She also expressed concern over reports that Elon Musk’s Department of Government Efficiency had gained access to the SBA’s HR, contract, and payment systems, urging the committee to launch an immediate investigation. Small business owners also testified at the hearing, sharing how proposed Trump administration policies, including tariffs and major corporate tax cuts, would affect small firms. “We don’t need to continue to allow tax cuts and giant tax loopholes for the wealthy and big corporations – or chaotic tariffs on our goods,” said Molly Moon Neitzel, Founder and CEO of Molly Moon’s Homemade Ice Cream in Seattle, WA. “We need a stable economy, a fair tax code, and a healthy, available workforce so Main Street businesses across America can thrive.”
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