How Will Congress Approach Small Business This Year?

Every year, many small business owners around the country may be concerned about the ways in which they’re going to face regulatory red tape and other issues as a result of local, state, or federal rules. And now with a new Congress in power in Washington, D.C., they’re likely to have many more questions.

The good news for these entrepreneurs is that U.S. Rep. Steve Chabot, the new head of the House Small Business Committee, seems intent on removing some of what he sees as major regulatory roadblocks as soon as possible, according to a report from the Associated Press. Much of that might have to do with the Patient Protection and Affordable Care Act, but could also include addressing small business taxes and environmental protocols.

“If there’s one thing government can do for small business it’s to get the heck off their backs,” Chabot told the news agency. “We do over-regulate them. We do overtax them.”

Specific approach
Perhaps chief among many owners’ concerns, though, is the idea of what they pay in taxes every year, and Chabot plans to address those concerns with a new bill at some point this year, the report said. If Chabot has his way, owners will face a lower personal tax rate, as well as reduced corporate taxes, and a total elimination of the estate tax. How palatable these changes would be to the broader Congress and President Obama, however, remains to be seen.

One thing over which the House Small Business Committee does have direct oversight, though, is the U.S. Small Business Administration, and that’s an area where Chabot believes a lot of progress can be made, the report said. Specifically, he wants to see the way in which that agency distributes the funds for its loans streamlined as a means of getting more funding into the hands of entrepreneurs.

Companies that want to make sure they’re doing all they can when it comes to assuring success in the new year may also do well to consider how they can get their own houses in order. That is to say that the more they can do to trim their ongoing budgets, the better off they may be overall. That could include finding more affordable small business insurance – including policies for liability insurance – to save what could be thousands of dollars annually.