Over the last few years, many small business owners might have felt like they’ve been caught in between the political wrangling on both sides of the aisle in Washington, D.C. But now experts say that 2015 could be a year in which these entrepreneurs finally start to see more significant help from federal legislators.
One of the biggest changes that lawmakers could decide on in the coming year is one that would help small business owners find easier access to credit that would help their companies grow, according to a report from the Associated Press. At some point in the next few months, members of the Senate Committee on Small Business and Entrepreneurship will likely reintroduce a bill that was created last year, which would specifically help companies owned by women to get loans through the U.S. Small Business Administration. Further, the SBA has set its focus on streamlining the application and lending processes by taking more aspects of both online during the second quarter.
What else could impact these companies?
There are two other changes that could come to fruition during the new year as well, the report said. The first of these might not have that much of an impact because of the ways in which the majority of small businesses nationwide are incorporated, but it will still change the landscape for many: Specifically, Capitol Hill lawmakers – and President Barack Obama – have both expressed an interest in cutting the corporate tax rate from the current 35 percent as a means of helping companies keep more of their revenues. Meanwhile, legislators could also turn their attention to permanently extending a number of small business tax breaks that in the past have had to be renewed from one year to the next.
Finally, now that Republicans control both houses of Congress, there may be more of a move to change the various provisions of the Patient Protection and Affordable Care Act, the report said. While the likelihood that any of these changes actually get signed into law by the president remains low, this is nonetheless something business owners will have to keep close tabs on.
The more owners can do to streamline their companies financially, the better off they’re probably going to be in terms of being prepared for any legislative changes that come along. That might include cutting costs for small business insurance coverage, including plans for commercial insurance, to potentially save thousands annually.