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Small business and The Biden-Harris team also wants to use the federal

government's resources to protect American Indian
the Biden-Harris artisans, as well as give disadvantaged businesses
and companies owned by people of color a chance to
participate in the international marketplace.
administration The best part? This administration is aiming for a swift

end to racial discrimination and inequity in the funding
and support for small companies. Put simply, President
Joe Biden wants small businesses to thrive.

Who will be affected?
While the new administration plans to assist all small
businesses equally, it has a particular focus on certain
types of businesses, such as restaurants, which have been
massively hit throughout the pandemic. In addition to
aiding the restaurant sector, Biden and Harris plan to put
a lot of money into businesses in rural, small town and
By Chad Otar disadvantaged areas, as well as those owned by people of
Lending Valley color and women.

he new year began with small businesses in a As for the large corporations, my research indicates they
sorry state. Decimated by the pandemic, one in can expect some tax increases. Currently, the tax for the
six small businesses may never reopen. Even titans sits at 21 percent. Biden plans to raise this to 28
T if they do weather the pandemic, many will percent, which is expected to raise federal revenue by a
drown under the murky depths of COVID-19 debt. staggering $2.4 trillion. This money will then be used to
help with the revival of small, struggling underfunded
Small businesses across the United States, including businesses, which is just about every business owner.
myriad merchants we serve, need leaders who understand Whether bigger corporations think this is a positive
their importance on both economic and personal levels. change remains to be seen.
Could President Joe Biden and Vice President Kamala
Harris be those leaders? My recent research indicates the When will these plans take effect?
answer is yes. So, after all of this, you might wonder when the Biden-
What relief is planned? Harris small business proposals will take effect. This is
where it becomes less certain. With partisanship rampant
One Biden-Harris administration's stated aim is to make throughout the country and in the nation's capitol,
"bold, transformational steps" to ensure small businesses cooperation is often in short supply. Having said this,
can be revived across the country. They are far more though, I believe Biden and Harris are in a strong position
focused on these companies than on those making big to make changes. They are leading with two principles
bucks on Wall Street. While their plans are incredibly essential to small businesses in mind: stability and
ambitious, they are striding confidently forward into what leadership
promises to be a brighter future for small businesses. .
Even though implementation dates are unclear, I believe
President Biden has also made it clear that, even though small businesses, which are a substantial part of our
we are in the middle of the pandemic, funding for small customer base, will rejoice once they take effect. In any
businesses should start now. His administration has called case, the world is watching to see how the new president
for over $50 billion in public-private capital to be put into and vice president plan to resurrect America's economy
small businesses in disadvantaged areas. Alongside this, under the most challenging of conditions.
he wants to ensure that underprivileged business areas
be invested into—at a rate of $5 billion per year. He also Note: I referred to the following in researching this article:
plans to put more focus on companies located in small https://joebiden.com/main-street/; https://joebiden.com/reopen-
towns and rural areas. ing/; https://factorialhr.com/blog/joe-bidens-policies/#4; and
https://eu.usatoday.com/story/money/columnist/2020/10/14/
Will they level the game? joe-biden-how-his-presidency-would-affect-your-small-busi-

Biden and Harris want to ensure that everyone has a ness/5902453002/. The predictions in this article do not re-
fair shot. To do this, they are promulgating rules and flect my political views or those of Lending Valley or The
regulations that will shift large, corporate powers from Green Sheet Inc.
a dominating to a more cooperative position. From there, Chad Otar is CEO of Lending Valley Inc. For information about the com-
they intend to promote fair competition to give small pany, please visit www.lendingvalley.com. To reach Chad, send an email
businesses a chance to shine. to chad@lendingvalley.com.
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