Two years ago, the Tax Cuts & Jobs Act was signed into law.
The year end-review highlights include more than 7 million jobs created since November 2016, and unemployment rate at the lowest rate in 50 years, with rapid business startups by minority women. This is why 83% of small business owners believe the TCJA is having a positive impact on the economy, according to a recent study by the National Federation of Independent Businesses.
In the last twelve months, American workers have seen a 3% wage increase. This is great news, especially during the holiday season.
Across the nation, women and especially minority entrepreneurs are starting businesses locally and adding flavor to local main streets and taking their business global.
For example, Aracely and Alfredo Garcia, who after 14 years of owning La Fiesta Party Supply in downtown Los Angeles, started exporting to several Caribbean and South American countries. The Garcias were able to reach this milestone by working with their local Women’s Business Center to chart out their path and secure an SBA-backed loan.
At SBA, our mission is to empower entrepreneurs in their business journey, whether it’s starting a business, expanding, or taking it global.
SBA resource partners provide free or low-local assistance to help entrepreneurs develop business plans that take their business to their next chapter in their journey.
Today, businesses are taking advantage of tax reform and the ability to deduct up to 20 percent of their qualified business income.
Businesses are investing in their business by buying new equipment, machinery, and property taking advantage of the temporary 100% expensing for qualified property.
Looking ahead to 2020, businesses can work with local SBA resources to plan their next level. The end of the year is an opportunity to set goals for next year and map out how to exceed them. It’s an opportunity to continue to take advantage of tax reform and continue to chart an upward path.
As the Regional Administrator for the Pacific Rim for SBA, and as Associate Administrator for the Office of Field Operations for our agency, SBA thanks the job creating entrepreneurs and their families for their daily sacrifice to keeping local economies thriving.
I invite entrepreneurs looking for assistance to reach out to their local SBA office.