As I've traveled around the country, it has surprised me how many times I've heard people in small businesses use that word 'saved.' I believe many small businesses would not have had access to credit and would not have survived without the $50 billion that we were able to put into the market.
Many small businesses rely on small financial institutions, like credit unions and community banks, to meet their capital requirements. Without them, these small businesses would have to close their doors.
People's mouse clicks decide what businesses, services, and content succeed. Users have equal access to tiny businesses with viral ideas and blue-chip companies, allowing these enterprises to compete on their own merits. It's how so many small start-ups have been able to become Internet success stories.
In one month, the Small Business Administration does $1 billion of loans and guarantees for businesses; many of those are women-owned businesses.
And what's interesting, and I don't think a lot of Americans understand this fact, is that, one, most new jobs are created by small businesses; two, most small businesses pay tax at the individual income tax, or many small businesses pay tax there.
Our economy creates and loses jobs every quarter in the millions. But of the net new jobs, the jobs come from small businesses: both small businesses on Main Street and many of the net new jobs come from high growth, high impact businesses that are located all across the country.
The American economy is driven by small business. And there's nothing basically to create incentives for small businesses. We've done no tax reform. They're the highest-taxed group in the country. And corporations can go anywhere they want and do whatever they want. Small businesses have to stay.
If you talk to anyone involved in business - forget banks and big business - talk to small businesses - do it yourself, don't ask me - they'll tell you it's crippling. Small-business formation is the lowest it has ever been in a recovery, and it's really for two reasons. One is regulations and the second is access to capital for people starting new businesses.
Then by the springtime, you'll see us moving an effort to cut taxes for working families, small businesses and family farms to reform our business taxes in this country so that American businesses can compete more effectively with businesses around the world.
Many small businesses are running entire businesses from a mobile phone.
When I talk about the ability for fintech to promote kind of economic growth and productive citizens coming in, using different data and being able to lend to small businesses, see those small businesses start to grow - of course, that means more money for their families, you know, the small-business owner families. They start to hire people.
The Paycheck Protection Program has been vital to helping our small businesses and workers weather the coronavirus pandemic. Yet this program has operated with little oversight, and we've seen Kansas small businesses owners struggle to access relief while large corporations with deep pockets have no problem.
The S.B.A. does not lend directly to businesses, but instead backs loans to encourage banks to invest in small businesses as part of a nearly $90 billion portfolio.
We need to see many more people starting businesses and becoming their own boss, but the squeezed middle exists as much within this group as in the population at large as rising costs are hitting small businesses - who after all are consumers too.
For small businesses in Kansas and across the country, the coronavirus has the potential to cause devastating financial hardship that would have a ripple effect throughout our economy. These businesses make up the backbone of our communities, and we have to ensure they are properly supported and protected.
The Small Business 'common app' would function much like the one that students complete to apply to multiple colleges and universities simultaneously. It would ensure that small businesses across the country can concentrate on growing and creating jobs - not wasting time, filling out mountains of repetitive paperwork.
Access to quality, affordable health care is particularly important here in Maine, where many of us own small businesses or are self-employed.