By Congresswoman Debbie Wasserman Schultz

In late September I hosted several hundred South Florida small business owners for my 2nd Annual Small Business Workshop.  Working with federal, state and local agencies, the workshop provided information on marketing, management and financial guidance.  Small businesses are the engine of our economy, creating nearly two-thirds of the new jobs over the last 15 years, so it is vital that we provide resources for our region’s entrepreneurs, particularly in today’s challenging economic climate.

The Bush Recession hit American small businesses especially hard.   Indeed, a new analysis by the U.S. Women’s Chamber of Commerce finds smaller firms lost a crushing 20 percent market share during the last decade (1997–2007), while large public firm gross revenues grew 16 percent. 

That is why the Democratic-led Congress has put small business at the forefront as we have worked to move our economy in a new direction.  While Republicans have blocked and delayed action and fought to protect corporations shipping jobs overseas, the 111th Congress has provided America’s 27 million small businesses with 16 tax cuts in the last two years and improved access to credit.  

In September, Congress passed and the President signed into law the Small Business Jobs Act – “a landmark piece of legislation that will empower small businesses across the country,” according to the National Small Business Association.   

Only one week later, in the beginning of October, nearly 2,000 small business owners who had been waiting for SBA-backed loans had been approved. These small business owners will soon have access to nearly $1 billion in loans to either expand or launch their business.

And the bill includes eight new small business tax cuts – all effective now and applying to small businesses’ taxes for this year – providing an immediate incentive for businesses to make new investments and expand.

As the President of the National Small Business Association said, “It doesn’t matter what aspect of small business you are in, this bill has something for you.” For example:

o If you are a small business and you buy new equipment, you can immediately write off the first $500,000 of your investments;

o If you are one of over one million eligible small businesses, key long-term investments in your company will be subject to zero capital gains taxes;

o If you are an entrepreneur and take a chance on a new idea, you can deduct the first $10,000 of your start-up costs;

o If you are self employed you can deduct 100 percent of the cost of health insurance for you and your family from your self-employment taxes.

Most traditional lending to small businesses froze as a result of the credit crisis that hit in October 2008.  Many healthy small businesses saw their credit lines pulled, and entrepreneurs with good business plans couldn’t find financing to help them grow and create jobs.  At the same time, the economic downturn left many small businesses with fewer customers and a slow-down in sales.   

That’s why Congress and the Obama Administration worked together to include a number of critical provisions in the American Recovery and Reinvestment Act of 2009 that strengthened small business lending and expanded contracting opportunities, while also reducing taxes on small businesses.

These provisions were successful in getting billions of dollars into the hands of small businesses through loans and contracts, while tax cuts allowed them to put more of their resources into their own business.   All told, the Recovery Act’s assistance to small businesses has helped save and create hundreds of thousands of jobs in communities all across the country.

Democrats are committed to providing tax cuts to 98 percent of Americans and to America’s small businesses – policies that will improve our nation’s economy by protecting American jobs, encouraging entrepreneurship and enabling small businesses to thrive and prosper.  

I am proud to be an advocate for the people of South Florida, and my office is always open to you. You can reach us in Pembroke Pines at 954-437-3936, in Aventura at 305-936-5724 and in Washington, DC at 202-225-7931.  You can also find me on Facebook, and Comcast-on-demand customers can stay up to date with my work for you on channel 890.