During the holiday season, shopping and gift-giving play a major role in both personal traditions and the national economy. Small businesses are an important part of this economic activity, with more than 30 million operating across the United States. In Arkansas alone, nearly 300,000 small businesses employ over half a million people.
The importance of supporting local businesses is emphasized during events like Small Business Saturday, which takes place each year on the Saturday after Thanksgiving to encourage consumers to shop at neighborhood retailers.
“Small business is the backbone, or lifeblood, of America’s economy. There are over 30 million local enterprises around the country, including nearly 300,000 in Arkansas that employ over 500,000 of our family, friends and neighbors,” said U.S. Sen. John Boozman (R-Ark.). “We are proud to celebrate these establishments in communities across our state and the important contributions they make, economic and beyond.”
Boozman highlighted his experience as a former small business owner and described ongoing efforts in Congress to support entrepreneurs throughout the year. He also noted recent recognition of veteran-owned small businesses: “Just a few weeks ago, we also took the opportunity to acknowledge and applaud veteran-owned small businesses, which make up nearly five percent of enterprises in the U.S.”
Legislative action was cited as crucial for creating favorable conditions for small business growth. “This summer, Republicans passed the Working Families Tax Cuts. This significant bill delivered needed relief to small businesses. Its landmark policies made their tax deduction permanent while repealing onerous regulations and even ensuring workers benefit from the success of their employers by helping prevent taxes on their tips or overtime hours. The law will also help spur more investment by manufacturers as well as enable companies to fully expense business equipment purchases more immediately.”
Boozman added that such policies aim to increase job creation and opportunities: “These pro-growth policies will invigorate small businesses to create even more jobs and opportunity.”
He also discussed further legislative initiatives designed to assist Main Street companies: “I am also pursuing other legislative priorities to boost Main Street businesses during this Congress, including safeguarding their access to capital with the PROTECTED Act. This bill I am championing alongside Sen. Katie Britt (R-AL) and Congressman French Hill (AR-02) would shield small business lenders from a burdensome regulatory mandate related to identity-based data collection. Our entrepreneurs and the institutions that help finance their operations need to spend less time and fewer resources complying with this excessive rule and more time focusing on succeeding.”
Boozman concluded by emphasizing that supporting small businesses benefits not only individual communities but also contributes positively at a national level: “Small businesses are vital to Arkansas and our nation’s future. When they flourish, we all reap the benefits, and I will continue advancing the priorities that make their success possible.”
