PROTECTING SMALL BUSINESS, PROMOTING ENTREPRENEURSHIP

“Tax Cuts and Jobs Act” Keeps Producing for Small Biz and Their Employees

By at 12 April, 2018, 9:58 am

SBE Council members will participate in White House event today

(UPDATED with event photos below)

FOR IMMEDIATE RELEASE

Washington, D.C.  –  President Donald J. Trump will host an event at the White House today with small business owners and their employees, and the Small Business & Entrepreneurship Council (SBE Council) will be represented by businesses and workers who are benefitting from the tax package signed into law on December 22, 2018.  The event is scheduled to take place in the Rose Garden at 1:45 p.m. ET.  SBE Council president CEO Karen Kerrigan will also attend the event.

“The seeds of the tax package continue to sprout, and various provisions are producing substantial benefits for small businesses and their employees.  Entrepreneurs remain optimistic about revenue growth and the economy in 2018, and the extra capital and incentives provided by the Tax Cuts and Jobs Act are being utilized to make investments in their firms and workforce. Entrepreneurs are so pleased that policies like the tax package are helping them provide higher wages, more benefits and more jobs for their communities,” said Kerrigan.

A variety of SBE Council members and supporters will attend the White House, including a delegation of entrepreneurs from Bellefontaine, Ohio – a community that is undergoing a restoration and comeback of sorts. There has been extraordinary progress renovating and rejuvenating this small downtown community, which was quickly becoming another forgotten and worn-down American Main Street. Kerrigan will make a return visit to Bellefontaine at the end of this month and says the work being done to rebuild and re-purpose this community is a model for other Main Streets looking to revitalize.  Jason Duff, Founder of Bellefontaine Ohio Properties, is the leader and a key investor in driving Bellefontaine’s renaissance. Policies that encourage investment and economic growth  – like the tax package – are helping many small-town heroes and entrepreneurs, like Duff, succeed in their efforts.

Duff commented about the benefits of the Tax Cuts and Jobs Act:  “I’ve been able to preserve more operating funds and make new investments in my town.  We are currently building a new frozen custard store along with a new 24-hour gym. This means more valuable jobs for our community.”

Brittany Saxton, owner of Six Hundred Downtown, Inc., Brick Oven Pizzeria, also in Bellefontaine, Ohio said: “I’ve been able to hire more full and part-time employees and now offer health benefits for managers, which is often uncommon in the restaurant industry.”  Saxton also recently built and expanded a new outdoor patio to accommodate more diners.

Saxton expressed solid optimism about the economy and her prospects for growth:  “I feel more confident about my business and opened up my second restaurant in March, the Marketplace Bistro.”

Adam Rammel, Owner of Brewfontaine LLC, a restaurant and tap room located in Bellefontaine, Ohio, says that the Tax Cut and Jobs Act has provided the business with opportunities to maximize tax savings, allowing for increased cash flow to reinvest in the business.

More capital means that Rammel is implementing and has on the drawing board investments that benefit both the owners and employees of the company, including, a retirement plan for employees; new benefits for key management personnel including a performance bonus structure and paid time off program; new equipment, products and training, helping the employees to become more vested in the Brewfontaine brand; potential expansion of the Brewfontaine facility; and an opportunity to give back to the community where the company has donated $5,000 to the local farmers market.

SBE Council’s Kerrigan said that more policy work is needed in a number of areas to improve the U.S. policy ecosystem for small business growth, entrepreneurship and the employees who work for startups and existing businesses.  Health care costs must become more affordable, access to capital more accessible, quality broadband more available, and the regulatory system modernized to include early small business input and better cost-benefit analysis. There is also work to be done to improve and modernize our tax system for small businesses and entrepreneurs and simplifying the code in a number of areas.  Kerrigan noted that there is positive movement on all these fronts, but several legislative efforts and Administration initiatives must cross the finish line.

For example, both the House and Senate passed legislation to improve bank lending and capital access for small businesses by fixing regulatory overreach and modernizing outdated rules.  Kerrigan said SBE Council is working hard to get a bill to the President’s desk, and the Senate-passed bill should be broadened to include bipartisan measures (passed by the House) that will benefit a greater number of startups and small businesses.

See SBE Council’s 2018 Policy Agenda for Entrepreneurs and Small Business here.

Photos of Today’s Event

Brittany Saxton (center in her white “pizza chef” coat) prepares to speak in the Rose Garden on the dais with President Trump.

Entrepreneurs Jason Duff and Adam Rammel give 600 Downtown a little free publicity at 1600 Pensylvania Avenue.

Jason Duff (L), Founder of Bellefontaine Ohio Properties and Adam Rammel (R), Owner of Brewfontaine prepare to walk into the Rose Garden with SBE Council president & CEO Karen Kerrigan.

Adam Rammel and Jason Duff catch up with their U.S. Senator, Rob Portman (R-OH), in the Rose Garden.

Ways and Means Chairman Kevin Brady (R-TX) and Rep. Dave Reichert (R-WA) could not wait to meet Brittany to tell her what a fabulous job she did speaking at the event in the Rose Garden.

Main Street takes over the White House. Rammel and Duff seize their moment in the Rose Garden.

SBE Council ‘s Kerrigan catches up with David Benson, VP of Sales, Architectural Ceramics (Vienna, VA) at the White House event.

CONTACT:

Karen Kerrigan

703-242-5840

kkerrigan@sbecouncil.org

SBE Council is a nonpartisan, nonprofit advocacy, research and education organization that works to protect small business and promote entrepreneurship. For nearly 25 years SBE Council has worked to successfully implement a range of policy and private sector initiatives to strengthen the ecosystem for startups and small business growth. To learn more, visit SBE Council’s website: www.sbecouncil.org. Follow on Twitter: @SBECouncil

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