5 Ways to Support Entrepreneurs When America Opens Back Up
To truthfully address the economic fallout from the pandemic, we need to emphasis on the hardest hit communities and industries.
From our experience supporting entrepreneurs with limited means, we have seen firsthand the effects on our clients, associates and neighbors, and we’ve also heard from entrepreneurs how our free courses method could serve as a road map for a justifiable, durable recovery.
Five major difficulties discourage would-be entrepreneurs from even beginning. When housing, child care and health care request too much of your time and energy, who has time to write a business plan or find financial investors?
If the first stage toward an equitable recovery begins with supporting small companies, then we need to address the rudimentary needs and encounters that siphon time and assets away from developing a business.
Child care. Mothers bear the obligation for early child rearing excessively, forcing countless female entrepreneurs to give up their businesses for deficiency of child care.
Health care. A scrap of deterrence is worth a pound of medication, and nowhere is that truer than in health care. Gig work and small businesses fall into extensive gaps. Tying health care benefits to our employers discourages entrepreneurship, risk-taking and modernization, particularly for a would-be entrepreneur who is the sole provider of aid for a family.
Residential and commercial rent relief. With millions at risk of eviction once the moratorium finishes and numerous small businesses unable to open their entrances due to public health restrictions, tenants need liberation. Rent relief programs can’t just be rent forgiveness, but a mixture of tenant supports, forbearance incentives and tax breaks, since many landlords are also in risky financial circumstances.
Regulations. Small businesses spend a greater amount of their time and currency on regulatory and tax compliance than big businesses. Whether you have one worker or 1,000, you still need to file local, state and federal tax returns, renew your licenses, obey all applicable labor laws, and stay on top of any variations to these regulatory rules.
Capital. Providing business owners with grants to lower the barricade to hiring their first worker or for opening a business in an economically down area can kick off an honorable cycle of increasing revenues and amplified employment.
An economic recovery proposal centered on small business pays for itself through better employment, business revenue and tax profits.
It also aids rural and urban groups alike. As we developed from the last recession, the economic recovery strategy highlighted big business, in particular an $8.7 billion tax break for Boeing in exchange for a pledge to keep engineering in the state. Regrettably, focusing on big corporate puts all their eggs in one basket.
The departure of the tax break in early 2020 that came about from an international trade disagreement with the World Trade Organization and European Union meant that Boeing ended up moving more jobs to South Carolina anyhow.
This time around, we should think local.