Good morning,
Joe Biden will be the 46th President of the United States, according to projections made by the Associated Press and CNN.
The former vice president’s victory will mark a major shift in policy--and some of his incoming administration’s top priorities could directly affect small-business owners nationwide. Take, for example, additional pandemic relief: Throughout his campaign, Biden repeatedly spoke about the millions of small businesses that need additional help amid the pandemic.
As a first step toward a solution, Biden has expressed support for the Paycheck Protection Program, the $525 billion forgivable-loan program aimed at small businesses. He’s also supported “restart” funds to help small businesses retrofit their establishments with plexiglass and other personal protective equipment. And to the extent that small businesses benefit when their customers are more willing to spend, Biden says he would favor enhanced student-loan forgiveness and unemployment benefits, along with another batch of stimulus checks for American families.
Biden’s victory also brings the federal minimum wage into focus. The new president-elect wants to boost it to $15 per hour, saying that the current $7.25 per hour is unlivable for the vast majority of Americans. Business groups typically oppose these types of proposals since wage increases would balloon small-business budgets and prompt job cuts, but a growing number of states have already passed $15 per hour minimum wage laws across the U.S.
Read our story for a comprehensive look at what Biden’s administration will mean for your business--including his stances on taxes, health care, jobs, and more. |
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