Building Back the Economy and Supporting Small Business
“As a former small business owner, I know that our local entrepreneurs and small businesses are the backbone of our economy. From mom-and-pop retailers to family-owned stores, more than 80% of all businesses in Illinois’ 3rd Congressional District are small businesses. They are our neighbors, friends and family – and I'm proud to fight for them in D.C.” - Congresswoman Marie Newman
Congresswoman Newman has dedicated her efforts to also addressing the glaring inequalities in this nation’s economy. Since her first day in office, she has been clear that it is long overdue for this country to raise the minimum wage to $15 an hour and implement paid leave to ensure workers have a pathway to greater financial stability and certainty. She knows that it is also time to hold large corporations accountable by implementing a progressive tax on ultra-millionaires and transaction tax on Wall Street trades and financial transactions.
In Washington D.C., Congresswoman Newman voted to pass the American Rescue Plan, a historic stimulus package that provided crucial support for the hardest-hit small businesses, especially those owned by entrepreneurs from racial and ethnic backgrounds that have experienced systemic discrimination, with EIDL grants, expanded PPP eligibility and more.
In April 2021, Congresswoman Newman passed two bills in the House of Representatives that are designed to make the process of applying for microloans easier, faster and more transparent for all small business owners. Furthermore, to ensure small businesses can further recover from the pandemic, she introduced the Relief and Equity for Small Businesses through Tax (REST) Act, which will cut taxes on the smallest of small businesses across the country to ensure they can further recover from the pandemic. The legislation would adjust Section 199A of the Internal Revenue Code to increase the deduction of income from 20% to 25% for businesses that make less than $100,000 annually, providing small businesses with the tax relief they need to recover from this pandemic.
Additionally, to support small businesses that are historically disadvantaged when it comes to contracting and grant opportunities, Congresswoman Newman introduced the Expanding Contracting Opportunities for Small Businesses Act, which levels the playing field and encourage more small contractors to participate in government programs leading to a quicker rebuilding of the U.S. economy. She also introduced legislation to support women-owned small businesses by extending the waiver for the matching fund requirement for the Small Business Administration’s (SBA) Women Business Centers.