New Policy Playbook Delivers Game Plan for Congress, White House to Level the Playing Field for Small Businesses and Grow the U.S. Economy

Goldman Sachs 10,000 Small Business Voices and the Bipartisan Policy Center partner to help cut red tape and advance policy solutions that tackle workforce, business costs, innovation and opportunity

Goldman Sachs kicks off new football-inspired ad campaign calling on leaders in Washington to secure a “W” on small business policy

WASHINGTON--(BUSINESS WIRE)--As the 119^th Congress kicks off and the new administration prepares for the inauguration on January 20^th, a new report from Goldman Sachs 10,000 Small Businesses Voices and the Bipartisan Policy Center offers an actionable playbook to help grow the U.S. economy by tackling the most pressing challenges faced by our nation’s small businesses.

The Small Business Policy Playbook: Winning Strategies to Drive Economic Growth, released today, provides a policy strategy to unleash legislative efforts to level the playing field for small businesses, by giving them the tools to compete for workers, cut red tape, remove barriers that stall their success, and foster an environment to drive tech investment and innovation.

“We are proud to partner with the Bipartisan Policy Center to provide lawmakers on both sides of the aisle with actionable policy solutions to help level the playing field for small businesses," said John F.W. Rogers, Executive Vice President of Goldman Sachs. “Small businesses are the backbone of the American economy and will help fuel economic opportunity, growth and prosperity.”

To amplify these recommendations, Goldman Sachs 10,000 Small Businesses Voices is launching a football-themed advertising campaign rallying policymakers to “score a win for small businesses.” The ad, which can be viewed online, will run on Connected TV (CTV) as part of a broader push to drive attention and support for small businesses in Washington.

“Republicans and Democrats agree that meaningful economic growth requires a thriving small business sector,” said Margret Spellings, President and CEO of the Bipartisan Policy Center. “The Small Business Policy Playbook offers the 119th Congress and the incoming Trump Administration clear legislative recommendations for bipartisan policies that they can enact to empower small businesses to access capital, innovate, and remain competitive in today’s rapidly evolving marketplace.”

The Small Business Policy Playbook doesn’t stop at identifying the hurdles on the field. It proposes actionable legislative solutions designed to empower small business ingenuity and drive economic momentum towards the goal line, with recommendations in three crucial areas: workforce, cost of doing business, and innovation and opportunity.

“In a time in which America is looking for commonsense, bipartisan wins from Washington, lawmakers should look no further than to the Small Business Policy Playbook for strategies to help small businesses lift up the American economy,” said Jessica Johnson-Cope, president and principal of Johnson Security Bureau, Inc., a third-generation family-owned security services firm based in the Bronx. “This playbook provides a roadmap for how policymakers can support small business owners so we can thrive, grow and create jobs and opportunities in our communities.”

The recommendations incorporate insights gathered directly from small business owners through extensive research. Key recommendations include:

Workforce: Competing for Qualified Workers

• Benefits for Employees of Small Business: Amend the retirement startup credit and enhance the paid family leave tax credit to help small employers compete with larger corporations.
• Access to Affordable Child Care: Update child care tax credits and strengthen programs to expand the child care labor market in support of working parents.
• Skills Training: Encourage partnerships between the Small Business Administration (SBA) resource partners and workforce programs to offset training costs and upskill workers.

Cost of Doing Business: Removing Financial Barriers

• Access to Capital: Expand Small Business Investment Companies and revamp technical assistance for microloans and fintech financing solutions.
• Tax Policy: Reinstate full R&D expensing and maintain successful small business tax incentives such as Section 179 expensing.
• Regulatory Relief: Appoint and confirm a Chief Counsel for the SBA’s Office of Advocacy to ensure small businesses aren’t being held back by red tape.

Innovation and Opportunity: Sparking Growth

• Technology Investment: Ensure resource providers, such as SBDCs, are equipped to offer training and guidance on digitalization and AI.
• Federal Contracts: Further increase small business procurement goals and bolster outreach and technical assistance to prepare small businesses to compete for contracts.
• Manufacturing and Exports: Expand access to capital for manufacturers and improve investment opportunities in small manufacturers through Small Business Investment Companies.

With Congress and the new administration eager to deliver on economic promises, the Small Business Policy Playbook presents a unique opportunity for policymakers to champion small businesses—and, in turn, the economy at large. Small businesses are ready to team up and run the plays with Washington to secure a win for the American economy.

About 10,000 Small Businesses Voices

Goldman Sachs 10,000 Small Businesses Voices, which in April will mark its five-year anniversary, builds on Goldman Sachs 10,000 Small Businesses and organizes program participants to advocate for policies that matter to them. Learn more at www.gs.com/10ksb-voices

About Goldman Sachs 10,000 Small Businesses

Goldman Sachs 10,000 Small Businesses is an investment to help entrepreneurs create jobs and economic opportunity by providing a comprehensive business education program and access to capital and business support services. To date, 10,000 Small Businesses has served over 16,000 small businesses across the United States. The program has reached businesses from all 50 states, Puerto Rico, and Washington, D.C. Learn more at www.gs.com/10ksb.

About Goldman Sachs

The Goldman Sachs Group, Inc. is a leading global financial institution that delivers a broad range of financial services to a large and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.

About the Bipartisan Policy Center

The Bipartisan Policy Center is a mission-focused organization helping policymakers work across party lines to craft bipartisan solutions. By connecting Republicans and Democrats, delivering data and context, negotiating public policy, and creating space for bipartisan collaboration, BPC helps turn legislators’ best ideas into durable laws that improve lives. Since 2007, the Bipartisan Policy Center has helped shepherd countless bills across the finish line.