With Congress now back in session for another fall season, there are a number of areas on which federal lawmakers may choose to focus. And while there is no shortage of areas where their attention could be justifiably devoted, some industry experts think that when it comes to domestic issues, it might be wise to start looking into ways to help small businesses.
Three areas in particular which could be of specific benefit to small business owners across the country, according to Steve Caldeira, the president and CEO of the International Franchise Association, writing for political news site The Hill. The first is the way in which the Affordable Care Act will be implemented for businesses at the start of 2015, which some owners still say is overly burdensome for their companies given how it defines what constitutes a “full-time” employee as someone who works 30-plus hours per week instead of 40).
The second is that the tax code is still largely awaiting comprehensive reform and therefore many companies may feel that they are waiting in limbo to make major decisions about their ability to hire or otherwise expand their companies, the report said. Finally, there has been some indication that there might be a government shutdown if compromises on key issues relating to the federal government’s finances cannot be smoothed out by lawmakers in the coming months.
All of these would serve to encourage positive movement for small businesses, which may have been lagging a little behind in their feelings about the nation’s economic recovery in the past few years, the report said. Therefore, it may be time for legislators to do more to help sectors of the business community they say they support.
“Small business is an area of repeated praise from both sides of the aisle, and protecting a job-creating engine is something that politicians of any persuasion should be able to agree on,” Caldeira wrote. “Let’s hope this fall the Congress (and the president) choose to move the ball down the field with meaningful policy reforms and not punt on its most fundamental responsibilities.”
Owners anxious to get a jump on improved financial standing before Congressional action may want to consider finding ways to cut their small business insurance costs. Doing so, by finding lower premiums for policies including those on general liability insurance, may help companies to find more financial standing.
