The National Federation of Independent Business (NFIB), the nation's leading small business advocacy organization, has released a list of recommendations for Congress and the White House to help ease inflationary pressures on small businesses. Inflation remains the primary concern for many small business owners.
"Congress and the administration helped get small businesses into this mess with excessive spending, now they can help get them out of it," said Jeff Brabant, NFIB Vice President of Federal Government Relations. "Inflation has overwhelmed small business owners in an already uncertain economy, and they need relief. By lessening regulatory burdens, providing tax relief, and more, Washington can prioritize the small business economy. NFIB has highlighted five crucial steps that Congress and the administration can do immediately to lessen the financial burdens on small businesses."
Stephanie Camarillo, owner of Molly Maid in Boise, Idaho, emphasized the impact of inflation on her operations: "Our small business needs help to continue to grow and thrive. Inflation has touched every inch of our business, and we would welcome any relief to ease the regulatory and financial difficulties we continue to face daily. Making the Small Business Deduction permanent in particular would give us the assurance we need to make long-term business decisions."
The NFIB's list includes several key actions:
1. **Stop Issuing Costly Regulations**: The Biden Administration has imposed nearly $1.5 trillion in new regulatory costs, adding over 275 million new paperwork hours for small business owners. The NFIB urges the White House to retract regulations such as the Department of Labor’s overtime and independent contractor rules, OSHA’s walkaround rule, EPA’s tailpipe emissions rules, and DOE’s appliance energy efficiency rules.
2. **Provide Long-Term Price Stability**: With over 30 million small businesses facing a significant tax increase at the end of 2025, NFIB calls on Congress to make the Small Business Deduction permanent by passing the Main Street Tax Certainty Act.
3. **Inject Competition into Swipe Fee Marketplace**: Anti-competitive practices within credit card networks have led to unsustainable swipe fees harming small businesses. The NFIB asks Congress to pass the Credit Card Competition Act.
4. **Reduce Energy Costs**: Federal policies restricting domestic energy production increase costs for small businesses which are then passed onto customers through higher prices. The NFIB advocates for passing H.R. 1 and S. 4072 to prevent further cost increases from EPA regulations.
5. **Curb Health Care Cost Increases**: High health care costs significantly impact small businesses' ability to hire and invest in employee benefits. The NFIB recommends passing legislation such as the CHOICE Arrangement Act, Lower Costs More Transparency Act, and Employer Reporting Improvement Act.
The full list is available on their website.