SBA Director Gives New Bill Update

The SBA Administrator Kelly Loeffler has issued a statement on the One Big Beautiful Bill signing and what it does for small businesses. Does it help or hurt the some 40 million businesses and entrepreneurs across the U.S.? I'll break down what she said in this quick video and give a quick EIDL update at the end for the 4 million COVID EIDL borrowers. Trump's One Big Beautiful Bill was signed into law on the 4th of July. According to Kelly Loeffler, she said this is a landmark victory for America's small businesses and it cements President Trump's legacy as the greatest small business champion our country has ever seen. I'm going to cut through all the marketing speak here. Of course, she's going to make big statements. There are cuts for businesses that may be good. These historic tax cuts lay the foundation for generational prosperity on Main Street, ushering in a new era of growth, hiring, investment, and opportunity for job creators. It's worth noting that Administrator Kelly Loeffler has been one of the administration's most outspoken proponents of this bill. That's according to the press release that her team oversees. But she did embark on a national tour last month to tout its benefits to business owners across Florida, Indiana, Kansas, Louisiana, Maine, and North Carolina. So here's what it means for business owners. Number one, according to the release here from the SBA, it prevents the largest tax hike in history. That's part of the criticism, frankly, that this is only going to increase the deficit by keeping those tax cuts permanent. Of course, I want to hear what you think about all of these in the comments. And if you're new to this channel, consider subscribing so you never miss out on anything funding, business, or policy related. You can skip other sites and come right here. Number two makes the small business tax deduction permanent, preserving the 199A 20% small business deduction, which will generate $750 billion in economic growth and create over 1 million new Main Street jobs. That 750 billion figure comes directly from the House Ways and Means Committee. And it goes on. Without this bill, 26 million small businesses would have seen their top tax rate double to 43%. Okay, number three supports the return of made in America by allowing 100% expensing for new factories, factory improvements, equipment, and research and development if you're in that space. Number four ends the war on the gig economy by removing the requirements that Venmo, PayPal, and other gig transactions over $600 be reported to the IRS. Remember when that was proposed a few years back, anything you're getting from Venmo, PayPal, other cash app type platforms, over $600 you'd have to report. Number five protects family farmers, preventing the death tax from hitting 2 million family-owned farms who would otherwise see their exemptions cut in half. Number six cuts taxes on seniors, tips, and overtime, saving tipped and overtime workers up to $1,750 per year. Seven protects Medicaid for working Americans by ending benefits for at least 1.4 million illegal immigrants who are gaming the system. And finally, eight increases the child tax credit to $2,200 per family. Again, this is from SBA administrator Kelly Loeffler, her team, their press release. No matter what you feel about this list or many of the thousands of other things that were included in this massive bill, this is a big deal. This will be affecting you and your business for years to come. Let me know what you think about that. Now to the 4 million EIDL borrowers. There is no new news on forgiveness or relief, especially when it comes to relief. Let's say forgiving some of the accrued interest. We still hear from thousands of folks struggling to repay. Maybe you're coming out of hardship accommodation and you can't renew hardship accommodation anymore, but we're also hearing the flip side. Some of you are back on track making payments. And of course, if you want to see your EIDL loan balance and track it over time for free, go to EIDLbalance.com. You can see what your estimated payoff date is based on your current payments. And if you change payments, what does that do for both your payoff date and your total accrued interest? It's a great free tool to play with to see how you can save money on your EIDL loan. Go give it a try. And of course, if you want other financing or grant opportunities, we have the largest marketplace in the US. We give out a thousand dollar grants several times every single week. If that could help push your business forward, those are free to enter. All of those at tryskip.com. And there's a ton of other tools on there for business owners, whether you want to create a business plan instantly, website listing, or do other marketing, tons of tools there for you. Most importantly, stay well, stay healthy, and I'll see you in the next video.