Washington Watch - January 15, 2020

In this issue of Washington Watch, read about the newly named SBA Administrator and expanded opportunities to save for retirement

Major Change to America’s Retirement System Offers Flexibility and Options for Small Businesses

Prior to Congress adjourning for 2019, the House and Senate passed a government spending bill that included the SECURE Act, also known as the “Setting Every Community Up for Retirement Enhancement Act of 2019,”which has been supported by the NASE.

“With retirement security continuing to be a looming crisis for American families, including family owned small businesses, the bipartisan measure approved by Congress and headed to President Trump for signature into law will streamline and expand retirement savings opportunities for all Americans,” said Hall. “Small businesses often carry debt and stretched bottom lines to keep their operations afloat, but this major change to our retirement system offers them options to save more for their retirement at every income level and employment structure.”

The Trump Administration’s 2018 executive order opened multiple employer plans (MEPs) to small businesses and “expand(ed) access to workplace retirement savings plans for American workers.” The executive order would no longer require small businesses to have formal business ties and instead would allow small, independent employers to join together through MEPs to offer workers access to 401k retirement savings plans. Click here to read NASE’s statement on the 2018 executive order.

Small Business Advocate Confirmed as Administrator for the Small Business Agency

On Tuesday,  January 7, the U.S.  Senate confirmed Jovita Carranza as Administrator for the Small Business Administration.

The NASE supported the appointed of Ms. Carranza, stating,  “The new SBA Administrator takes over an agency during one of the most profound shifts underway in the American workforce. Not since the Industrial Revolution has the nature of work in our country undergone such transformative change. As millions of Americans choose self-employment and small business ownership, it is critical for the SBA to support them by promoting access to capital, advocating for further streamlining of regulatory policies and simplifying the tax code.”

“As new small business owners, time is the most essential resource. We must ensure ways they can minimize their administrative time and costs and instead, let them focus on their business operations, which will save time and allow them to save, grow and expand. It’s not only essential for their bottom-lines, but also the future of the American economy. NASE will continue to be a proactive partner with the SBA, the Trump Administration and the U.S. Congress to continue to promote a pro-small business environment. As a voice for millions of America’s self-employed and those in the growing gig-economy, we welcome the new Administrator and stand ready to support her in building an equitable and fair playing field for the lifeblood of our country’s economy.”

The NASE looks forward to working with the Administrator as we advance policies that support the nation’s millions of self-employed business owners.