2020 was an unexpected and unpredictable year for many of us. Many organizations, especially small businesses, felt the pressure and fear to keep their businesses up and running.
As we witnessed a considerable shift in power at the beginning of this year, small businesses are looking to President Biden to guide how they should handle their business within his new administration.
This is what your business can expect under the new Biden administration.
1. Small Business Aid
For small businesses, Biden’s program calls for an additional $15 billion in grants for small businesses, creating a new program separate from the existing Paycheck Protection Program (PPP). The PPP has been a popular program, providing small businesses with forgivable loans designed to keep employees on the payroll and avoid layoffs or furloughs. Many smaller AV integrators have said they made use of the funds and said the application process was nearly seamless. According to CNN’s reporting, the plan also calls for $35 billion in state, local, tribal and non-profit financing programs that make low-interest loans and provide venture capital to entrepreneurs.
2. Minimum Wage Increase
Recently, Biden called for a $15-an-hour federal minimum wage, which requires action by Congress. A bill introduced by Democrats this week would increase the wage floor to $15 an hour four years after the new law’s effective date.
3. COVID-19 Plan
President Biden unveiled a $1.9 trillion coronavirus plan that outlines speeding up vaccines and pumping out financial help to those struggling with the pandemic’s prolonged economic fallout.
4. Renter and Homeowner Assistance
President Biden signed an executive order asking federal agencies to extend the moratorium on evictions and foreclosures. Initially set to expire on January 31, the relief now lasts at least another month and in some cases two months, with the possibility of more extensions. Biden has also requested that Congress provide $30 billion in additional rental assistance. The proposal sets $25 billion aside for direct rental relief to landlords, with the other $5 billion slated to help cover energy and water costs through programs such as the Low Income Home Energy Assistance Program.
5. Vaccines to beat the Pandemic
President Joe Biden announced a series of measures aimed at ramping up coronavirus vaccine allocation and distribution, including the purchase of 200 million more vaccine doses and increased distribution to states by millions of doses next week. With those additional doses, Biden said there would be enough to fully vaccinate 300 million Americans — nearly the entire US population — by the end of summer or early fall.
6. Increase in Quality Healthcare
The Biden-Harris administration will re-open enrollment to the Health Insurance Marketplace, take additional steps to strengthen Medicaid and the Affordable Care Act, and protect women’s health. These actions demonstrate a strong commitment by the Biden-Harris Administration to protect and build on the Affordable Care Act, meet the health care needs created by the pandemic, reduce health care costs, protect access to reproductive health care, and make our health care system easier to navigate and more equitable.
This past year has been heavy on us all. Fortunately, the new Biden-Harris Administration cues a new narrative. This recent power shift illustrates hope and what America can become if we continue to persevere.