Washington, D.C. –To mark Women’s Small Business Month, Senate Finance Committee Ranking Member Ron Wyden, D-Ore., today introduced legislation to expand women entrepreneurs’ access to capital. work-life balance, 1600 Market StreetSuite 3300Philadelphia, PA 19103(215) 665-3960Get Directions, 321 Spruce StreetSuite 701Scranton, PA 18503(267) 765-0226Get Directions. Frank Knapp Jr., Co-chair of Businesses for Responsible Tax Reform and President/CEO of the South Carolina Small Business Chamber of Commerce: Heather McCulloch, Founder & Executive Director of Closing the Women's Wealth Gap Initiative: Liz Sara, Chair of the National Women’s Business Council, a federal advisory committee established to provide independent advice and policy recommendations to the President, Congress, and the U.S. Small Business Administration: Amanda Ballantyne, Executive Director Main Street Alliance: Senate Committee on Finance: 219 Dirksen Senate Office Building Washington, DC 20510-6200, Wyden Statement at Finance Subcommittee Hearing on “Fiscal Outlook”, Wyden Statement on U.S. State Department Reportedly Revoking Andreii Telizhenko’s Visa, Wyden Statement on the Nomination of Judge Amy Coney Barrett to Serve on the U.S. Supreme Court, Wyden Statement on Trump’s Taxpayer Funded Bribe. If you are a woman-owned business and are looking to expand your enterprise or become more tax efficient, call on us to help guide you and your business in the most thoughtful, tax-efficient manner while maximizing growth opportunities. ", Amanda Ballantyne, Executive Director Main Street Alliance: “In order to create a more equitable economy with broadly shared prosperity on Main Streets across the country, it’s imperative that tax policy be centered around supporting small businesses and communities they serve. Topics: A one-page summary of the bill is available here. Male entrepreneurs, on average, start their businesses with nearly twice as much capital and are more likely to obtain a bank loan for their business in the first three years. The maximum tax credit ranges from $1,200 to $9,600, depending on the employee hired and the length of employment. The PROGRESS Act will put new wind in the sails of growing businesses, particularly those led by women, in two important ways: the first-employee tax credit will facilitate new business growth by rewarding the creation of that critical first job, and the angel investor tax credit will encourage the early-stage investment that startups need to survive and grow. It’s bills like this that lead to increased innovation and a thriving economic future.”, Margot Dorfman, CEO of the U.S. Women’s Chamber of Commerce: “Women-owned firms represent 36 percent of all U.S. firms, but they only produce 4 percent of U.S. revenues. A credit equal to 25 percent of W-2 wages reported would be claimed annually, up to $10,000 in a single tax year, with a lifetime limit of $40,000. A skilled tax advisor can assist with these decisions. Work Opportunity Tax Credit. But, having extra brain power from a new team member is often what takes a start-up from risky to investable. Skyler Pearson, CEO of Nexgarden, Portland, Ore. based indoor farming company: Margot Dorfman, CEO of the U.S. Women’s Chamber of Commerce: John Arensmeyer, founder & CEO of Small Business Majority. Sen. Wyden and his staff should be lauded for having seized the initiative to lead this conversation.”, Frank Knapp Jr., Co-chair of Businesses for Responsible Tax Reform and President/CEO of the South Carolina Small Business Chamber of Commerce: “Access to capital continues to be a problem for entrepreneurs and small business owners contributing to both a 40-year low in start-ups and the suppression of job creation in very small businesses. Every year Smart Meetings receives peer nominations for their highly coveted award. The obstacles to growth facing women business owners are dramatically impacting their business revenues and profits. Connect with the training and funding opportunities specifically for women. In 2018, only 2.3 percent of venture capital funding went to companies founded solely by women. female, Persistent barriers to accessing capital drive this gap. Tax Incentives: The federal government provides tax breaks for companies that utilize minority and women-owned businesses as suppliers. And, if your business is expanding, you may want to consider the differences in state and local taxation to minimize the tax burden. Business liability insurance is a given, however protecting yourself and your family with disability or life insurance is important, too. “Existing tax incentives do not do nearly enough to help women-owned small businesses. While existing tax incentives benefit industries where women do not have a high presence, the benefit of certain tax incentives goes toward those with annual incomes far above that of most female entrepreneurs. We commend Senator Wyden’s efforts towards economic equity for women entrepreneurs. All rights reserved. Program […], Strongly rooted in her faith, supported by family, and trusted by friends — Naomi Tucker, CMP, HMCC is passionate about helping organizations put their best strategic step forward when it comes to their meetings and […], As Meetings & Incentives Worldwide (M&IW) looks to the safe return of in-person meetings and events, our team recognized that attendee health screenings would be vital.
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