All posts tagged: Small business

House Republican proposes small business tax cut in GOP federal budget

House Republican proposes small business tax cut in GOP federal budget

Published by Sam Flores

Rep. David Kustoff, R-Tenn., leaves a meeting of the House Republican Conference at the Capitol Hill Club, Sept. 9, 2025. Tom Williams | Cq-roll Call, Inc. | Getty Images Rep. David Kustoff, a Republican member of the House committee that writes tax policy, introduced a bill Tuesday to lower taxes on small businesses in a bid to add tax policy to the GOP Homeland Security funding effort. The Tennessee lawmaker first shared the bill with CNBC. It would increase the qualified business income deduction for noncorporate business owners to 23%, up from the 20% that was adopted as part of President Donald Trump’s 2017 overhaul of the U.S. tax code. “This bill is good policy. It benefits small businesses across the country. It benefits family farms,” Kustoff, a member of the House Ways and Means Committee, said in an interview with CNBC. Read more CNBC politics coverage Kustoff’s proposal, which has six House GOP co-sponsors, was introduced the same day Senate Republicans released legislative language kick-starting the process to fund part of the Department of …

No More SBA Loans for Non-Citizens

No More SBA Loans for Non-Citizens

Published by Sam Flores

Green-card holders no longer qualify for loans from the Small Business Administration, eliminating a longtime source of financing for immigrants that advocates say will discourage job creation and harm the economy. The SBA limited access to its loans to U.S. citizens and nationals only starting in March, and expanded that policy to SBA-backed loans beginning in April. On top of that, any business that’s even partly owned by a permanent legal resident with a green card is no longer eligible for the loans. California — which has the most small businesses and the largest immigrant population in the nation — could be most affected. SBA loans have been important to immigrant entrepreneurs because they typically are low-interest and available to those without an established credit history. The agency has also backed loans by private funders, providing a government guarantee for people banks may deem riskier. Now, all those loans are off the table for owners and would-be owners of restaurants, bake shops, law practices, medical clinics, taxi medallions, nail salons and more who hold green …

US state tariff bill hits 0 billion

US state tariff bill hits $200 billion

Published by Sam Flores

New analysis of U.S. Census data shows that states across the U.S. where key midterm elections will take place this year paid over $134 billion in tariffs in the period since President Donald Trump began implementing widespread trade duties in March 2025 through last November. In all, the U.S. Census data compiled by Trade Partnership Worldwide showed a total of $199 billion in tariffs paid by states during that time period. Trump has called affordability a “Democratic hoax,” and in recent testimony before Congress, Treasury Secretary Scott Bessent said the tariffs “do not cause inflation.” But Trump’s tariffs and affordability are expected to be factors in the upcoming midterm election cycle. Recent CNBC survey data from the American consumer and pricing data show that the affordability issues are real and many voters have soured on the economy. A January poll from The New York Times and Siena University found that 54% of voters oppose Trump’s tariffs. “Americans struggling with affordability rightly blame tariffs for higher prices on many everyday purchases,” said Dan Anthony, executive director of the …

Trump tariffs led businesses to take high interest rate loans

Trump tariffs led businesses to take high interest rate loans

Published by Sam Flores

A protester with the Main Street Alliance holds a sign outside the U.S. Supreme Court, as its justices are set to hear oral arguments on President Donald Trump’s bid to preserve sweeping tariffs after lower courts ruled that Trump overstepped his authority, in Washington, Nov. 5, 2025. Nathan Howard | Reuters Some small businesses that have to pay the bill for President Trump’s new tariffs are taking on high-interest rate merchant cash loans and other forms of debt to cover that added cost. And several business owners who have taken on that costly debt told CNBC they fear financial disaster because of it. Companies that spoke with CNBC reported being offered predatory lending interest rates north of 30% to cover their tariff-related costs. Those people say that their companies could be left in a deep financial hole even if the Supreme Court upholds lower federal court rulings that the new tariffs are illegal and orders the federal government to refund companies the duties they have already paid. U.S. Customs and Border Protection earlier this week …