Small businesses in Wyoming make up nearly 99 percent of all businesses in our state. But small businesses are drowning in excessive federal regulations; owners are overwhelmed by piles of paperwork required by the thousands of regulations passed in the last decade. Wyoming’s small businesses need regulatory relief.
I recently cosponsored legislation that seeks to provide that relief. The Advocacy Empowerment Act would give more power to the Office of Advocacy at the Small Business Administration (SBA). The Office of Advocacy exists to examine the contributions and challenges of small businesses in the U.S. economy and work with policymakers to bring regulatory flexibility to the states. This bill would give the Advocacy office a greater voice in the regulatory process and would ensure any agency rule is properly reviewed for its economic impact on small businesses. It would help revise the rulemaking process and decrease federal regulations, allowing for freedom and efficiency.
Congress has a responsibility to its people, but responsibility is not synonymous with control. More freedom and less federal overreach allows Wyoming businesses to flourish.
It doesn’t end there; Congress is continuing to work for small businesses. In the midst of what appears to be a divided Congress, the Small Business Committee, of which I am a member, has passed several bipartisan bills. These pieces of legislation provide our small business community with resources to help them thrive in this economy.
For example, the Small Business Relief from Disease Induced Economic Hardship Act allows the SBA to broaden the definition of “disaster.” It would allow small businesses to apply for disaster loans to mitigate damage caused by a sharp decrease in business following a travel alert or warning.
The Support Small Business R&D Act would provide training materials and information on federal income tax credits, which are often underused, that incentivize investment in advanced research for the start-up community.
The Small Business Cyber Training Act creates an SBA cyber-counseling program for the small business community. Businesses continue to face the growing threat of cyberattacks, and small businesses especially have a difficult time recovering from these attacks. This program will help provide small businesses with the tools to protect themselves.
It is good to see that both parties are keeping small businesses in mind and are working to ensure their ability to grow continually and freely. I will continue to support legislation that will help Wyoming’s small businesses.