Politics
What a Harris Presidency Could Mean for Small-Business Owners
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5 months agoon
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Ekwutos BlogVice President and Democratic presidential nominee Kamala Harris recently unveiled her economic plan. While there are few specific details regarding small-business owners, her past stance on the issue might provide a glimpse into what she intends to do to help them if she wins.
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On August 14, Harris said in a statement that small businesses are “the backbone of our communities.”
“They strengthen the middle class by creating jobs, advancing opportunity, and establishing pathways for Americans to build intergenerational wealth,” she said in the statement posted on the White House website.
In turn, she also announced that day that a record 19 million new small business applications had been filed under the Biden-Harris administration.
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She Will Continue to Support Minority-Owned Small Businesses
Under the current administration, the Small Business Administration (SBA) “has backed $35 billion in loans to over 68,000 minority-owned small businesses, an increase of more than 13% compared to the entirety of the prior administration,” according to a White House Fact sheet.
In turn, Rohit Arora, CEO of Biz2Credit, said that Harris has focused on expanding access to capital to people who have traditionally been excluded from economic prosperity — something she might continue doing if she wins.
“The agency has tripled SBA lending to Black-owned businesses and doubled small-dollar lending and lending to Latino and women-owned small businesses,” said Arora. “There is no reason to believe that policy would veer away from this path in a Harris-Walz administration if they win in November.”
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Continue Funding for Underbanked Small Businesses
During her time in the Senate and as part of the current administration, Vice President Harris led efforts to invest billions in community development financial institutions (CDFIs), which are mission-driven lenders that specialize in delivering capital to underbanked small businesses, explained Carolina Martinez, CEO of CAMEO Network, California’s statewide micro-business network.
“Those of us in the small business advocacy community expect she will continue this commitment, and we are excited to see how these investments support and sustain the current small business boom,” she added.
While Well-Intentioned, Her Policies Might Hurt Small Businesses
Dave Hebert, economist at the American Institute for Economic Research, argued that while Harris’ previous policy proposals “sound lovely,” unfortunately they would be difficult for small businesses to absorb.
For example, she has advocated for increasing the mandated amount of paid family and medical leave from six weeks to six months.
“While this sounds great, both for mothers and fathers who typically must return to work shortly after the birth of a child, it would be an economic nightmare,” he said. “Someone has to pay for the paid leave and increasing the cost of labor for a small business that is already struggling to stay in the black would force many to close.”
In that same vein, Harris has supported raising the federal minimum wage to $15 an hour.
And according to Arora, this policy would disproportionately hurt businesses that are struggling to pay higher wages during inflationary times.
Finally, Arora added that Harris supports stronger environmental and labor regulations, which hinder small businesses and increase their cost structures.
Widening the “Huge Disconnect”
Meanwhile, other experts are less enthusiastic about what a Harris win could mean for small businesses. For instance, Joe Camberato, CEO of National Business Capital, said that he’s not optimistic about the future for small businesses if Harris wins.
“Right now, small businesses aren’t in growth mode because the economy itself isn’t growing,” he said, adding that small business owners are hesitant to make decisions because they’re worried about what’s coming next.
According to him, there’s “a huge disconnect” between what’s happening on Wall Street and what’s really going on Main Street.
“Small businesses are just getting by, and it wouldn’t take much — a small setback could be enough — to push them out of business,” he said. “We’ve already seen bankruptcy filings double in the last two years, but that’s not getting the attention it deserves.”
Editor’s note on election coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. For more coverage on this topic, please check out Millennial Entrepreneurs: 4 Financial Policies We Want Under a Trump Administration.
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Politics
Tinubu distributes palliatives to SUG presidents nationwide
Published
1 day agoon
January 14, 2025By
Ekwutos BlogPresident Bola Tinubu has extended palliative support to Student Union Government (SUG) Presidents across Nigeria’s 36 states and the Federal Capital Territory.
The distribution of rice, facilitated by the Special Adviser on Students Engagement, Asefon Sunday, took place in Abuja.
During the event, Asefon explained that the initiative was part of the President’s ongoing efforts to support students and their communities. He recalled a similar gesture in December 2024, when student leaders received palliative support during the Christmas and New Year celebrations.
“Today, SUG Presidents across the Federation will receive rice from President Bola Ahmed Tinubu, a leader who values students not just as tomorrow’s leaders but as leaders of today,” Asefon said.
He noted that the rice, initially meant for distribution in December 2024, arrived late in Abuja on December 28. To ensure proper distribution, representatives were invited to Abuja to personally receive the items. Two SUG Presidents were selected from each zone to oversee and manage the distribution process.
“This is unprecedented. For the first time in this country, a sitting President is directly reaching out to student leaders during the festive season,” Asefon remarked.
Looking ahead, Asefon assured students of more benefits under the Presidential initiative in 2024. “This is a time for Nigerian youth and students to reflect, express their views, and engage actively with the government. The impact of this administration is now being felt by students nationwide,” he added.
Fahad Abdullahi, the SUG President of Abubakar Tafawa Balewa University, Bauchi, expressed gratitude on behalf of the student leaders. “We were informed that all SUG Presidents across the nation would receive rice, a kind gesture from the President. We sincerely appreciate this initiative and commend him for his focus on students, from the Nigerian Education Loan Fund to this Rice Initiative,” Abdullahi said.
President Bola Ahmed Tinibu has approved the appointment of Folashade Arinola Adekaiyaoja fsi+, fdc, as Deputy Director General for the Service.
The approval, the first by any president, has drawn commendation from a large section of serving and retired DSS officers who see the move as aimed at restoring professionalism to the Service.
The presidential approval, it was gathered, seeks to revise the agency’s structure for better efficiency, in line with the original onanogram of the service.
Checks revealed that the DSS is structured to comprise three Deputy Directors General in its hierarchy.
The appointment and ratification by the President, according to elated operatives of the agency, was based on the recommendation of the DG through the National Security Adviser (NSA), Mallam Nuhu Ribadu.
One of the sources told Vanguard that the appointment is in line with its extant regulations and unprecedented in the history of the Secret service.
The appointment of Adekaiyaoja, a native of Kogi State, it was gathered, is being celebrated by a cross section of officers and operatives who see her as eminently qualified for the position.
It was further gathered that President Tinubu had, in line with his promise to improve on the security of life and property of Nigerians, tasked the heads of security agencies to come up with proposals on how to improve on their service delivery.
“It was on this note,” offered a security source, “that the President approved the DG’s recommendation, which many serving and retired officers are confident would boost career progression in the Service.”
Politics
Wike signs 5,481 C-of-O in one year, FCT land allottees now get title documents in two weeks
Published
1 day agoon
January 14, 2025By
Ekwutos BlogAs at December 31, 2024, the Minister of the Federal Capital Territory (FCT), Nyesom Wike, has signed a total of 5,481 Certificates of Occupancy (C-of-O), the Minister’s Senior Special Assistant on Public Communications and New Media, Lere Olayinka, has said.
This is 2,919 less than the total number of C-of-O printed and signed by the Federal Capital Territory Administration (FCTA) from 2010 to 2023 (13 years).
In a statement on Tuesday, Olayinka said; “the moment necessary payments are made, land allottees can now get their C-of-O within two weeks.”
He said “one of the reasons land allottees do not find it compelling to pay for their C-of-O is because when they pay, they wait for years. But in line with the Renewed Hope Agenda of President Bola Ahmed Tinubu’s government, that has changed now.
“Even uploading of necessary information to show when a C-of-O is collected as well as details on the collector that used to take months, is now done within 72 hours.”
Giving details of C-of-O produced and signed in the FCT in the last 15 years, the Minister’s Spokesperson said; “From May 2010 to May 2015, total of 5,655 Certificates of Occupancy were produced and signed.
“From May 2015 to May 2019, a total of 1,174 Certificates of Occupancy were produced and signed, while 1,571 were done between May 2019 and May 2023.
“Meanwhile, from May 2023 that President Tinubu assumed office till December 31, 2024, a total of 5,481 Certificates of Occupancy were produced and signed by the FCT Minister.
“Also, in the next few weeks, land allottees whose C-of-O are ready for collection will begin to receive auto-generated SMS because it has been discovered that most of them don’t even know that their title documents are ready.”
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