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What a Harris Presidency Could Mean for Small-Business Owners

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Democratic National Convention, Day 1, Chicago, USA – 19 Aug 2024 © Earl Gibson III / Shutterstock / Earl Gibson III / Shutterstock
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Vice 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.

Read Next: How Much Is Vice President Kamala Harris Worth?

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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.”

Find Out: Trump Wants To Eliminate Income Taxes: Here’s What That Would Mean for the Economy and Your Wallet

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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UAE President to begin official state visit to US on Sept 23

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UAE President Sheikh Mohamed bin-Zayed Al Nahyan to begin official state visit to US on Monday - photo courtesy_WAM © Provided by Gulf Business
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UAE President Sheikh Mohamed bin Zayed Al Nahyan will embark on his first official visit to the US as President on Monday, September 23, aiming to strengthen UAE-US ties.

During his meeting with President Joe Biden, the two leaders will focus on enhancing cooperation in key sectors such as the economy, investment, technology, renewable energy and climate action.

The UAE-US relationship, which spans more than five decades, is marked by robust economic ties, with bilateral trade reaching $31.4bn in 2023.

The US exported $24.8bn of goods and services to the UAE, marking a 19 per cent increase from 2022, resulting in an $18.3bn trade surplus – the fourth largest for the US globally.

The UAE’s trade with all 50 US states supports 166,000 American jobs, underscoring the economic significance of the relationship.

UAE-US collaboration across different sectors

Renewable energy will be a focal point, with the UAE’s Masdar company leading major investments in US states like Texas and California.

Read: Masdar acquires stake in US clean energy producer Terra-Gen

Technological collaboration is also critical, with partnerships between the UAE’s G42 and Microsoft Azure driving advancements in AI and cloud computing.

The visit will further address ongoing joint efforts in space exploration, with UAE entities working closely with NASA and US-based space companies.

The UAE’s investments in the US, valued at over $1tn, span sectors like real estate and renewable energy, contributing significantly to the US economy and job creation.

Ties are expected to deepen as Sheikh Mohamed and President Biden explore ways to enhance their countries’ shared vision for a sustainable and prosperous future.

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Rivers LGA Polls: Governor Fubara’s Loyalists Emerge as APP Candidates

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As the Rivers State Local Government Area (LGA) elections approach, loyalists of Governor Siminalayi Fubara have been confirmed as candidates under the African People’s Party (APP) platform.

Below is the list of candidates representing various LGAs:

1. Abua/Odual – Candidate to be announced
2. Ahoada-East – Chibudom Ezu
3. Ahoada-West – Mr. Iyekor Ikporo
4. Akuku-Toru – Hon. Mrs. Tonye Oniyide
5. Andoni – Hon. Lazarus Gogote Nteogwuile
6. Asari-Toru – Hon. Sule Amachree
7. Bonny – Hon. Anengi Barasua
8. Degema – Dr. Harry Agiriye
9. Eleme – Chief Brain Gokpa
10. Emohua – Barr. David Omereji
11. Etche – Hon. John Ngubo Otamiri
12. Gokana – Hon. Monday Dumiye
13. Ikwerre – Barr. Isreal Abosi
14. Khana – Hon. Martins Nwigbo
15. Obio/Akpor – Amb. Chijioke Ihunwo
16. Ogba/Egbema/Ndoni – Hon. Prince Isaac Umejuru
17. Ogu/Bolo – Ishmael Oforibika
18. Okrika – Hon. Igwe Achese
19. Omuma – Hon. Promise Reginald
20. Opobo/Nkoro – Enyiada Cookey-Gam
21. Oyigbo – Hon. Gift Okere
22. Port Harcourt – Ezebunwo Ichemati
23. Tai – Hon. Matthew Nenubari Dike

The Rivers State Independent Electoral Commission has scheduled the LGA elections for October 5, 2024.

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Okpai IPP: Nwoko’s attack on Oborevwori unsavoury, blackmail – Ifeajika

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The recent media attacks by the Senator representing Delta North Senatorial District, Senator Ned Nwoko, on Governor Sheriff Oborevwori over the Independent Power Plant[IPP) project in Okpai, Delta State, has been described as unsavoury and an attempt to coerce, stampede and blackmail the Governor before the public.

Executive Assistant to the Governor on Public Enlightenment (Projects and Policies), Mr Olisa Ifeajika, stated this at a news conference on Thursday in Asaba.

Ifeajika, who said that Nigeria operates a three-tier government system, with defined roles and functions, urged Senator Nwoko to focus on the job of bringing democratic dividends from the Federal Government to his constituency, the reason why he was elected by the people.

He said that Nwoko’s attempt to demonise Governor Oborevwori over the IPP Step-Down, a Federal Government project, was unfortunate and deliberate intention to create unnecessary tension in the state.

According to him, Nigeria’s Constitution operates three tiers of government, and we all know how government functions. At all levels, there is the Executive, the Legislative, and the Judiciary, and they complement each other to function well.

“As constituents of members of the National Assembly from the state, we look up to them to attract development in different dimensions from the Federal Government to the Constituencies.

“Senator Nwoko’s job, like those in the House of Assembly here in Delta, is to work closely with President Bola Tinubu and the Federal Executive Council to attract development to Delta North, and by extension, to the state.

“Members of the House of Assembly here are also expected to work closely with Governor Oborevwori to attract projects and dividends of democracy to their people just as Councilors are expected to work closely with Local Government Council Chairmen to attract projects to their various wards.

“The first phase of the IPP project in Okpai in Ndokwa East, whose work started in 2002 was inaugurated by then President Olusegun Obasanjo in 2005, with the capacity to generate 480 megawats of electricity.

“Senator Nwoko knows where the authority for power generation and distribution in the country lies. He knows that the national grid where generated electricity is warehoused and distributed is under federal control.

“He knew all these and found that there was need to get the management of the IPP to meet an agreement that was reached before now so that Okpai community and others around that area could have a step down.”

The Governor’s aide recalled that Senator Nwoko had on March 7, 2024, moved a motion on the floor of the Senate asking the IPP Joint Venture partners – Federal Government, represented by NNPCL, Agip and Conoco to complete the step-down project.

He disclosed that the motion also urged the Federal Government to investigate the delay in distributing 100 megawatts of electricity to Okpai and adjoining communities through the proposed step-down.

“The motion didn’t say that Delta State Government should carry out or complete the step-down. This is because the state government was not involved in any way.

“The did not also asked that Delta State Government should be investigated for the delay in distributing the 100 megawatts of electricity from the IPP.

“Senator Nwoko knew where to situate the motion, and it was properly situated. We, therefore, find his utterances a bit uncharitable for him to begin to armtwist Governor Oborevwori to pick the bill of the Okpai project, which was not in any way within the purview of the state government.

“Senator Nwoko is in Abuja to bring whatever is available there to Deltans. We see a situation where he was trying to coerce and stampede the governor as something akin to blackmail.

“It became more uncharitable when he said that the governor must bring out the money to pay the contractors upfront. This is very irregular”, he said.

“We expected Senator Nwoko to fight at the national level and make the Federal Government to get the project done and not to come to the state to coerce Governor Oborevwori to use state funds to complete the project.

“We call on Senator Nwoko to pursue the case with the Federal Government who owns the project. He should rather champion the reconstruction of federal roads that are in terrible conditions in his constituency, including Onicha-Ugbo-Idumuje-Ugboko-Ewohinmi-Abuja road, which passes through his community (Idumuje-Ugboko) directly.

“We are worried that as the only Senator the PDP has in the state, he is creating a scenario of frosty relationship with the governor. We expect a healthy and positive collaboration with the governor for effective development of the state.

“Oborevwori couldn’t have told the Senator that he was paying debts left for him by the Okowa administration, because he (Oborevwori) understands governance and knows that government is a continuum.

“Senator Nwoko should learn from the Member representing Ndokwa/Ukwuani Federal Constituency, Hon. Nnamdi Ezechi, who has been very vocal, fighting and championing the course of why he was elected, including the Ukpai IPP.”

Ifeajika, who was Chief Press Secretary to the immediate past Governor, also debunked insinuations that Governor Oborevwori was concentrating development in Warri and environs.

“There is this notion that the previous administration did so much in Asaba and neglected Warri and environs and it was explained over and over that it was necessary to deflood Warri before proper road construction could be done there, hence Warri wasn’t given so much attention like other areas.

“Now that the drains in Warri are almost completed, Governor Oborevwori has started giving the city the attention it deserves and it is commendable because it is our wish to see Warri come back to its glory days.

“Rather than lampoon Governor Oborevwori for giving Warri attention, he should be commended and encouraged to do more in other areas that are lagging in the development of the state”, Ifeajika added.

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