As Congressional Republicans Propose Cutting SBA Funding by 31%, White House releases 2024 Small Business Boom Report that Shows SBA Small Dollar Loans on Track to Nearly Double Since 2020

Small businesses are the engines of the economy. As President Biden says, every time someone starts a new small business, it's an act of hope and confidence in our economy. In celebration of National Small Business Week, the Biden-Harris Administration is announcing new milestones in support delivered to small businesses across the country.

Since arriving in office, the Biden-Harris Administration has overseen a sustained small business boom across the country. The President's agenda has driven the first, second and third strongest years of new business application rates on record—and is on pace for the fourth—with Americans filing a record 17.2 million new business applications.Business applications are a leading indicator for new business creation, and the historic growth in business applications has coincided with the strongest labor market in decades. And traditionally underserved small businesses are growing at near-historic rates, with Black business ownership growing at the fastest pace in 30 years and Latino business ownership growing at the fastest pace in more than a decade.

Republicans in Congress have undermined small businesses by attempting to repeal Inflation Reduction Act investments that are lowering costs for small business. House Republicans are also threatening assistance to small businesses across the country by proposing draconian cuts to the Small Business Administration as part of their 31% reduction to government-wide spending. And House Republicans would defund the President's agenda to advance racial and gender equity in federal contracts.

President Biden is fighting to grow the small business boom spurred by his agenda. Today, the Biden-Harris Administration announced:

New Records for Federal Procurement Dollars Awarded to Small Businesses, Including Small Disadvantaged Businesses [SDBs]. The Small Business Administration [SBA] released its Procurement Scorecard showing that in Fiscal Year 2023, the Biden-Harris Administration awarded an all-time high in federal contracts to small businesses across federal agencies. In total, a record-high of $178.6 billion, or 28.4 percent, of all contracting dollars went to small businesses. This includes:

Release of Third Annual Small Business Boom Report. The White House released its third annual Small Business Boom Report, illustrating the continued achievements of the Biden-Harris Administration to support small businesses by expanding access to capital, providing small businesses with more hands-on support, ensuring federal spending benefits small businesses, and building a fairer tax code. The report shows the Administration has continued to make historic progress on all 35 commitments in the original report including:

Vice President Harris's visit highlights recent $158 million Reconnecting Communities Award for The Stitch project to reconnect Atlanta neighborhoods and drive economic growth

Vice President Harris to meet with small business owners who are taking advantage of Biden-Harris Administration resources to help launch and scale their businesses

Today, Vice President Kamala Harris is kicking off a nationwide Economic Opportunity Tour with a stop in Atlanta, GA. During this multi-state tour, the Vice President will be traveling across the country to highlight how the Biden-Harris Administration has built economic opportunity, supported communities, and delivered for the American people. The tour reflects President Biden and Vice President Harris' commitment to invest in all of America, create an economy in which every person has the freedom to thrive, and help underserved entrepreneurs access historic investments available locally to launch and scale their businesses, build wealth, and strengthen their communities.

While in Atlanta, Vice President Harris will highlight how the city is receiving $158 million for "The Stitch" project to reconnect midtown to downtown Atlanta through the Biden-Harris Administration's first-of-its-kind Reconnecting Communities and Neighborhoods Program. When constructed, the Downtown Connector sliced through communities like Sweet Auburn, cutting it off from Downtown and displacing hundreds of homes and businesses in primarily Black working-class neighborhoods. The Stitch project will create a 14-acre mixed-use development cap on three-quarters of the Downtown Connector—increasing access to jobs, housing, education, and healthcare and creating public parks, plazas, and surface streets for walking and biking.

The Stitch is only one of the projects awarded across more than 40 states as part of the announcement of $3.3 billion from the Reconnecting Communities and Neighborhoods Program, which is funded by the President's Bipartisan Infrastructure Law and Inflation Reduction Act. This program will help rectify the damage done by past transportation projects – decades of harmful urban renewal projects and legacy policy decisions in the buildout of the Federal highway system that the Department of Transportation estimates displaced over a million people and businesses – while driving economic growth in underserved communities and helping advance racial equity.

The Reconnecting Communities and Neighborhoods Program is yet another way the Biden-Harris Administration is advancing economic opportunity, while taking on the legacy of harm in communities that have grappled with decades of disinvestment or economic distress. The Administration is focused on supporting economic comebacks in communities across the country; especially those that have suffered from decades of disinvestment.

The President and Vice President's strategy for investing in all of America has helped lead to a historically strong and equitable recovery, and a small business boom that is lifting communities across the country. Under the Biden-Harris Administration we've seen the three strongest years for new business applications on record. At the same time, Black business ownership has grown at its fastest pace in 30 years and the Latino new entrepreneurship rate reaching an all-time high in 2023. Today, the White House released the Building on the Biden-Harris Small Business Boom report to celebrate the start of National Small Business week and actions the Administration has taken to deliver for small businesses including:

Additionally, as part of her economic opportunity tour stop in Atlanta, the Vice President is helping highlight the historic Biden-Harris Administration investments in access to capital and small business support that are available to help entrepreneurs scale and grow their businesses in Georgia, including:

Georgia AIM is one of 21 regional coalitions awarded funding through the ARP's $1 billion Build Back Better Regional Challenge [BBBRC] – led by the Commerce Department's Economic Development Administration and the most impactful regional economic development competition in decades. These regional coalitions are growing critical industries that will strengthen regional economies, promote inclusive and equitable growth, and create thousands of good-paying jobs in industries of the future such as clean energy, next-generation manufacturing, and biotechnology. Across the nation, BBBRC projects are dedicating $140 million to help increase new business growth and entrepreneurial activity and $100 million to help small and midsized businesses adopt new processes and enter new markets.

Georgia's SSBCI program is part of the President and Vice President's historic nearly $10 billion nationwide investment in capital access for small businesses through the Treasury Department's ARP-funded SSBCI, which is expected to leverage $10 in private capital for every $1 of SSBCI capital and support roughly forty-six states and territories committing nearly $3 billion from SSBCI to equity-based financing programs, including over $1.4 billion through partnerships with private venture capital funds – the single largest infusion of federal funding for equity participation in early-stage small businesses in history. These investments are expected to catalyze over $30 billion in additional private investment and follow-on funding over the decade that will help underserved entrepreneurs tap into a critical source of capital for business development and wealth creation that has traditionally suffered from some of the most restrictive barriers to access.

The Urban League of Greater Atlanta was one of the 43 winners of the $125 million CRP awards competition announced by Vice President Harris in August of 2023. This critical funding, administered by the Minority Business Development Agency [MBDA], is the largest-ever direct Federal investment in small business incubators and accelerators of its kind and the largest initiative in the over 50-year history of the MBDA.

Six months ago, President Biden issued a landmark Executive Order to ensure that America leads the way in seizing the promise and managing the risks of artificial intelligence (AI). Since then, agencies all across government have taken vital steps to manage AI's safety and security risks, protect Americans' privacy, advance equity and civil rights, stand up for consumers and workers, promote innovation and competition, advance American leadership around the world, and more.

Today, federal agencies reported that they completed all of the 180-day actions in the E.O. on schedule, following their recent successes completing each 90-day, 120-day, and 150-day action on time. Agencies also progressed on other work tasked by the E.O. over longer timeframes.

Actions that agencies reported today as complete include the following:

Managing Risks to Safety and Security:
Over 180 days, the Executive Order directed agencies to address a broad range of AI's safety and security risks, including risks related to dangerous biological materials, critical infrastructure, and software vulnerabilities. To mitigate these and other threats to safety, agencies have:

Standing up for Workers, Consumers, and Civil Rights
The Executive Order directed bold steps to mitigate other risks from AI—including risks to workers, to consumers, and to Americans' civil rights—and ensure that AI's development and deployment benefits all Americans. Today, agencies reported that they have:

Harnessing AI for Good
President Biden's Executive Order also directed work to seize AI's enormous promise, including by advancing AI's use for scientific research, deepening collaboration with the private sector, and piloting uses of AI. Over the past 180 days, agencies have done the following:

Bringing AI Talent into Government
The AI and Tech Talent Task Force has made substantial progress on hiring through the AI Talent Surge. Since President Biden signed the E.O., federal agencies have hired over 150 AI and AI-enabling professionals and, along with the tech talent programs, are on track to hire hundreds by Summer 2024. Individuals hired thus far are already working on critical AI missions, such as informing efforts to use AI for permitting, advising on AI investments across the federal government, and writing policy for the use of AI in government.

Today, President Joseph R. Biden, Jr. declared that a major disaster exists in the State of Kansas and ordered Federal assistance to supplement state, tribal, and local recovery efforts in the areas affected by a severe winter storm from January 8 to January 16, 2024.

Federal funding is available to state, tribal, and eligible local governments and certain private nonprofit organizations on a cost-sharing basis for emergency work and the repair or replacement of facilities damaged by the severe winter storm in the counties of Butler, Chase, Cloud, Edwards, Ford, Geary, Gray, Hodgeman, Morris, Osage, Ottawa, Pawnee, Shawnee, Stafford, Trego, and Wabaunsee.

Federal funding is also available on a cost-sharing basis for hazard mitigation measures statewide.

Mr. DuWayne Tewes of the Federal Emergency Management Agency [FEMA] has been appointed to coordinate Federal recovery operations in the affected areas.

Additional designations may be made at a later date if requested by the state and warranted by the results of further damage assessments.

FOR FURTHER INFORMATION MEDIA SHOULD CONTACT THE FEMA NEWS DESK AT [202] 646-3272 OR FEMA-NEWS-DESK@FEMA.DHS.GOV.

I applaud the UAW and Daimler for reaching a tentative agreement for a record contract. The UAW workers at Daimler are building the trucks and school buses of the future right here in America.

My Investing in America agenda will continue to create good jobs. This agreement is a testament to the power of collective bargaining and shows that we can build a clean energy economy with strong, middle-class union jobs.

Small businesses are the engine of our economy and the heart and soul of our communities. They employ nearly half of all private sector workers and contribute to every industry. Getting them what they need to grow is one of the best investments our country can make. During National Small Business Week, we celebrate the grit and strength of every entrepreneur who has chased a dream and put in the hard work each day to see their business and our Nation thrive.

When I took office, the pandemic was raging, and our economy was reeling. Hundreds of thousands of small businesses had closed forever, and millions more hung on by a thread. Too many families faced the possibility of losing not only their life's work but also their hopes of leaving something behind for their kids. But we turned that around. My Administration reformed the landmark Paycheck Protection Program, which got quick help to thousands of small businesses so they could keep paying their workers. We delivered $450 billion in relief to help 6 million small businesses cover their bills and stay afloat. I signed the American Rescue Plan, which provided additional support to 100,000 restaurants and to 225,000 child care centers, which so many parents rely on to be able to work themselves.

Three years later, America is in the midst of a historic small business boom. Americans have filed a record 17 million new business applications — and every one of them is an act of hope. The share of Black-owned businesses has more than doubled between 2019 and 2022, and Latino business ownership is growing at the fastest pace in at least a decade, generating new jobs and new wealth in local communities. In all, our economy has added 15 million new jobs since I took office. Growth is strong, wages are rising, and inflation is down. We are witnessing a small business boom. Across the country, we are experiencing a great comeback story — and small businesses are playing a key part.

From day one, they have been at the heart of my plan to grow our economy from the middle out and bottom up. That is why — as my Bipartisan Infrastructure Law makes the biggest investment in our Nation's infrastructure in generations, rebuilding roads, bridges, ports, public transit, and more — we are relying on America's Main Street entrepreneurs to help us rebuild. We set a goal of awarding $37 billion in these investments to small businesses so they can benefit from these projects and create good-paying jobs. We are making sure every home and business in America has access to affordable, high-speed internet by the end of the decade so entrepreneurs everywhere can access more customers and have a fair shot. We passed the CHIPS and Science Act to expand semiconductor manufacturing and ensure industries of the future are Made in America, creating tens of thousands of jobs, strengthening supply chains, and supporting small suppliers and businesses across the country. As our Inflation Reduction Act makes the most significant investment in fighting climate change ever in the world, it is creating new markets for small clean-energy companies. Altogether, my Investing in America Agenda has attracted $688 billion in private-sector investments from companies that are bringing jobs back to America where they belong, helping to rebuild our economy, our supply chains, and our small businesses.

To help small businesses grow, we are also expanding access to capital and to markets by using the power of the Federal Government as both a lender and customer. Mom and pop businesses with only a handful of employees often need small loans of $100,000 or less, but not all banks offer them. That is why the Small Business Administration [SBA] is expanding access to low-cost small-dollar loans and increasing the number of lenders that offer affordable guaranteed loans. The SBA finalized rules that will provide rural and minority-, women-, and veteran-owned small businesses with more affordable loan options by authorizing more non-traditional lenders, like Community Development Financial Institutions, to offer guaranteed loans. Because the Federal Government buys more goods and services than any entity in the world, we set a goal of increasing the share of Federal contracting dollars that must go to small disadvantaged businesses from less than 10 percent before I took office to 15 percent. Last year, we awarded a record-setting $76 billion to these businesses, helping level the playing field and close the racial wealth gap.

Meanwhile, we invested $10 billion in State-level small-business programs, which will catalyze tens of billions in private investments to expand access to capital for small businesses and entrepreneurs. Further, my Administration has invested nearly $70 million in the Women's Business Centers network, which is designed to promote and support women-owned businesses and can now be found in all 50 States, the District of Columbia, and Puerto Rico.

Small businesses may only employ a few people instead of thousands, but together they make up 40 percent of our economy and 99.9 percent of all American businesses. They are the glue that helps hold our Nation together. In their dedication to their communities and in their courage, hope, sweat, and drive, small business owners embody the spirit of America and our boundless possibilities. This week, we recommit to making that future real and leaving no one behind.

NOW, THEREFORE, I, JOSEPH R. BIDEN JR., President of the United States of America, by virtue of the authority vested in me by the Constitution and the laws of the United States, do hereby proclaim April 28 through May 4, 2024, as National Small Business Week. I call upon all Americans to recognize the contributions of small businesses to the American economy, continue supporting them, and honor the occasion with programs and activities that highlight these important businesses.

IN WITNESS WHEREOF, I have hereunto set my hand this
twenty-sixth day of April, in the year of our Lord two thousand twenty-four, and of the Independence of the United States of America the two hundred and forty-eighth.

JOSEPH R. BIDEN JR.

A job is about more than a paycheck — it is about dignity and respect. Our Nation's workers built this country, and we need to have their backs. On the most basic level, that means every worker in this Nation deserves to be safe on the job. Too many still risk their lives or well-being in unsafe work conditions or dangerous roles. On Workers Memorial Day, we honor our fallen and injured workers and recommit to making sure every worker has the peace of mind of knowing that they are protected at work and can return home safe to their families every night.

I am proud to be the most pro-labor President in history, and from day one, my Administration has fought to make workplaces safer and fairer. Our American Rescue Plan invested $200 million into keeping workers safe during the pandemic and guaranteeing that workers had sick leave available if they got COVID-19. We also used the full power of the Defense Production Act to deliver personal protective equipment to workers who needed it. We vaccinated 230 million Americans so they could return to offices, stores, factory floors, and more without worrying about their health.

Strong unions are at the core of all of this work. Every major law that protects workers' safety passed because unions fought for it. That is why, as my Administration makes the biggest investment in our Nation's infrastructure in generations, we are also incentivizing companies to hire union workers, pay prevailing wages, and support pre-apprenticeships and Registered Apprenticeships that help workers learn how to safely do the job. At the same time, my Administration finalized a rule requiring Project Labor Agreements for most large-scale Federal construction projects, helping ensure these projects are completed safely, efficiently, and on time.

I am proud of my work standing up for unions, from being the first sitting President to walk a picket line to nominating union advocates to the National Labor Relations Board, which has helped protect the right to organize. I also signed Executive Orders restoring and expanding collective bargaining rights for the Federal workforce, and I re-established labor-management forums at Federal agencies to ensure Federal workers on the job are heard. I signed the Butch Lewis Act, protecting the pensions that millions of Americans worked their whole lives for. I have expanded coverage through the Affordable Care Act and slashed prescription drug prices, making health care more affordable for millions of working families.

At the same time, the Department of Labor has also made it easier for whistleblowers to report unsafe working conditions, regardless of their immigration status, and are hiring and training hundreds of workplace inspectors to ensure employers are meeting health and safety requirements. Last year, my Administration issued the first-ever heat Hazard Alert to protect millions of farm, construction, and other workers who spend their days outside in increasingly extreme heat. We also finalized a new rule to limit miners' exposure to toxic silica dust — protecting more than 250,000 from its harmful effects. The Department of Labor has also ramped up the enforcement of heat-safety rules, conducting more than 4,000 heat inspections in the past 2 years. They have also completed over 65,000 workplace safety and health inspections since 2022, helping keep workers in high-risk industries safe. Further, my Administration published a rule that allows workers to choose a representative to accompany an Occupational Safety and Health Administration official during a workplace inspection, ensuring workers are being heard. The Department of Labor is working to develop a national standard to protect indoor and outdoor workers from extreme heat that can be hazardous to their health.

We are also fighting for the courageous first responders who routinely run toward danger to protect the rest of us. The Department of Labor proposed a rule that would strengthen safety standards for emergency responder equipment, training, and vehicle operations for the first time in more than 40 years. These new standards would transform many current industry best practices to requirements and could prevent thousands of injuries for more than one million brave first responders across the country. I was also proud to sign the Federal Firefighters Fairness Act, which boosted pay for over 10,000 Federal firefighters to help recruit more to the job, because I know that nothing keeps firefighters safe like more firefighters. We are also committed to protecting firefighters from the harmful effects of toxic "forever chemicals", which are still too often found in firefighting equipment and fire suppression agents. I signed legislation extending the Public Safety Officers' Benefits Program to firefighters who are permanently disabled and to families of firefighters who die after experiencing trauma like PTSD — it will not bring their loved ones back, but we owe them.

Today, our Nation is in the midst of a great comeback. Our economy is growing, wages are rising, and inflation is down. We have created a record 15 million jobs. On Workers Memorial Day, we recommit to making sure that every worker in this country is safe on the job. We honor those who lost their lives or have been injured on the job; we stand by their families; and we stand with the labor unions that are fighting to guarantee every worker safety, dignity, and respect.

NOW, THEREFORE, I, JOSEPH R. BIDEN JR., President of the United States of America, by virtue of the authority vested in me by the Constitution and the laws of the United States, do hereby proclaim April 28, 2024, as Workers Memorial Day. I call upon all Americans to observe this day with appropriate service, community, and education programs and ceremonies in memory of those killed or injured due to unsafe working conditions.

IN WITNESS WHEREOF, I have hereunto set my hand this

twenty-sixth day of April, in the year of our Lord two thousand twenty-four, and of the Independence of the United States of America the two hundred and forty-eighth.

JOSEPH R. BIDEN JR.