In President Obama’s State of the Union address (SOTU) last week, the President made the following statement regarding supporting innovation for small businesses:
“After all, innovation is what America has always been about. Most new jobs are created in start-ups and small businesses. So let’s pass an agenda that helps them succeed. Tear down regulations that prevent aspiring entrepreneurs from getting the financing to grow. Expand tax relief to small businesses that are raising wages and creating good jobs. Both parties agree on these ideas. So put them in a bill, and get it on my desk this year.”
Coincidentally, The National Association of Professional Employer Organizations (NAPEO) participated in a conference call with Obama administration officials just prior to the SOTU. Administration officials urged groups on the call to submit their policy ideas and suggestions. NAPEO took advantage of this opportunity, and wrote in expressing their support in passing the Small Business Efficiency Act.
Why? Well, for starters, PEO’s primary customers are America’s small businesses and help small businesses and the American economy in the following ways:
- Providing advanced access to healthcare for as many as 4 to 6 million Americans
- Helping small businesses save money: The right employees, best practices, reduced turnover, automation, compliance expertise and streamlined processes add up to huge savings so companies can invest in new employees and focus on growth.
- 95% of workers in PEO arrangements have access to pensions
- Helping small businesses attract and retain their employees—Comprehensive benefits packages and recruiting assistance makes sure the right talent is hired and stays put, benefiting both the worker, and the employer.
- Sharing special perks with Small Businesses—Many PEOs have access to credit union membership, exclusive employee discounts and reduced rates on travel, entertainment and services.
- And much more!
Unfortunately, in SOTU address, the Small Business Efficiency Act wasn’t used as a direct example of reform or an idea that will be signed right away, but NAPEO and PEOs across the country will continue to push for small business success! The Small Business Efficiency Act, if passed, would benefit both PEOs AND small businesses by improving tax compliance, and providing needed certainty for small businesses. This certainty will allow small businesses to shift gears and concentrate on a positive movement of small business growth and creating new jobs!
Join us next week, as we dive further into the Small Business Efficiency Act and review all the details and benefits for small businesses!