EDITORIAL: Small business to be crucial in COVID recovery
South Carolina Republican Sen. Tim Scott and Minnesota Democratic Sen. and former presidential candidate Amy Klobuchar may not be seen as allies on many issues, but they are in putting emphasis on the major problems being faced by small businesses amid the coronavirus pandemic.
During the recent National Entrepreneurship Week, the two reintroduced the bipartisan Enhancing Entrepreneurship for the 21st Century Act. The act would require the secretary of commerce to work with partners at all relevant government agencies to conduct a comprehensive study into the underlying factors driving the current “startup slump.”
“There is a difference between being wealthy and creating wealth, and as a former small business owner, I was able to both earn a living and help others to reach their full potential,” Scott said. “As we emerge from the pandemic, our job in Congress will be to implement commonsense policies that will allow our nation’s entrepreneurs to rebuild our economy. My bipartisan Enhancing Entrepreneurship for the 21st Century Act is just one of the many tools we can enact to get the American economy back on track.”
The latest NFIB Small Business Optimism Index shows entrepreneurs have their doubts about the future. The index declined in January to 95.0, down 0.9 from December and three points below the 47-year average of 98.