Bharat Ramamurti, the deputy director of the White House National Economic Council, responded to information provided by the National Federation for Independent Business (NFIB) indicating that small-company confidence is less than normal for the 17th straight month and worries that small firms will not be able to draw in workers exactly the same way large companies can by saying that more people are starting small companies.
Co-host Alix Steel questioned, “A big company that is capable to pass along some spending and is in a position to hire, retain, and pay more employees is great, but the NFIB information came out today and it was pretty bleak, The situation for small enterprises is not good. How do we proceed there? How can the government assist them?”
“Well, we have a very comprehensive small business strategy,” Ramamurti said in response. “The first thing is that, during the past two years, more people have established new small businesses than at any other time since we began compiling that data. In 2021 and 2022, there will be 10.5 million more applications for new small enterprises, which is a record-breaking number. Second, the president has made it plain that we must provide small firms access to credit so they may expand from where they are now. The American Rescue Plan has received considerable contributions, which are currently being disbursed around the states. In order to ensure that all of these small firms have greater access to financing, the Small Business Administration is extending several of its lending programs. But ultimately, I believe what you’re seeing is that the job market is really competitive for the first time in a long time, which means that firms of all sizes will have to wage a fierce battle to draw in and keep employees. In the end, we believe that’s a good thing.”
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