Today's Date: August 8, 2022
GovX Raises Over $11,000 for FOLDS OF HONOR Veteran Nonprofit for Month of July   •   Greenberg Traurig Vice Chair Lori G. Cohen Named to Benchmark Litigation's 2022 Top 10 Women in Litigation List   •   Los Angeles City Council Votes NO on SB 930 - the 4 a.m. Bar Bill, Sends Strong Message to Sacramento and Senator Wiener that Pu   •   Mogul Launches Nationwide Campaign Called “Build Better Boards” to Champion More Diverse Boards   •   The Honourable Daniel Vandal, Minister of Northern Affairs, will be traveling to the North through August 8 to 19, 2022   •   Poll: Over Half of Voters of Color Oppose Government Negotiation of Drug Prices Once They Learn About Consequences for Patients   •   Mogul Launches Nationwide Campaign Called “Build Better Boards” to Champion More Diverse Boards   •   Test Release special characters in the headline © ® ™ é ñ ü ç î ò   •   “What I Want to Know with Kevin P. Chavous” Podcast Launches Third Season in Search of Answers to Education’s   •   LIBERTY Dental Plan of New York Awards 12 Scholarships in Partnership with PENCIL   •   Celebrating the one-year anniversary of the signing of the Canada-Quebec Asymmetrical Agreement on the Canada-Wide Early Learnin   •   Test Release special characters in the headline © ® ™ é ñ ü ç î ò   •   Greenwood and Travis Hunter Sign NIL Deal and Partner to Launch the “Choose Black” Campaign   •   Greenwood and Travis Hunter Sign NIL Deal and Partner to Launch the “Choose Black” Campaign   •   AARP Illinois Thanks Senate Majority Whip Dick Durbin and Senator Tammy Duckworth For Historic Vote Toward Real Relief on Prescr   •   BYRON ALLEN'S ALLEN MEDIA GROUP SIGNS VETERAN NEWS & POLITICAL TELEVISION HOST MARC LAMONT HILL TO THE GRIO   •   AARP Pennsylvania Thanks Senator Casey For Historic Vote Toward Real Relief on Prescription Drug Pricing   •   Government of Canada honours national historic significance of Second World War code breakers   •   Who's Next? Black Women's Health Imperative Urges Voters to Affirm Abortion Rights in Wake of Kansas Abortion-Referendum   •   LIBERTY Dental Plan of New York Awards 12 Scholarships in Partnership with PENCIL

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Bill Helps Entrepreneurs Overcome Start-Up Costs

 WASHINGTON - Senators Mark Pryor, Scott Brown and Herb Kohl have introduced the bipartisan Small Business Savings Account Act to help entrepreneurs turn their innovative ideas into job-creating small businesses.

The bill allows individuals seeking to start a small business to save up to $10,000 annually and grow the savings tax free. These funds can be used for equipment, facilities, marketing, legal fees and other capital and operating expenses required to start and run a small business.

“Start-up costs often stand in the way between a good idea and a profitable business venture,” Pryor said.  “This legislation provides a bridge – allowing entrepreneurs to save enough seed money to get their business off the ground.”

“Small businesses are the driving force behind job creation and we should reduce the hurdles that cause industrious people to abandon their business plans,” Kohl said. “This bill provides a path forward with one of the first challenges encountered by prospective business owners.”

“Small businesses are the engine that drive our economy, and it’s critical that we create an environment for our entrepreneurs to grow and thrive,” Brown said. “This bipartisan legislation will make it easier for the thousands of innovators in Massachusetts to turn their cutting-edge ideas into good-paying jobs and get our economy going again.”

Personal financing is becoming increasingly important to start a business, especially in light of the current credit crunch and economic downturn.  Instead of savings, would-be-business owners are turning to retirement savings and credit cards in order to produce enough start-up capital. The average cost to operate a small business in its first year is $80,000.  The tax free start-up accounts would put entrepreneurs on better financial footing by reducing their need to incur heavy debts or deplete retirement savings.


STORY TAGS: GENERAL, BLACK NEWS, AFRICAN AMERICAN NEWS, LATINO NEWS, HISPANIC NEWS, MINORITY NEWS, CIVIL RIGHTS, DISCRIMINATION, RACISM, DIVERSITY, RACIAL EQUALITY, BIAS, EQUALITY



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