Hello Friend, 

Welcome back to my Small Business Newsletter!

While I am consistently looking for ways to help our nation’s small businesses, Democrats continue to try to push an out-of-touch, onerous, and job-killing $15 minimum wage mandate. The nonpartisan Congressional Budget Office estimates the proposal would eliminate more than one million jobs nationwide. An Employment Policies Institute study shows this new hourly rate will cost South Carolina more than 55,000 jobs, with 43% of those jobs coming from the restaurant and bar industry.

I recently had the chance to speak with Slade Stokes about this very issue. He has been working at Magnolia’s in Charleston for more than 20 years. He says the wage hike would reduce his income, eliminate his benefits, and force him to get a second job. The COVID-19 pandemic has hurt our workers and small business owners enough already. I will continue to fight to ensure they are not forced to suffer even more with tone-deaf proposals from Washington elites.

Click here to hear how a $15 minimum wage will hurt South Carolinians. 

Protection and Relief for Small Businesses

Millions of small businesses have been forced to close, and thousands more are barely hanging on. Small businesses are the key to our recovery, and it is Congress’ responsibility to ensure these job creators keep their doors open and keep their employees paid. That is why I co-introduced an amendment with Senators Marco Rubio (R-Fla.) and James Lankford (R-Okla.) to protect small businesses from harmful tax hikes during the pandemic. Every single senator voted to pass this amendment just a few weeks ago. I’m glad that my colleagues agree that small businesses should not have to deal with more unnecessary burdens.

The Paycheck Protection Program (PPP) continues to help small businesses in South Carolina and across the nation. In 2021, South Carolinians received a total of 21,747 loans worth $1,505,393,388. This year, nationwide, 2,194,420 loans worth $156,253,510,068 have been given to small businesses across the nation with an average loan size of $71,000. Since the inception of the PPP, more than 7,406,508 loans worth $681,265,711,192 have helped small businesses across America with 88,923 loans worth $7,296,478,960 helping South Carolinians specifically. For information on COVID-19 relief resources for small businesses, please click here.

Clearing a Path for Innovation and Entrepreneurship

We must implement commonsense policies that empower our nation’s entrepreneurs to rebuild our economy. My bipartisan Enhancing Entrepreneurship for the 21st Century 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.” 

My bipartisan Next Generation Entrepreneur Corps Act is another tool we can use to spur economic growth through private investments. The Next Generation Entrepreneur Corps Act would allow a fresh start for entrepreneurs set back by the pandemic, or those with a plan to start their first business during the recovery. The legislation aims to encourage new business and job creation in underserved communities through a competitive fellowship for entrepreneurs. With a six-year investment, the bill will identify talented entrepreneurs through a national competition and directly support the creation of 320 new businesses each year.

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Have a great week! 

Sincerely,