Opinion: ‘Bidenomics’ Misses Solutions for Small Businesses

Think Big Shop Small | Image by ESB Professional

Inflation is creeping back up again, and prices remain higher than they were in 2020. Both of these facts come as no surprise to the Texas families who are cutting back on spending or Texas businesses facing rising costs and worker shortages. Here in Texas, our 3.1 million small businesses employ 4.9 million people, making them a critical part of our state’s economy. But in my view, the policies coming out of the Biden Administration too often respond to the needs of big business, leaving small businesses and their employees behind.

One of the most significant issues with the Administration’s current approach is the lack of emphasis on leveraging today’s digital tools and technologies. In today’s world, adopting digital solutions is not a luxury but a necessity for small businesses to thrive. From online marketing and e-commerce to digital accounting and customer engagement, technology has become essential for success. Yet, the Biden Administration has largely overlooked this critical aspect of small business growth and many businesses have been left struggling to access the capital necessary to adopt such tools.

It’s time for Republicans in Congress to step in and fill this gap. Thankfully, a bipartisan group of senators recently introduced the Small Business Technological Advancement Act (SBTAA) (S.2330), which would allow Small Business Administration (SBA) loans to be used for adopting the digital tools essential to a small business’s success. This would empower our small businesses to remain competitive in an increasingly digital marketplace, create jobs, and stimulate economic growth, including right here in the Lone Star state.

In 2020, many small businesses were forced to adapt and digitize their operations to survive. At the time, many officials recognized the importance of allowing government-backed funds to be used for digitization. However, lawmakers did not create a long-term solution for the problem. Now, our policies and resources are outdated, leaving our small businesses vulnerable to larger, digitized corporations.

Thankfully, Congressman Roger Williams is in a unique position to advocate for small businesses and the SBTAA. As chairman of the House Small Business Committee and a respected small business owner himself, Chairman Williams knows the challenges these companies face and the value of digital tools. I appreciate his consistent support of small businesses and would urge other members of the Texas congressional delegation to follow his lead and cosponsor the SBTAA.

This is about strengthening our economy, supporting job creation, and ensuring the long-term success of our small businesses. Texas small business owners can’t afford to wait for this Administration to wake up to our economic reality. Now is the time for Republicans in Congress to show their support for America’s small businesses and prioritize legislation that is good policy and good politics.

Matt Ticzkus serves as the committeeman on the Texas State Republican Executive Committee representing Senate district 10.

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