As the 119th Congress begins its session and a new administration prepares to take office, an innovative partnership between Goldman Sachs 10,000 Small Business Voices and the Bipartisan Policy Center has produced a comprehensive roadmap for empowering America’s small businesses. Their newly released report, “The Small Business Policy Playbook: Winning Strategies to Drive Economic Growth,” offers concrete solutions to level the playing field for small businesses and boost the U.S. economy.
A Game-Changing Partnership
The collaboration between these two influential organizations couldn’t come at a more crucial time. As John F.W. Rogers, Executive Vice President of Goldman Sachs, emphasizes, “Small businesses are the backbone of the American economy and will help fuel economic opportunity, growth and prosperity.”
This initiative isn’t just another policy document gathering dust on a shelf. Goldman Sachs is backing the playbook’s launch with a football-themed advertising campaign, calling on policymakers to “score a win for small businesses.” The campaign will run on Connected TV (CTV), bringing these crucial policy recommendations directly into the spotlight.
Three Key Plays for Success
The playbook focuses on three critical areas where small businesses need support:
1. Workforce Development
The recommendations include innovative approaches to help small businesses compete for talented workers. Key proposals advocate for enhanced retirement and paid family leave tax credits, making it easier for small businesses to offer competitive benefits packages that rival larger corporations.
2. Cost Management
“In a time in which America is looking for commonsense, bipartisan wins from Washington, lawmakers should look no further than to the Small Business Policy Playbook for strategies to help small businesses lift up the American economy,” says Jessica Johnson-Cope, president of Johnson Security Bureau, Inc., a third-generation family-owned security services firm in the Bronx.
The playbook proposes concrete steps to reduce financial barriers, including:
- Expanding Small Business Investment Companies
- Reinstating full R&D expensing
- Maintaining successful tax incentives
- Streamlining regulatory requirements
3. Innovation and Growth
The final section focuses on propelling small businesses into the future, with recommendations for:
- Enhanced technology investment support through resource providers
- Increased federal contract opportunities
- Expanded access to capital for manufacturers
- Improved export opportunities
A Bipartisan Path Forward
Margret Spellings, President and CEO of the Bipartisan Policy Center, highlights the cross-party appeal of these proposals: “Republicans and Democrats agree that meaningful economic growth requires a thriving small business sector. The Small Business Policy Playbook offers the 119th Congress and the incoming Administration clear legislative recommendations for bipartisan policies that they can enact to empower small businesses.”
Looking Ahead
As Goldman Sachs 10,000 Small Businesses Voices approaches its five-year anniversary in April, this playbook represents a significant milestone in their ongoing efforts to advocate for small business-friendly policies. The recommendations aren’t just theoretical – they’re based on extensive research and direct input from small business owners across the country.
With both Congress and the new administration seeking ways to deliver on their economic promises, this playbook offers a clear path forward. By implementing these recommendations, policymakers have a unique opportunity to support small businesses while driving broader economic growth.
Source: Press Release from Goldman Sachs 10,000 Small Business Voices and the Bipartisan Policy Center, January 16, 2025
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