NFIB’s Statewide Campaign Reiterates Small Business Challenges, What’s Left on the Legislative Table
The National Federation of Independent Business today announced a new statewide radio ad campaign to encourage lawmakers to get the job done and pass additional pro-small business legislation. When lawmakers in Richmond finally get back to work next week, they can take meaningful action to help Virginia small businesses – action that can mean the difference between success or shuttering doors for our local mom-and-pop shops.
You can listen to NFB’s new statewide Virginia radio ad here.
Earlier this year, NFIB rolled out its “Small Business Recovery Plan” and lawmakers listened. There have been successes, such as the removal of unnecessary COVID-19 mandates on business, passing of healthcare legislation that allows companies to associate together for better rates and products, and conformity of Virginia’s tax code to the federal level, providing small businesses a boost of thousands of dollars per year that is currently left on the table.
However, there is more work to be done. Small business owners across the state are asking the legislature to enact policies when they gavel back in next week that could help put Virginia’s economy back on track, including tax relief to help small businesses recover faster, keep and hire employees, and bolster communities. Increasing Virginia’s Standard Deduction to the federal level is a necessity. Suspending the increased fuel tax would not only benefit all business but also put money back into every Virginian’s wallet. Unemployment Insurance is a simple reform: lawmakers can replenish the fund with unused federal relief money to shield small businesses from significant payroll tax increases. Doing so would ensure small businesses are not held liable for fraudulent or overpayments in benefits by the state and as a result, increase pay for all small business employees.
Read more about NFIB’s Recovery Plan here.
As a reminder: the most recent NFIB data shows small businesses are still trying to get back on their feet after the COVID-19 pandemic.
According to NFIB’s 21st Small Business Covid-19 Survey:
- Most small business owners reported that their local economy remains below pre-crisis levels of economic activity.
- 27% believe it will be the second half of 2022 before economic conditions return to pre-crisis levels.
- 39% of small business owners are less optimistic and expect conditions not to fully improve until 2023 or later.
- When asked if supply chain disruptions are impacting their business, about half (47%) of small business owners reported a significant impact, basically unchanged from early September.
- The labor shortage is the other significant challenge facing many small employers. 23% of small employers are currently experiencing a significant staffing shortage and another 20% are currently experiencing a moderate staffing shortage.
