Private investment

To the Editor of the Sonoran News, 

As the COVID-19 Delta strain rips through the United States, small business owners like me wonder home much more we can take.  According to an analysis by the Federal Reserve, nearly nine million small businesses were at risk of shutting down permanently in 2020. I’m sure I wasn’t alone when I wondered if my business would be able to survive. 
The federal government certainly did its fair share to help small businesses through this difficult time. Senator Kelly supported vital initiatives like the Paycheck Protection Program and the American Rescue Plan, which helped to ensure businesses like mine stayed afloat and our workers got paid.  

It’s important to acknowledge the role private investment played in 2020, as well. Small business investment supported 14,000 small employers and almost 12 million employees last year; workers who earned a total of $900 billion, or roughly $38 per hour.
Here in Arizona private investment supported countless small employers and a lot of good-paying jobs. Important government programs and private investment together allowed untold businesses to open, survive, and even thrive during the worst business year I can remember.

Unfortunately, some elected officials in Washington want to impose a new Small Business Investment Tax on the kinds of private investments that helped us through 2020. Two bills – H.R. 1068 and S.1598 – would make investing in small businesses like mine less attractive and, possibly, not worth it financially.

Sen. Kelly stood up for small businesses during the pandemic and I will always appreciate his leadership. I hope he will continue to stand up for us by opposing the Small Business Investment Tax

Gary Petersen
Cave Creek