Small Business, Jobs and the Economy
Congresswoman Judy Chu at the construction of the iconic 210 bridge for L.A. Metro's Gold Line.
As a member of the Small Business Committee, my top economic priorities include promoting the growth of small businesses; creating a competitive workforce through education and training; and rebuilding America’s crumbling infrastructure to create jobs today. Since small businesses create 2 out of every 3 new jobs, I believe helping entrepreneurs succeed is the key.
Getting an idea off the ground isn’t always easy. Having access to local resources like advice on how to develop and grow a small businesses can make all the difference.
That is why I’m proud to have brought the first two Small Business Development Centers (SBDC) to the San Gabriel Valley. Small Business Development Centers are Small Business Administration (SBA) administered partnerships, typically with local colleges and universities that provide free, confidential services to small business owners. Any person who wants to start or expand their small business can get a business plan or a feasibility study. They can get help in marketing and most importantly in finding financing.
Where once the closest SBDC was in Long Beach, I am proud to say that thanks to all of our efforts, we now have two fully operational SBDCs – one at Pasadena City College and the other at the University of La Verne. These small business development centers have already helped many entrepreneurs get their ideas off the ground, and they can be of service to you too, so don’t hesitate to contact them for free advice and support.
Pasadena City College SBDC
3035 E. Foothill Blvd., Room 122
Pasadena, CA 91107
Phone: (626) 585-3106
SBDC hosted by University of La Verne
College of Business and Public Management
2180 Third Street
La Verne, CA 917507
Phone: (909) 448-1556
Financial capital is critical for small businesses – it allows them to invest in new equipment and grow their payrolls. But that capital can be hard to come by.
That’s why I successfully fought to pass the Commercial Real Estate and Economic Development (CREED) Act into law. It extends the Small Business Administration’s (SBA) 504 loan refinance program for 5 years, allowing qualified small businesses to lock in long-term, stable financing, and enabling access to working capital to protect and create new jobs.
The CREED Act is completely funded by SBA fees, which means this law helps boost the economy without costing the taxpayers a dime. Since its passage, small businesses have been able to refinance qualified loans at low interest rates, helping them increase their capital and succeed.
A shocking 73% of small businesses are turned away for conventional loans by banks. This is why we rely on loans guaranteed by the Small Business Administration (SBA) to seek sources of capital. I introduced the Investing in Main Street Act to address this very problem. The Small Business Investment Companies Program, or SBIC, is an investment program with an SBA guarantee that increases access to capital for high-growth, start-up businesses. Already, SBIC funding has helped companies like Tesla, Apple, and Intel get off the ground when they were considered to be small businesses. But a 60 year-old law – the Small Business Investment Act of 1958 - put a cap on how much banks or federal savings associations may invest in SBICs. The Investing in Main Street Act amends that outdated law to increase the percentage of capital and surplus that a bank or federal savings association may invest in SBICs.
This bill was passed unanimously by the House of Representatives in 2017. I am working towards getting it through the Senate and signed into law.
More on Small Business, Jobs and the Economy
Washington, DC — Today, Senate Majority Leader Mitch McConnell said that it was time to cut entitlements like Medicare, Medicaid, and Social Security in order to pay for a federal deficit that has grown 77% under his watch. According to the Treasury Department, the US deficit grew to $779 billion in President Trump’s first full fiscal year as president, due in large part to the Republican tax cuts which slashed government revenues. Rep. Judy Chu (CA-27), a member of the Ways and Means Committee, released the following statement:
Washington, DC — This week, the House passed a package of bills – H.R. 6756, the American Innovation Act of 2018, H.R. 6757, the Family Savings Act of 2018, and H.R. 6760, the Protecting Family and Small Business Tax Cuts Act of 2018 - as a follow-up to H.R. 1, the Republican tax bill signed into law at the end of last year. This package – referred to as Tax Scam 2.0 - would make the GOP tax law’s temporary provisions for individuals permanent. They currently expire after 2025.
Washington D.C. – Today, Rep. Judy Chu (CA-27) and 12 Democratic members of the Ways and Means Committee sent a letter to Acting Internal Revenue Service (IRS) Commissioner David Kautter urging the IRS to give individuals and small businesses the same leniency, grace periods, and penalty waivers given to multinational corporations as the recently passed tax law is implemented.
WASHINGTON, D.C. – During today’s House Ways and Means Committee consideration of H.R. 5861, the Jobs and Opportunity with Benefits and Services for Success (JOBS) Act, which includes the reauthorization of the Temporary Assistance for Needy Families (TANF) program, Rep. Judy Chu (CA-27), a member of the committee, introduced an amendment to encourage states to spend more on child care. The amendment was defeated on party lines by a vote of 22 to 14. H.R.
Washington, DC — On Monday, Rep. Judy Chu (CA-27), whose district includes the California Institute of Technology (Caltech), which runs NASA’s Jet Propulsion Laboratory (JPL), submitted testimony to the House Committee on Appropriations to request $2,234,700,000 in funding for the Planetary Science Mission Directorate and to support all ongoing and upcoming missions taking place at the Jet Propulsion Laboratory. Rep.
Washington, DC — Today, the House of Representatives voted to pass the Consolidated Appropriations Act of 2018, an omnibus spending bill to fund the remainder of Fiscal Year 2018. This Omnibus appropriates $1.21 trillion in base discretionary budget authority and $78 billion in Overseas Contingency Operations (OCO) funding. The Defense Appropriations bill sees a 14% increase over Fiscal Year 2017, while the remaining eleven appropriations bills see an aggregate 12% increase.
Washington, D.C.— Today, Rep. Judy Chu (CA-27), issued the following statement on the long-term budget deal that was passed this morning:
Washington, D.C.— Today, Southern California Congressional Representatives Lucille Roybal-Allard (CA-40), Linda Sánchez (CA-38), Judy Chu (CA-27), and Jimmy Gomez (CA-34) joined LA County Supervisor Hilda Solis, Los Angeles Mayor Eric Garcetti, LAPD Chief Michel Moore, LA County Fire Chief Daryl Osby, and Alex Caputo-Pearl, President of UTLA for a press conference to highlight the ways the recently passed Republican tax reform law will unfairly punish California families and exacerbate economic inequality.
Washington, DC – Today, the House of Representatives passed H.R. 1, a tax bill that slashes tax rates on corporations and eliminates deductions used by individuals, like the deduction for state and local taxes (SALT) and the deduction for interest on student loans. Rep. Judy Chu (CA-27), a member of the House Ways & Means Committee, released the following statement:
Washington, DC – This week, starting on Monday, the House Ways and Means Committee held a markup of the Republican tax plan. On Thursday, the plan was approved by a party-line vote. The bill is expected to be brought to the floor of the House next week. Rep. Judy Chu (CA-27), a member of the Ways and Means Committee, raised concerns about how ending the deductions for medical expenses, college tuition, and state and local taxes would hurt middle class families in California and across the country. Rep.