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, Rep. Judy Chu (CA-27) voted for the first increase in the federal minimum wage in ten years by passing H.R. 582, the Raise the Wage Act. The Raise the Wage Act would gradually increase the federal minimum wage to $15 an hour by 2025, and ensure more workers are lifted out of poverty. California is already on schedule to raise the minimum wage to $15 an hour by January 1, 2023. Rep. Chu issued the following statement:
Washington, DC — Reps. Judy Chu (CA-27) and Vern Buchanan (FL-16) today introduced legislation to update the Qualified Performing Artist (QPA) tax deduction which helps artists deduct the costs of work-related expenses. The Tax Cuts and Jobs Act eliminated the ability to claim miscellaneous itemized deductions, which previously allowed these artists to deduct their work expenses. The elimination of these deductions has caused many artists to pay thousands more in taxes.
WASHINGTON, D.C. – The Treasury Department today announced that it would waive the under-withholding penalty for taxpayers who paid at least 80% of their taxes, down from the current 85%.
WASHINGTON, D.C. – During his testimony to the House Ways and Means Committee this morning, Treasury Secretary Steve Mnuchin gave a commitment to Rep. Judy Chu (CA-27) that within the week he will provide a response to her request for further relief for taxpayers facing penalties for under-withholding on their taxes. Rep. Chu is the sponsor of HR 1300, the Taxpayer Penalty Protection Act, to shield taxpayers who under-withheld due to the rushed changes made in the Republican tax law.
WASHINGTON, D.C. – Today, Senator Kirsten Gillibrand (D-NY) introduced the Senate version of H.R. 1300, the Taxpayer Penalty Protection Act, a companion to the bill introduced by Rep. Judy Chu (CA-27) in the House of Representatives. The Taxpayer Penalty Protection Act would shield taxpayers from withholding penalties for the 2018 filing year should they find themselves to be under-withheld due to the rushed changes made in the Republican tax law.
WASHINGTON, D.C. – Today, Rep. Judy Chu (CA-27) reintroduced the Taxpayer Penalty Protection Act, a bill that would shield taxpayers from withholding penalties for the 2018 filing year should they find themselves to be under-withheld due to the rushed changes made in the Republican tax law. Because of the new IRS withholding tables, and the fact that many taxpayers did not adjust their withholding, GAO found that 30 million filers, or 1 in 5 taxpayers, will find that they owe the IRS this year.
Washington, D.C. – In celebration of love on Valentine’s Day, in affirmation of the LGBTQ community and to advance America’s march towards equal protection and inclusion under the law, Reps. Judy Chu (CA-27) and Andy Levin (MI-09) introduced the Equal Dignity for Married Taxpayers Act, a bill that would update the U.S. tax code to remove gendered language and affirm the dignity of LGBTQ married couples. Senator Ron Wyden (D-OR) will introduce the Senate version as Ranking Member of the Senate Finance Committee.
Washington, DC — In the wake of reports that millions of taxpayers have been surprised to learn they owe money to the Internal Revenue Service (IRS) this filing season, Ways & Means Oversight Subcommittee Chairman John Lewis (D-GA) and Oversight Subcommittee member Judy Chu (D-CA) sent a letter to Department of Treasury (Treasury) Secretary Steven Mnuchin and IRS Commissioner Charles Rettig, requesting add
Washington, DC — Following pressure from Rep. Judy Chu (CA-27), including introduced legislation and a July 2018 letter to the Internal Revenue Service (IRS), the IRS today announced that it would waive the penalty for under-withholding on taxes for certain individuals. This change follows an IRS decision in 2018 to grant leniency, grace periods, and penalty waivers to multinational corporations. After that 2018 decision for corporations was announced, Rep.
Washington, DC — Today, the House voted to pass H.R. 116, the Investing in Main Street Act, introduced by Rep. Judy Chu (CA-27). This bill would amend the Small Businesses Investment Act of 1958 to increase the percentage of capital and surplus that a bank or federal savings association may invest in Small Business Investment Companies (SBICs) to match current banking regulations.