WASHINGTON, DC – On Monday, U.S. Representatives Eric Swalwell (D-CA) and Chris Collins (R-NY) marked the start of Small Business Week by reintroducing the Main Street Revival Act, which would incentivize growth in economically depressed communities by helping small businesses get off the ground in their first year of operation.
“Small businesses are at the heart of our communities and economy – we must do what we can to help them grow and succeed,” said Swalwell. “The Main Street Revival Act helps new small business owners build a strong foundation for future success. Encouraging entrepreneurship nationwide, especially in struggling areas, will help create an economy that can work for everyone, everywhere.”
“For America to achieve a high rate of economic growth, government must do a better job creating an atmosphere for small businesses to thrive,” said Collins. “Small businesses are the engines that drive our economy, and here in Western New York we must do everything we can to ensure they have the tools to succeed. I am glad to partner with my colleague, Congressman Swalwell, as we work to generate tangible economic development and job growth in our communities.”
The Main Street Revival Act allows certain small businesses to elect to defer paying payroll taxes during their first year in operation. The deferred taxes would then be paid in installments over the subsequent four years. The option is limited to businesses expecting to hire no more than 25 people in their first year, and located in Historically Underutilized Business Zones, known as HUBZones, as identified by the Small Business Administration.