For more than 80 years, the U.S. Export-Import Bank has been financing the export of American goods and services, largely from small businesses. Though it has historically been an important resource for small businesses, some lawmakers are pushing to defund the bank, which could have far-reaching consequences for the small business community.
If Congress fails to reauthorize the Bank’s charter before June 30, its services to businesses will end immediately, leaving the thousands of small businesses they help each year without the resources they need to export commodities to international customers. This would be devastating to small exporters and entrepreneurs looking to grow their businesses.
Last week, the Urban Institute released a new study on employer-sponsored health insurance rates, finding they’ve remained steady under the Affordable Care Act (ACA). This study is yet another blow against the law’s harshest critics, who insisted it would force employers to drop coverage for employees.
Prior to the passage of the health care law, our health insurance system was spiraling out of control, and small businesses were paying the price. A study by the President’s Council of Economic Advisors found that small businesses have paid on average 18 percent more for health insurance than large companies in the past. This problem was only getting worse – an economic analysis from Small Business Majority found that without reform, small businesses’ health insurance costs would more than double to $2.4 trillion by 2018, causing the loss of 178,000 small business jobs.