Business

Loans, Taxes, Regulations on Small Business Election Agenda

Published

11 years ago

May 20, 2015

This photo combination shows, from left, Democratic presidential candidate Hillary Rodham Clinton, left, Republican presidential candidate, U.S. Sen. Ted Cruz, of Texas, and Republican presidential candidate Rand Paul, of Kentucky. Small businesses arent in the dire straits they were four years ago, but presidential candidates arent letting go of an issue they think will get them votes. (AP Photo/Charlie Neibergall/Nati Harnik/Carloyn Kaster)

The Associated Press

There are no “one size fits all” issues for small business in the 2016 presidential campaign. While candidates try to appeal to all small businesses, many owners want very specific things. A sample of what’s on the agenda of some individual owners, and two small business advocacy groups:

HELP SMALL BANKS COMPETE

Community banks whose customers include small businesses are at a disadvantage because of regulations under the Dodd-Frank Act implemented following the 2008 banking crisis, says Jim Angleton, owner of Aegis FinServ, a Miami-based financial services company. While the law is needed to prevent a recurrence of the practices that led to bank failures of all sizes, it places a disproportionate financial burden on smaller banks, Angleton says.

“They can’t effectively service the business community,” he says.

The number of small banks in the U.S. dropped 14 percent after Dodd-Frank was enacted in 2010, according to researchers at George Mason University.

REACH THOSE CONTRACTING GOALS

The government needs to work harder to reach its goals for giving agency contracts to small businesses, including those owned by women and that are located in economically disadvantaged areas, says Crystal Kendrick, whose Cincinnati-based marketing company is a federal contractor.

“What I want to hear is (candidates) are going to hold those agencies accountable for those goals,” says Kendrick, owner of The Voice of Your Customer.

The government fell short of its 5 percent goal for contracts for women-owned companies in the 2013 fiscal year. It also fell short of the 3 percent goal for companies in disadvantaged areas. It is expected to release its report for the 2014 fiscal year soon.

EASE UP ON REGULATIONS

The advocacy group National Small Business Association wants regulations issued by federal agencies easier to be easier for small companies to comply with. Many are unclear, or are inconsistent with each other, NSBA Chairman Tim Reynolds says.

“Presidential candidates can have an enormous impact on how regulatory agencies would move forward,” says Reynolds, owner of Tribute Inc., a Hudson, Ohio, software company.

The NSBA is also looking for a president who can help a fragmented Congress end its gridlock.

“Effective leadership from the White House is all about organizing individuals on both sides of the legislature,” Reynolds says

FIGHT CREDIT CARD FRAUD

Carl Mazzanti wants candidates to advocate for small businesses receiving the same protection from credit card hacking and fraud consumers have. When consumer accounts are hacked, federal law requires the consumer be notified. Businesses don’t automatically get that help. Mazzanti, owner of eMazzanti Technologies, a Hoboken, New Jersey, consultancy, says small businesses need protection from fraud that could wipe them out.

“Your entire life is in that shop,” he says.

REGULATE ONLINE LENDERS

An online lending industry for small business has grown rapidly in recent years because many small companies couldn’t get bank loans. That industry isn’t regulated, and that has enabled some lenders charging high interest to enter the market, says John Arensmeyer, CEO of the advocacy group Small Business Majority.

“The issue of predatory lending is something that I’d like to see candidates focus on,” Arensmeyer says.

Small Business Majority wants tax breaks like $500,000 deductions for equipment purchases made permanent, instead of being approved annually by Congress. The group also wants self-employed people to get full deduction of their health insurance premiums; currently, if their business incurs a loss, they cannot deduct the premiums.

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Financial Wellness and Mental Health: Managing Money Stress in College 

While everyone’s financial situation is unique, several common sources of stress have the potential to strain your financial health. These include financial and economic uncertainty, existing debts, unexpected expenses, and mental or physical health changes. Financial stress may differ from situation to situation, but understanding the factors contributing to yours may help you begin to craft a plan for your unique circumstances.

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March 17, 2026

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Sponsored by JPMorganChase

As a college student, managing financial responsibilities can be stressful.

If you’ve found yourself staying up late thinking about your finances or just feeling anxious overall about your financial future, you’re not alone. In one survey, 78% of college students who reported financial stress had negative impacts on their mental health, and 59% considered dropping out. While finances can impact overall stress, taking steps to manage your finances can support your mental, emotional and physical well-being.

When it comes to money, the sources of stress may look different for each student, but identifying the underlying causes and setting goals accordingly may help you feel more confident about your financial future.

Consider these strategies to help improve your financial wellness and reduce stress.

Understand what causes financial stress

2. Determine your financial priorities

Start by reflecting on your financial priorities. For students this often includes paying for school or paying off student loans, studying abroad, saving for spring break, building an emergency fund, paying down credit card debt or buying a car. Name the milestones that are most important to you, and plan accordingly.

3. Create a plan and stick to it

While setting actionable goals starts you on the journey to better financial health, it’s essential to craft a plan to follow through. Identifying and committing to a savings plan may give you a greater sense of control over your finances, which may help reduce your stress. Creating and sticking to a budget allows you to better track where your money is going so you may spend less and save more.

4. Pay down debt

Many students have some form of debt and want to make progress toward reducing their debt obligations. One option is the debt avalanche method, which focuses on paying off your debt with the highest interest rate first, then moving on to the debt with the next-highest interest rate. Another is the debt snowball method, which builds momentum by paying off your smallest debt balance, and then working your way up to the largest amounts.

5. Build your financial resilience

Some financial stress may be inevitable, but building financial resilience may allow you to overcome obstacles more easily. The more you learn about managing your money, for instance, the more prepared you’ll feel if the unexpected happens. Growing your emergency savings also may increase resilience since you’ll be more financially prepared to cover unexpected expenses or pay your living expenses.

6. Seek help and support

Many colleges have resources to help students experiencing financial stress, like financial literacy courses or funds that provide some assistance for students in need. Talk to your admissions counselor or advisor about your concerns, and they can direct you to sources of support. Your school’s counseling center can also be a great resource for mental health assistance if you’re struggling with financial stress.

The bottom line

Financial stress can affect college students’ health and wellbeing, but it doesn’t have to derail your dreams. Setting smart financial goals and developing simple plans to achieve them may help ease your stress. Revisit and adjust your plan as needed to ensure it continues to work for you, and seek additional support on campus as needed to help keep you on track.

 JPMorgan Chase Bank, N.A. Member FDIC