Former U.S. Senator and current SBA Administrator Kelly Loeffler is celebrating the passage of the One Big Beautiful Bill, a sweeping legislative package designed to support small businesses through historic tax cuts and pro-growth reforms. The bill aims to create a more favorable environment for hiring, investment, and long-term prosperity on Main Street.
“The One Big Beautiful Bill is a landmark victory for America’s small businesses, and it cements President Trump’s legacy as the greatest small business champion our country has ever known,”
Loeffler emphasized the critical role of small businesses as the backbone of the American economy, describing them as essential drivers of job creation and community vitality. In her statement, she called the legislation a “landmark victory” that solidifies President Trump’s legacy as a champion for small business owners.
Key provisions of the One Big Beautiful Bill include making the 2017 Trump tax cuts permanent, preventing what would have been the largest tax hike in history. The legislation also makes the Small Business Tax Deduction (Section 199A) permanent, preserving the 20% deduction that helps millions of small business owners reinvest and grow. Without this provision, over 26 million small businesses would have faced a top tax rate doubling to 43%.
The bill further supports domestic manufacturing and innovation by allowing 100% expensing for new factories, equipment, and R&D investments. It ends new reporting requirements on gig economy transactions over $600, thus easing burdens on freelancers and contractors. Additionally, it protects family farms from the estate tax, cuts taxes on tips and overtime, and increases the child tax credit to $2,200.
Loeffler highlighted that these measures will collectively generate $750 billion in economic growth and create over one million new Main Street jobs. She also noted that the reforms help safeguard Medicaid for working Americans by ending benefits for individuals who are not legally eligible.
In closing, Loeffler reaffirmed her commitment to advocating for small businesses and praised Congressional leaders and President Trump for delivering a legislative package that empowers job creators and strengthens communities across the nation. The One Big Beautiful Bill stands as a bold statement of support for American workers and entrepreneurs, setting the stage for a new era of growth and opportunity.