Statement by SBA Administrator on the Passage of the Inflation Reduction Act

Published: Aug. 12, 2022 at 3:05 PM AKDT

WASHINGTON, Aug. 12, 2022 /PRNewswire/ -- Today, Administrator Isabella Casillas Guzman, head of the U.S. Small Business Administration (SBA) and the voice for America's 33 million small businesses in President Biden's Cabinet, issued the following statement on today's passage of the Inflation Reduction Act.

SBA LOGO. (PRNewsFoto/U.S. Small Business Administration) (PRNewsFoto/U.S. SMALL BUSINESS ADMINIS...) (PRNewsfoto/U.S. Small Business Administrat)

"The Inflation Reduction Act of 2022 makes urgent investments that will bring down costs, level the playing field, and open up historic opportunities for America's 33 million small businesses and innovative startups.

"This law not only tackles inflation and powers America's transition to safer, cleaner energy, it also shrinks the budget deficit and—most importantly—drives down health care and energy costs for small businesses and their employees. Lower costs mean small business owners and entrepreneurs can focus on doing what they do best, creating jobs, developing talent, innovating, and opening doors of growth and opportunity across all of our communities—including selling more American-made goods and services to the world's largest buyer: the U.S. Government.

"From Day One, President Biden committed to delivering a strong, sustainable, and equitable recovery. Today, thanks to his leadership, we are seeing historic economic growth and job creation, the unprecedented launching of new small businesses, and a return of America's manufacturing base, all adding up to the world's strongest economic recovery from COVID. I look forward to working with President Biden, Vice President Harris, and my colleagues throughout the Biden-Harris Administration to add to our progress and leverage the benefits of the Inflation Reduction Act to deliver even greater stability and opportunity for all small businesses and continue to build America's next great economy."

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About the U.S. Small Business Administration 

The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

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Release Number: 22-64

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SOURCE U.S. Small Business Administration