SBE Council-USHCC Joint Letter to Congress on the Healthcare Priorities and Needs of Small Business

By SBE Council at 13 January, 2022, 3:06 pm

January 13, 2022

Dear Members of Congress:

As America's small business owners continue to navigate a host of challenges and work to stabilize their firms and recover from the effects of the COVID-19 pandemic, we believe that Congress must focus on policy solutions that restore their vibrancy and growth. Our national and local economies depend on the health and job-creating prowess of small businesses, and the entrepreneurs who run these firms want policies that address their key pain points to help them succeed, especially in the area of healthcare.

The Small Business & Entrepreneurship Council (SBE Council) is a 501c(4) advocacy, research, and education organization dedicated to protecting small business and promoting entrepreneurship. Our network of supporters, including entrepreneurs and small business owners, state and local business organizations, corporate partners, and associations work with us to strengthen the environment for robust entrepreneurship, investment, innovation, and small business growth. The United States Hispanic Chamber of Commerce (USHCC) actively promotes the economic growth, development, and interests of more than five million Hispanic-owned businesses that, combined, contribute over $800 billion to the American economy every year. We also serve as a platform for our nationwide network of over 260 local Hispanic chambers of commerce.

A new Morning Consult poll released in December of 2021 by the SBE Council and the USHCC examines the top concerns among the small business community and highlights the need for Congress to focus on policies that aid economic recovery.

The SBE Council and the USHCC urge members of Congress to engage with the small business community to better understand the necessary reforms they support that promote affordability and choice in health coverage, sustained innovation in the healthcare and pharmaceutical sectors, and economic recovery for our nation.

Some of the poll's key takeaways include:

● 41% of small business owners (SBOs) say economic recovery from the COVID-19 pandemic should be one of Congress' top priorities across the board.

◦ 72% of SBOs agree the pandemic has already made things hard enough for small businesses and they cannot afford to have government policies that disrupt their day-to-day business.

◦ Nearly eight out of ten SBOs agree that healthcarereforms that add new costs to their business is high-risk and would add another burden to recovering economically.

● More than nine out of ten SBOs say Congress' top healthcare priority should be policies that address the rising cost and dwindling coverage of health insurance.

◦ In fact, 71% of SBOs want Congress to focus more on reducing the overall cost of healthcare rather than focusing solely on the reduction of drug pricing.

◦ Specifically, one third of SBOs are most concerned with addressing the cost of health insurance premiums, this was the top answer for healthcare priorities from respondents.

● 90% of SBOs agree that continued research and innovation is vital to our country's prosperity.

● Nearly nine out of ten SBOs also believe that U.S. leaders should be anticipating and encouraging the need for research and developmentof new treatments and medicines for various illnesses and conditions.

These survey findings emphasize a call across the small business community for healthcare solutions that preserve economic growth and innovation, provide small businesses more choice, and flexibility in managing their rising operational costs.

In order to achieve these outcomes, policymakers need to closely examine and investigate the effects of proposed policies, including those that may impose punitive taxes or price-setting, as they may lead to unintended consequences across our healthcare system. Again, small business owners want policies that zero in on reducing health coverage costs, foster innovation, and choice.

As you well know, America's more than 32 million small businesses are the heart and soul of our U.S. economy, and they overwhelmingly bore the brunt of the COVID-19 pandemic, especially those in marginalized communities. Now more than ever, access to affordable and quality health coverage is a vital issue for small business owners and their employees. As a recent report from the Kaiser Family Foundation conveyed, that the cost of health coverage has dramatically increased over the last decade. Family premiums for employer-sponsored health coverage have risen 47% and small businesses continue to be impacted, exasperated, and competitively affected by these rising costs.

Thank you for your service and partnership in supporting America's small businesses. If you have any questions, please do not hesitate to reach out to Karen Kerrigan or Ramiro A. Cavazos via phone or email. We look forward to a positive outcome on this important legislative matter for America's small businesses.

Sincerely,

Karen Kerrigan Ramiro A. Cavazos

President & CEO President & CEO

Small Business & Entrepreneurship Council United States Hispanic Chamber of Commerce

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