Overview
- The White House welcomed more than 130 owners for a small business summit on Monday, honoring 2026 National Small Business Week award winners including National Business Person of the Year Mark Lamoncha.
- President Trump highlighted last year's Working Families Tax Cuts Act, which made the 20% deduction on qualified business income permanent and restored 100% expensing for equipment, factory projects, research investments.
- Treasury reported broad use of the tax changes, citing over six million filers claiming no tax on tips, more than 25 million receiving overtime relief, and roughly 12 million small business owners averaging nearly $7,000 in tax cuts.
- Officials pointed to stronger capital access, saying the SBA guaranteed $45 billion in 7(a) and 504 loans to more than 85,000 firms in FY25 and launched a new program focused on small manufacturers.
- The administration also cited regulatory relief, including a pause on Beneficial Ownership Information enforcement to cut paperwork costs, as coverage noted mixed views on tariffs with some firms reporting higher costs and others crediting the policy with bringing jobs back.