News from US Congressman Chuck Edwards

Communities throughout Western North Carolina are continuing to pick up the pieces to rebuild after the worst natural disaster to ever hit our mountains made landfall on September 27, 2024. This includes our district’s small businesses, which were hit particularly hard due to the loss in tourism following the disaster.

Small businesses are the lifeblood of WNC’s tourism economy and many of them were left suffering from Helene’s destruction. Thus, federal support is vital to helping folks rebuild their livelihoods and the region’s economy.

That’s why I introduced the Helene Small Business Recovery Act to facilitate small business owners’ access to federal aid for rebuilding after Hurricane Helene. This bill clarifies that Small Business Administration loans and federal grants, like those that will be offered through the CDBG-DR program, are not duplicative. Without this clarification, businesses that took an SBA loan to keep themselves afloat would be prohibited from accessing federal grant money when it becomes available.

Loans and grants are inherently different, and my bill will allow small business owners to access both federal resources so that WNC, and every small business that makes our mountains such a great place to live, has the resources needed to recover.

Relieving the tax burden for hard-working Americans

Americans are benefitting from lower taxes because of the tax cuts that President Trump implemented during his first term.

However, the tax relief secured in the 2017 Tax Cuts and Jobs Act (TCJA) is set to expire next year, and if these cuts are not extended, a family of four in North Carolina will face a tax hike of about $1,400.

To prevent tax increases for workers and businesses nationwide, I’m working with my colleagues to extend and potentially make permanent President Trump’s 2017 tax cuts. This would ensure we avoid the largest middle and lower class tax increase in American history, stimulate job growth, make American businesses more competitive, and support American workers by helping them keep more of their hard-earned dollars in their wallets.

Small business victory over beneficial ownership reporting requirements

Small businesses saw a major victory in the fight against beneficial ownership reporting requirements with the Financial Crimes Enforcement Network’s new ruling that exempts U.S. small businesses from having to report Beneficial Ownership Information under the Corporate Transparency Act.

As we move through the 119th Congress, I will continue to be a voice for WNC’s small business owners whose hard work benefits our communities and strengthens our economy.