Millions of Americans continue to be saddled with crushing student debt. Indeed, total student debt now exceeds $1.5 trillion, affecting over 44 million Americans. Small businesses often have difficulty recruiting and retaining talent in today’s economy. Providing small business owners with a way to help employees reduce their student debt will allow them to attract talent and make them more competitive.
The SBAC strongly supports S. 460, the Employer Participation in Repayment Act. This legislation can be a game-changer for those drowning in student debt and small businesses. This bipartisan bill will allow employers to annually repay $5,250 of their employees’ student debt tax free, and this payment is also deductible for the employer. This benefit is already available to employers presently contributing to their employees’ education. If passed, this legislation will extend this benefit to cover those who have graduated but are confronting debilitating student debt.
We are proud to announce the National Association of Women Business Owners (NAWBO) has come on in support of this important legislation. NAWBO represents more than 10 million women business owners in this country. That is the type of critical mass necessary to move good policy. Here is NAWBO’s letter in support of S. 460.
In this age of hyper-partisanship, we are very close to securing a majority of Senate cosponsors on this bill. Indeed, the legislation presently has 47 cosponsors. We need Senator Durbin to also cosponsor and champion this bill.
Let Senator Durbin know how important this is to you, and to the Small Business community at large by signing the Action Call here.