The $1.5 trillion student debt crisis continues to crush millions of Americans and stifle our economy. If you are reading this, you likely know family, friends or colleagues saddled with student debt.
Small businesses struggle to hire and retain talented employees. While larger enterprises may be able to make payments towards their employees’ student debt, small businesses are often unable to provide this employee benefit.
The SBAC strongly supports the Employer Participation in Repayment Act! This legislation will enable small businesses to make an annual tax-free payment up to $5250.00 to reduce an employee’s student debt. The small business can also deduct these payments.
The small business community came together and sent a message to our leaders in Washington about this student reducing, small business empowering legislation! We asked that Majority Leader Mitch McConnell and Senator Minority Leader Chuck Schumer support this legislation. We also asked that Senate Finance Committee Chairman, Senator Grassley and Ranking Member, Senator Wyden, call this legislation for a vote in Committee.
We are extremely excited to report that after our action call, Senator McConnell and Senator Schumer cosponsored this legislation. There are now 60 bi-partisan cosponsors on this important, common-sense legislation that is now filibuster proof. We are building some serious momentum!
We have a new action call for Senate leadership. Please reach out and strongly urge these Senators to call the Employer Participation in Repayment Act for a vote now. You can reach out here and it will only take a minute. We must demand that Washington politicians take a timeout from their partisan bickering and move this legislation forward. It will make a real impact on individuals and families across the United States while empowering the small business community at the same time!