Inaugural Famas Prestige Awards honors excellence in multiple fields
President Trump’s historic tax cuts supercharge growth for America’s small businesses
WASHINGTON, July 04, 2025 (GLOBE NEWSWIRE) — Today, after President Donald J. Trump signed the One Big Beautiful Bill into law, Kelly Loeffler, Administrator of the U.S. Small Business Administration (SBA), released the following statement:
“The One Big Beautiful Bill is a landmark victory for America’s small businesses, and it cements President Trump’s legacy as the greatest small business champion our country has ever known,” said Loeffler. “These historic tax cuts lay the foundation for generational prosperity on Main Street – ushering in a new era of growth, hiring, investment, and opportunity for job creators. I applaud Congressional Republicans for their efforts to pass the One Big Beautiful Bill, and I thank President Trump for his visionary leadership and unwavering commitment to putting American workers and job creators first.”
Administrator Loeffler has been one of the Trump Administration’s most outspoken proponents of the One Big Beautiful Bill. Last month, she embarked on a national tour to tout its benefits alongside America’s small business owners – traveling to Florida, Indiana, Kansas, Louisiana, Maine, and North Carolina.
In addition to delivering the largest tax cut in history for middle and working-class Americans – increasing annual take-home pay by at least $10,000 for most families – the One Big Beautiful Bill includes revolutionary reforms to end entitlement abuse, secure the border, stop the Green New Scam, and slash wasteful spending. It also includes numerous provisions that will directly empower small businesses and workers, including:
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Prevents the largest tax hike in history, making the 2017 Trump Tax Cuts permanent and increasing the standard deduction for every American family.Makes the Small Business Tax Deduction Permanent, preserving the 199A 20% small business deduction, which will generate $750 billion in economic growth and create over 1 million new Main Street jobs. Without the One Big Beautiful Bill, 26 million small businesses would have seen their top tax rate double to 43%.Supports the return of Made in America by allowing 100 percent expensing for new factories, factory improvements, equipment, and research and development.Ends the war on the gig economy by removing the requirement that Venmo, PayPal, and other gig transactions over $600 be reported to the IRS.Protects family farmers by preventing the death tax from hitting 2 million family-owned farms who would otherwise see their exemptions cut in half.Cuts taxes on seniors, tips, and overtime, saving tipped and overtime workers up to $1,750 per year.Protects Medicaid for working Americans, by ending benefits for at least 1.4 million illegal immigrants who are gaming the system.Increases the child tax credit to $2,200 per family. # # #
About the U.S. Small Business Administration
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The U.S. Small Business Administration helps power the American dream of entrepreneurship. As the leading voice for small businesses within the federal government, the SBA empowers job creators with the resources and support they need to start, grow, and expand their businesses or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit http://www.sba.gov.
CONTACT: SBA HQ Press Team
U.S. Small Business Administration
[email protected]
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