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Small Business Owners Erupt On Inflation, Biden’s Cuba Move

Jun 3, 2024

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The Biden administration announced Tuesday that it will be lifting financial restrictions on Cuba to help boost small and private businesses on the island, while American small business owners demand that the President and Congress address inflation.

“These regulatory amendments update and clarify authorizations in support of internet-based services to promote internet freedom in Cuba, support independent Cuban private sector entrepreneurs, and expand access to certain financial services for the Cuban people,” the Treasury Department said in a press release regarding the move by President Joe Biden, according to ABC News.

The changes include the ability of Cuban private business owners to open bank accounts in the U.S. and access them remotely online once back in Cuba. “This reinstated authorization is intended to help the Cuban people, including independent private sector entrepreneurs, by facilitating remittances and payments for transactions in the Cuban private sector,” the release noted. (LEARN MORE: Voters Are Unimpressed By Biden’s Economic ‘Achievements’)

Small Business Owners Demand Action

Biden’s focus on Cuba comes as the National Federation of Independent Business (NFIB) outlined recommendations to help small U.S. businesses combat inflation. “Small business owners have cited inflation as their primary concern, urging legislative action,” reported Small Biz Trends.

“Congress and the administration helped get small businesses into this mess with excessive spending, now they can help get them out of it,” NFIB VP of Federal Government Relations Jeff Brabant said of the situation. “By lessening regulatory burdens, providing tax relief, and more, Washington can prioritize the small business economy.”

Inflation Continues

“Inflation has touched every inch of our business, and we would welcome any relief to ease the regulatory and financial difficulties we continue to face daily,” Molly Maid of Boise, Idaho, owner Stephanie Camarillo said in a news release from NFIB. (LEARN MORE: 55% Know Biden’s Policies Will Make Economy Worse)

The NFIB and Small Biz Trends further noted that: “The Biden Administration has imposed nearly $1.5 trillion in new regulatory costs, adding over 275 million paperwork hours for small business owners. NFIB urges the White House to retract burdensome regulations such as the Department of Labor’s overtime and independent contractor rules, OSHA’s walkaround rule, the EPA’s tailpipe emissions rules, and the DOE’s appliance energy efficiency rules.”

Small Business Tax Hikes In 2025

“With over 30 million small businesses facing a significant tax hike at the end of 2025, NFIB calls on Congress to make the Small Business Deduction permanent by passing the Main Street Tax Certainty Act. This move is crucial for the financial stability of small businesses,” the article continued. (LEARN MORE: Taking Back Control: Your Guide to Navigating Rising Car Insurance Premiums)

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