June 2, 1997

Small Business Developments


Today at a White House ceremony to celebrate National Small Business Week, Vice President Gore announced three new actions to help small business:

The Small Business Administration's new five-point program to help small businesses develop pension plans for their more than 32 million workers who now lack retirement benefits. The effort includes a new 800-number for small businesses: 1-800-998-7542.

SBA's new one-stop, on-line procurement service, called PRO-Net, to help small businesses -- especially women-, minority-, and disadvantaged-owned small businesses -- find procurement opportunities in the Federal Government and private sector.

The IRS will provide a six-month extension, until December 31, for small businesses to file payroll taxes through the Electronic Federal Tax Payment System. Without this action, many small businesses would have been subject to penalties for not using the new system by July 1.

The Vice President said: "The President and I have worked hard to ensure that our small businesses can continue to be the engines of economic growth. We hope the steps announced today will offer some common-sense help."


As Congress moves forward on the details of the balanced budget agreement and its tax cut, President Clinton used his weekly Radio Address to renew his call for tax cuts that help families raise and educate their children and keep the economy growing:

The final tax cut must help open the doors of college to every American. The President's $1,500 HOPE Scholarship tax cuts will help pay for the first two years of college; he will recommend that students who receive Pell Grants still be eligible for HOPE Scholarships for additional education costs; and he favors a tax deduction for the cost of any education after high school for people of any age.

The final tax cut should give as many families as possible the chance to receive the dividends of economic growth. The President's plan includes a $500 child tax credit; Congress must make sure it is fair to working families -- especially those with lower incomes.

The final tax cut must be consistent with a balanced budget -- and not written in such a way that it busts the budget in years to come.

This kind of tax package will continue the President's three-pronged economic strategy -- reducing the budget deficit; investing in the education, training and security of our people; and opening new markets through tough trade agreements -- that has created so much opportunity for the American people since 1993.

June 1997

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June 2, 1997

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