Small Business recognition usually makes one think of American Express’ long commitment to the space, dating back to 2010, when they “created Small Business Saturday® on the Saturday after Thanksgiving to encourage people to Shop Small and bring more holiday shopping to small businesses.” The American Express site even indicates that “in 2011, the Senate unanimously passes a resolution in support of the day, and officials in all 50 states participate. It even gets a shout-out from the president of
the United States.”
When I think of Small Business recognition, I still think of it as an Amex- idea, even though the process is matured in a far broader fashion. YouTube memorializes the event here and here with some American Express videos.
President’ Biden’s highlights are:
- To ensure that these community pillars have a fighting chance to reopen and stay open, my Administration is delivering the loans and support that our Nation’s more than 30 million small businesses and innovative startups need.
- The American Rescue Plan delivered billions of dollars in economic relief to millions of small businesses — including programs targeted to the hardest-hit industries such as restaurants and performing arts venues.
- We revamped the Paycheck Protection Program to reach our smallest businesses, with more than 95 percent of the nearly $300 billion in loans made during my Administration supporting small businesses with less than 20 employees, reaching a higher share of businesses in rural and low- or moderate-income communities than in the previous two rounds of the program.
- To help ensure that small businesses in every community benefit from the Build Back Better agenda’s landmark investments in our infrastructure, we are strengthening our contracting programs for underserved small businesses.
Rather than spending time on the related COVID impacts to business, fall back on the spirit of small businesses, which drove American Express to this Great Recession program.
- The small business segment contributes to the U.S. economy. Amazon is hard to beat for everything, but businesses owned by your neighbor play a role in everyday life.
- Just about all businesses are ready to transact with payment cards, whether they be American Express, Discover, or issued through Mastercard and Visa.
- Small businesses rely on payment cards to run their enterprise. This includes procuring supplies, paying vendors, and basic operating needs.
The takeaways are easy. Small Businesses have federal support through COVID-related loans. It is no secret that many are struggling and need help through the pandemic. But practically speaking, American Express’ novel thought on the subject holds true: Support the neighborhood business. Your credit card will make the process effortless.
Overview by Brian Riley, Director, Credit Advisory Service at Mercator Advisory Group