a Small business owners take on small businesses.
Increasing Protections for Small Businesses
The COVID-19 crisis has shown how vulnerable our small businesses across our state are. We need to add protections for Main Street, not Wall Street. Luke would do this by adding tax caps on the first 5 years a small business is open. This would help alleviate the stress of new entrepreneurs and encourage startups statewide.
Luke also wants to create a program that would give small business owners the opportunity to offer their employees an affordable healthcare option; incentivizing a healthy workforce.
Small Business Fund
Over 40% of small businesses go bankrupt in the first 2 years because they missed 1 or 2 months' worth of payments. This can be due to economic disasters, natural disasters, or something as simple as road pavements. Luke plans to introduce a Small Business Loan program in which businesses can apply for a 50,000 dollar loan within their first 3 years of opening.