The question of the hour for small business owners: Will President Trump keep his promise to slash regulations in their respective industries? President Trump, during his first few weeks in office, has repeatedly promised to cut regulations for small businesses but so far his promises have resulted in little action. The silence has left a lot of small firms waiting to make big hiring and investment moves.
Kristie Arslan, owner of Popped! Republic, is one of those owners waiting for action from the Trump administration. For her company, Arslan is looking for movement ona regulation called the joint-employer rule, which stems from a ruling made by the National Labor Relations Board in 2015. During a sit down with CNBC, Arslan stated the following, “It’s hard for us — we don’t have a lawyer on staff to help us figure it all out. It would be great if [federal] agencies could take a bit more care in looking at the small business impact of regulations before they charge ahead … an overall effort to be more mindful of the small business impact would result in smarter regulation.”
According to the American Auction Forum, in 2016 federal regulations cost a whopping $164 billion to implement. Many small business owners are struggling to keep a full staff because they have to spend most of their revenue complying with federal regulations. The National Small Business Association (NSBA) took the liberty of interviewing a number of small business owners and learned that their “…top issues with federal regulations stemmed from the complexity of rules and cost of compliance. Just getting started comprehensively costs a small business more than $83,000 to comply with regulations.” Furthermore, many owners also indicated that the tax code regulation is by far the most confusing of them all.
With the issues being out in the open and small business owners voicing their frustration, what will our government do and when will President Trump lighten the load for small business owners? Now, we have to give the President some credit because he recently signed an executive order for regulatory reform so the baby steps are beginning to happen but the baby isn’t walking yet.