Congressmen Kim, Burchett Reintroduce Bill to Empower Small Businesses

WASHINGTON, D.C. – Today – and in the middle of Small Business Week – Congressmen Andy Kim (NJ-03) and Tim Burchett (TN-02) introduced the Access Business Credit (ABC) Act that would create a new incentive program that would empower community banks to lend to small businesses by easing their tax burden.

“Small businesses are the lifeblood of New Jersey’s 3rd Congressional District’s economy. When small businesses throughout Burlington, Mercer, and Monmouth Counties succeed, we all succeed,” said Congressman Kim. “I’ve heard from our local small business owners that they need more access to credit and want to see Washington make key programs work better for them. I look forward to working with my colleagues on both sides of the aisle to lift up our entrepreneurs and help them build opportunities in New Jersey and across the country.”

This bill would amend the Internal Revenue Code to allow smaller community banks to exclude qualified interest received by a lender for small business loans from their gross income for tax purposes.

“Small businesses are key job creators in East Tennessee, and they keep our country’s economy going,” said Congressman Burchett. “I’m proud to support a bill that would incentivize banks to give entrepreneurs the resources they need to grow and thrive.”

Congressman Kim was a member of the House Committee on Small Business during the 116th and 117th Congress and helped over 10,000 small businesses in New Jersey access financial assistance during the pandemic. He has continued to be a strong ally and advocate for small business.

Congressman Kim is the Ranking Member on the Military Personnel Subcommittee, and a member of the House Armed Services Committee, the Foreign Affairs Committee, and the Select Committee on China. More information about Congressman Kim’s accessibility, his work serving New Jersey’s 3rd Congressional District, and information on newsletters and his monthly town halls can be found on his website by clicking here.

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