Legislators in Washington are working hard to pass the spending bill proposed by President Donald Trump, which the administration has dubbed the “Big Beautiful Bill.” For the purpose of highlighting the ways in which the bill is anticipated to be beneficial to small businesses, one of the president’s appointees traveled to Indianapolis on Tuesday.
Due to the fact that the proposed legislation has the potential to benefit small businesses such as Olson Custom Design in Indianapolis, the current administrator of the Small Business Administration (SBA) decided to pay a visit to the organization.
Co-owner of Olson Custom Designs Brian Olson said, “I moved out here in 2006 to try to be a race car driver, and in 2014 we were both kind of getting banged up in our racing careers and needed to decide what we wanted to do with the rest of our lives.” Olson Custom Designs is a company that specializes in the design and construction of custom furniture.
Following the conclusion of their tenures in the racing industry, Olson and his brothers transitioned into the production of race car components. After ten years, the brothers are now manufacturing components for the aerospace industry, the medical industry, and the defense industry.
“This is an incredible example of the best of what is made in America,” said Kelly Loeffler, who is the United States Administrator of the Small Business Administration. “And it also shows how under the one big beautiful bill, small businesses like this that provide for so many key industries in America are spring-loaded for growth.”
The “Big Beautiful Bill” presents a number of proposals, including the elimination of the federal tax on overtime, the expansion of tax deductions for small businesses, and the provision that would enable businesses to immediately deduct the costs of certain investments, including equipment.
“It’s an arms race in our industry with technology,” Mitch Olson, who works for Olson Custom Designs, said. “So the bigger, better, faster pieces of equipment we can have help us bring the technology into Indiana and support our state.”
It is estimated by the Congressional Budget Office that the bill could result in an increase of $2.8 trillion in deficits between the years 2025 and 2034. On the other hand, Loeffler disagrees with their conclusions.
“Every single day that we wait to pass this bill is one less day that small businesses and families will not have the benefit of the one ‘Big Beautiful Bill,'” she stated in her statement.
On July 4, senators intend to deliver the bill to the president’s desk, as that is the deadline they have set. As of the most recent information, the leadership of the Republican Party has indicated that they are still on track to achieve this objective.
