Sara Routhier, Managing Editor and Outreach Director, has professional experience as an educator, SEO specialist, and content marketer. She has over five years of experience in the insurance industry. As a researcher, data nerd, writer, and editor she strives to curate educational, enlightening articles that provide you with the must-know facts and best-kept secrets within the overwhelming world o...

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Joel Ohman is the CEO of a private equity-backed digital media company. He is a CERTIFIED FINANCIAL PLANNER™, author, angel investor, and serial entrepreneur who loves creating new things, whether books or businesses. He has also previously served as the founder and resident CFP® of a national insurance agency, Real Time Health Quotes. He also has an MBA from the University of South Florida. ...

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Reviewed by Joel Ohman
Founder, CFP®

UPDATED: Nov 9, 2012

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President Obama’s victory has calmed and he has returned back to work. The campaign trails are deserted and the script writers can take a moment’s breath. But the real reform is still to come, and one sector is waiting for a new outcome: small businesses.

Small businesses keep this country alive. Without them, the important needs of America’s citizens would not be met. Although a person can theoretically purchase anything from Wal-Mart and Target, it is the remaining businesses which show that the country can still prosper.

Through his campaign messages, President Obama said he would help small business owners by protecting employee health, reducing their taxes, and refocusing their expansions with small business loans.

Health Care Reform

Now that President Obama was elected for his second term, health care reform in The Patient Protection and Affordable Care Act (PPACA) or Obamacare, is set to continue.

Obamacare focuses on decreasing the staggering number of uninsured Americans, as well as reducing the overall cost of healthcare. The system is built with state health insurance exchanges of standardized and regulated U.S. health care plans. Obamacare will provide a marketplace of information so individuals and businesses can review policies and buy insurance. 

On a small business scale, Obamacare, which starts in 2014, will require businesses with more than 50 employees to provide healthcare coverage. While it would greatly assist uninsured employees, it would add an additional cost to struggling business owners, a cost that would likely require a small business loan to fund.


Tax reform is highly important to small business owners. Many owners will declare their small business incomes on their personal tax returns. President Obama will extend the Bush-era tax cuts for couples earning less than $250,000 per year. He will also add a tax for people making more than $1 million annually. Tax breaks for U.S. companies willing to expand should increase employment throughout the country.

Access to Capital

Small business loans fuel part of the economic sector. For business owners in need of commercial financing and working capital, President Obama signed the Jumpstart Our Business Startups Act. It allows companies to receive small business loans, as much as $1 million, via the Internet’s sometimes-questioned crowd-funding websites. While information about business loans is readily available for uninformed businesses, the Act has a protection clause: crowd-funded small business loans will be approved only with websites that have been registered with the Securities and Exchange Commission.

In addition to new provisions, owners were assisted by the increase in funding from the federally backed Small Business Administration (SBA). During the past four years, President Obama made the process for acquiring small business loans more fluid.

Necessary Support

Small businesses are made up of minimal employees, but as a whole, they comprise 99.7 percent of U.S. employer firms. They are everywhere, from restaurants and galleries to fitness centers and retail stores. But their importance to the country is insurmountable. That is why their success was so important to the presidential campaign, and to the next four years.

Todd McCracken, President and CEO of The National Small Business Association (NSBA) said the country needs to come together, and create a bipartisan support system in order to address the challenges ahead. And it needs to be done now.

“Throughout the election season, candidates declared their support of small business.” McCraken said to Fox Business. “Now is the time to put those words to action—not just in the 113th session of Congress, but today.”