Financial Regulation News reports that Senators Jeanne Shaheen (D-NH) and Bill Cassidy (R-LA) have introduced a bill to help small businesses handle the rising costs of key items, like gasoline and lumber. The bill is called the Helping Small Businesses THRIVE Act. It is designed to protect small businesses from big swings in prices.
Why This Bill is Important for Truck Drivers
Small businesses often struggle when prices for important goods, like fuel costs, go up and down. Bigger companies usually have ways to manage these changes, but small businesses do not. This new bill will help by allowing small businesses to lock in prices for essential goods. That way, they will have more control over their costs and be able to better compete with larger companies.
“Small businesses are the backbone of our economy and deserve a level playing field. By empowering them to lock in prices for key commodities, we can help small businesses compete with larger businesses, create good-paying jobs, and expand their business,” Senator Shaheen said.
How the Program Will Work to Control Fuel Costs
The bill asks the U.S. Small Business Administration (SBA) to set up a program. This program would help small businesses lock in prices for important goods. At first, it will focus on gasoline, diesel, and up to three other key items. It will also help small businesses with energy costs, like natural gas and electricity.
Over time, the program may grow. The SBA will ask small businesses what other goods they need to lock in. This will help the program stay flexible and meet the needs of small businesses.
Senator Cassidy said this is especially important for small businesses in states like Louisiana, where inflation has hit hard. “Small businesses are particularly vulnerable to high inflation costs,” Cassidy said. “The Helping Small Businesses THRIVE Act gives small businesses in Louisiana the tools they need to create jobs, expand operations, and compete with large companies.”
Support for the Bill
Several groups have come out in support of this bill. These include the Center for American Entrepreneurship, Small Business Majority, and the National Small Business Association.
John Dearie, president of the Center for American Entrepreneurship, explained why this bill matters. “Participating businesses will be able to recapture losses sustained from price volatility regarding critical commodities like gasoline, diesel, natural gas, lumber, and potentially other inputs, that they rely on,” Dearie said. “The legislation will provide small businesses the price security and confidence they need to plan, thrive, and continue creating jobs.”
Todd McCracken, president & CEO of the National Small Business Association, also praised the bill. “This bill is a tremendous first step towards leveling the playing field for small companies across the country, enabling them to responsibly hedge commodity market risks—something historically only available to their largest competitors,” McCracken said.
Helping Small Businesses Compete
The Helping Small Businesses THRIVE Act will help small businesses by giving them a way to lock in prices for key items. This will help them avoid price hikes. With more control over their costs, small businesses will be able to plan better and focus on growing their business.
This program will be especially helpful for businesses that rely on items like fuel or lumber. These prices can go up quickly, and it is hard for small businesses to keep up. The bill will give small businesses the tools they need to stay competitive, even when prices are rising.
The bill has bipartisan support and is backed by key organizations. If it becomes law, it could make a big difference for small businesses across the country, allowing them to grow and succeed.
Senator Shaheen summed it up by saying, “Today, I’m proud to introduce bipartisan legislation that proposes a new resource to help small business owners keep costs under control and secure a vibrant future for our Main Streets.”
This bill is a step toward giving small businesses the same tools that big companies have. With more control over their prices, they can focus on what matters most—growing and creating jobs.
