Shop small this season

As we head into the final stretch of 2024, a recent survey of small business owners found that our local job creators feel more uncertain than ever. Between rising costs, few qualified applicants and a massive federal tax hike scheduled to take effect next year, there are plenty of reasons why the mood on main street feels gloomy. 

But here’s the good news: you can kick off the holiday season by shopping small. Saturday, Nov. 30, the day after Black Friday, is Small Business Saturday. What began in 2010 as a way to promote local businesses recovering from the Great Recession has blossomed into one of the most robust shopping days of the year. 

That’s good for our small employers, their employees and the communities they call home. Here in Colorado, small businesses are the foundation of our economy, accounting for 99% of businesses in the state and employing more than a million working Coloradans, according to the Small Business Association. 

When we shop small, we’re supporting our friends and neighbors. Roughly 67 cents of every dollar spent at a small business stays within the community where it’s spent and creates another 50 cents in local business activity. When we shop small, family-owned businesses are better able to host school fundraisers, donate to charity and keep our communities thriving. 

Becoming a loyal customer is just one of the ways we can support Main Street businesses this holiday season. With nine out of 10 small businesses facing a massive tax hike next year, Congress must make the 20% Small Business Deduction permanent as quickly as possible. 

Since becoming law in 2017, this deduction has empowered small business owners to overcome a host of economic challenges we’ve seen these past few years. We know small business owners used the tax savings to increase worker pay, expand their operations and create more jobs. 

If Congress fails to act, the expiration of this deduction represents a massive tax hike on more than 30 million small businesses. Main street businesses, and the communities they support, will pay the price. 

Recent analysis estimates that if Congress were to make the deduction permanent, it would create 26,000 new jobs each year for the first 10 years and 50,000 annually every year after in Colorado. We can’t jeopardize those jobs or the economic growth it would bring to the Centennial State. 

Tell Congress to make the expiring 20% Small Business Deduction permanent. 

And, this holiday season, don’t forget to shop small. Our local businesses keep our communities strong and our economy growing. That’s why I’m encouraging everyone to shop small on Sat., Nov. 30. Because when we help small businesses, we help everyone.

– Dawn McVea, regional director, National Federation of Independent Business