MIDLER, SALLY FIELD. >> ALL RIGHT.
YOU KNOW I'M GOING TO LIKE THIS ONE, TODAY IT IS DAY TWO OF
NATIONAL SMALL BUSINESS WEEK, CELEBRATED EVERY YEAR SINCE
1963. RECOGNIZING THE CRITICAL
CONTRIBUTIONS OF AMERICA'S ENTREPRENEURS AND SMALL BUSINESS
OWNERS. A CELEBRATION OF THE AMERICAN
DREAM. AND SEVERAL KEY ISSUES BEING
DEBATED IN WASHINGTON COULD IMPACT SMALL BUSINESSES TO NAME
A FEW, PRESIDENT TRUMP'S TAX PLAN AND THE REPUBLICANS' HEALTH
CARE BILL. JOINING ME IS THE NEW
ADMINISTRATOR OF THE SMALL BUSINESS ADMINISTRATION, LINDA
McMAHON. WELCOME.
>> THANK YOU, STEPHANIE. GREAT TO BE HERE.
>> THANK YOU. YOU ARE OUT THIS WEEK ON THE
SMALL BUSINESS TOUR ACROSS THE COUNTRY.
WHAT'S IT ALL ABOUT? >> IT IS CELEBRATING SMALL
BUSINESSES. THERE ARE APPROXIMATELY 29
MILLION SMALL BUSINESSES AND ALMOST HALF OF ALL AMERICAN
EMPLOYEES ARE EMPLOYED IN SMALL BUSINESSES AND IT'S THE ENGINE
OF OUR ECONOMY, BACKBONE OF OUR ECONOMY, SO I'M VISITING
DIFFERENT BUSINESSES AND THE DISTRICTS, SBA HAS 68 DISTRICTS
AROUND THE COUNTRY SO TODAY I'M IN NEW YORK, TOMORROW I'M IN
INDIANA, THEN I'M IN DALLAS ON THURSDAY AND FRESNO ON FRIDAY.
SO IT'S A FULL WEEK. >> WE KNOW THAT SMALL BUSINESS
SENTIMENT IS UP SINCE THE ELECTION.
MANY HAVE SAID THEY WERE SORT OF STRANGLED BY THE THREAT OF
REGULATION, BUT TAXES MATTER. PRESIDENT TRUMP IS LOOKING TO
CUT CORPORATE TAXES, BUT WHEN YOU LOOK AT SMALL BUSINESSES,
WHEN YOU REALLY LOOK AT THIS BILL, IT'S SORT OF THE ULTRARICH
WHO HAVE THEIR OWN FINANCE ARMS, OWN MOM AND POP FINANCIAL
ADVISER, STOCK BROKER, BUT MOST PAY LESS THAN 15%.
SO IF YOUR AVERAGE SMALL BUSINESS OUT THERE, HOW DOES THE
NEW TAX PLAN REALLY HELP THEM? >> I CAN TELL YOU WHAT THEY'RE
TELLING ME. AND WHEN WE HAD OUR KICKOFF
YESTERDAY IN WASHINGTON, AND I HAD ABOUT 250 SMALL BUSINESSES
WE WERE TALKING TO AND WITHOUT FAIL, THEY REALLY TALKED ABOUT
WHAT A BENEFIT THE TAX REDUCTION COULD BE FOR THEM.
>> WHERE? >> PARDON ME?
IF THEY'RE ONLY PAYING 15% WHERE IS THE BENEFIT?
>> THEY ARE PAYING MORE THAN 15%.
MOST HAVE S CORPORATIONS OR LLC AND THAT PASS THROUGH IS TAXED
AT ORDINARY INCOME RATES. IF THEY HAVE THE 15%, THAT'S
GOING TO BE MORE MONEY IN THEIR POCKET AND TOLD ME WE'LL SPEND
THAT MONEY ON MARKETING DOLLARS, HIRING NEW EMPLOYEES AND ON
EXPANDING OUR BUSINESSES. >> WHEN YOU LOOK AT HEALTH CARE,
THAT'S ANOTHER ISSUE.
SMALL BUSINESSES, MANY WERE SAYING, OBAMACARE WAS TOUGH FOR
THEM, THEY COULDN'T AFFORD TO PAY THEIR EMPLOYEES.
WHEN WE LOOK AT THE NEW HEALTH CARE BILL, IT COULD REALLY COST
A LOT MORE. ESPECIALLY THOSE WHO HIRE OLDER
WORKERS. NOW THAT YOU'RE GOING TO BE
SCALED BY YOUR AGE, SOME COULD HAVE TO PAY 500% MORE.
HOW DO YOU WEIGH IN ON THIS, SHOULD YOU WEIGH IN ON THIS IN
TERMS OF HEALTH CARE REFORM BECAUSE IT MATTERS SO MUCH TO
SMALL BUSINESSES? >> WELL, IT DOES MATTER.
I'LL TELL YOU, WHEN I HAVE BEEN OUT AND VISITING SMALL
BUSINESSES, IN FACT, WHEN I RAN FOR THE SENATE IN CONNECTICUT,
IN 2010, THOSE SMALL BUSINESSES WITH WOULD ACTUALLY SHOW ME
THEIR PREMIUM BILLS THAT HAD DOUBLED AND SOMETIMES TRIPLED
FROM THE YEAR BEFORE. SO I THINK THAT WE ARE GOING TO
HAVE HEALTH CARE REFORM THAT IS GOING TO BE BENEFICIAL TO SMALL
BUSINESSES. I DON'T THINK IT'S GOING TO
RAISE THEIR PREMIUMS. I THINK IT'S GOING TO REDUCE
THEIR PREMIUMS. THEY WANT TO BE ABLE TO PROVIDE
INSURANCE FOR THEIR EMPLOYEES AND THEY CAN'T AFFORD TO DO IT.
>> DO WE KNOW THAT THE CURRENT BILL HAS TO CHANGE, THOUGH, TO
SATISFY THEM? WHEN I LOOK AT THE NUMBERS SMALL
BUSINESSES COULD PAY UP TO 500% MORE FOR OLDER WORKERS.
DO YOU BELIEVE THAT THE CURRENT AMENDMENTS NEED TO BE CHANGED
AGAIN, BECAUSE THAT WOULD REALLY BE DISCRIMINATORY TO OLDER
WORKERS? IT WOULD SAY TO SMALL BUSINESSES
YOU WANT TO HIRE THE YOUNG FOLKS?
>> WELL, I THINK IT REMAINS TO BE SEEN WHAT THE HEALTH CARE
BILL IS GOING TO FINALLY COME OUT TO BE.
I KNOW IT'S THE GOAL OF THE PRESIDENT CLEARLY TO MAKE IT
MUCH MORE BENEFICIAL TO SMALL BUSINESSES.
>> WHEN YOU LOOK AT THE REGULATIONS THAT MANY HAVE SAID
ARE MAKING IT HARD FOR THEIR BUSINESSES TO GROW, ARE THERE
SPECIFIC ONES THAT NEED TO BE CHANGED?
BECAUSE RIGHT NOW, IT'S THAT SENTIMENT, PEOPLE ARE EXCITED
AND PRESIDENT TRUMP HAS SAID, IF YOU WANTU WANT TO PUT A NEW REGN
I'M GOING TO NEED YOU TO GET RID OF TWO.
WHERE? WHAT IS IT THAT IS THE
ROADBLOCK? >> WHEN I'VE TALKED TO SMALL
BUSINESS OWNERS IT ISN'T NECESSARILY ANY ONE PARTICULAR
REGULATION. IT IS THE ONEROUS AMOUNT OF
PAPERWORK AND COMPLIANCE THAT HAS TO GO ON.
A SMALL BUSINESS OWNER IS OFTEN THE CEO AND THE JANITOR AND
THEY'RE DOING EVERYTHING. AND THEY DON'T HAVE A STAFF OF
ACCOUNTANTS OR LAWYERS TO COMPLY WITH THESE REGULATIONS.
AND IT'S JUST REALLY TOUGH FOR THEM.
A LOT OF TIMES THEY ARE NOT BEING G COMPLIANT BECAUSE THEY
DON'T EVEN KNOW WHAT THE REGULATION IS.
AND I'VE TALKED TO MANY SMALL BUSINESSES FINED FOR THINGS THEY
DIDN'T KNOW ABOUT OR HAVE AN OPPORTUNITY TO MAKE IT RIGHT.
IT WAS CALLED INSTANT FINE, PAY NOW, CORRECT IT OR PAY AGAIN.
THAT'S NOT FAIR. >> TAKE ME INSIDE THE WHITE
HOUSE. THERE'S SO MUCH CRITICISM.
EVEN IN THE LAST 24 HOURS PRESIDENT TRUMP HAS SAID A LOT
OF AGGRESSIVE THINGS, WHETHER IT'S OR THINGS THAT DIDN'T MAKE
SENSE, ANDREW JACKSON, THE PRESIDENT OF THE PHILIPPINES,
CALLING KIM JONG-UN A SMART COOKIE, YOU SPEND TIME IN THE
WHITE HOUSE WITH THE PRESIDENT. WHAT IS HE ACTUALLY LIKE?
BECAUSE FROM OUR PERSPECTIVE, THINGS SEEM PRETTY CRAZY RIGHT
NOW. >> WELL I'M NOT ACTUALLY IN THE
WHITE HOUSE ALL THAT OFTEN. SBA HEADQUARTERS ARE, YOU KNOW,
SEVERAL BLOCKS AWAY FROM THE WHITE HOUSE.
AND THAT'S WHERE I'M REALLY FOCUSED.
BUT YESTERDAY I WAS AT THE WHITE HOUSE SPEAKING TO COMMUNITY
BANKERS AND THEY ARE VERY EXCITED ABOUT THE POTENTIAL OF
REGULATORY REFORM AND SO ARE OUR SMALL BUSINESSES BECAUSE THEY'VE
NOT BEEN ABLE TO HAVE ACCESS TO CAPITAL DURING THIS TIME OF
REGULATORY REFORM -- DURING THE TIME OF DODD/FRANK.
THEIR HANDS WERE TIED AND WHAT THEY TOLD ME WAS, YOU KNOW, WE
KNOW OUR CUSTOMERS BETTER IN THE COMMUNITY.
WE KNOW WHO WE CAN TAKE A RISK ON.
OKAY. IT MAY LOOK IFFY OVER HERE BUT
HE HAS A GREAT TRACK RECORD. WHEN DODD/FRANK CAME IN THEY
COULD NOT MAKE THOSE LOANS AND IT DID IMPACT THEM.
SBA, WHAT WE DO WITH THE GUARANTEE LOAN PROGRAMS, IS TO
MAKE A LOT MORE OF THOSE LOANS AVAILABLE.
SO, YOU KNOW, WE'RE SEEING AN INCREASE IN OUR LOAN PORTFOLIO,
BUSINESSES ARE GROWING, WE -- OOINS ABOUT 56,000 PEOPLE WE
COUNSELLED LAST YEAR AND IT WAS AMAZING.
WE'RE