Hickenlooper, Colleagues Introduce Bill to Refund Small Businesses for Trump Admin’s Tariffs

WASHINGTON - U.S. Senator John Hickenlooper joined nine of his Senate colleagues to introduce the Small Business RELIEF Act to exempt small businesses from the Trump admin's tariffs and give small businesses refunds for the tariffs they have already paid.

"Small businesses shouldn't be collateral damage in Trump's reckless and illegal trade war," Hickenlooper said. "As a former small business owner who's met with Colorado entrepreneurs, I know these senseless tariffs are crushing entrepreneurs and increasing prices across the board. Small businesses deserve the chance to weather this storm."

Last week, a federal court ruled that the Trump admin's broad tariffs were illegal, setting the stage for small businesses to receive relief for the "Liberation Day" tariff-taxes. While the Supreme Court agreed to consider the legality of the tariffs, they will remain in place until the Supreme Court makes a decision.

As a former small business owner, Hickenlooper has been a vocal opponent of the Trump administration's trade war and the harm it is causing Colorado businesses. This summer, he chaired a field hearing of the Senate Small Business and Entrepreneurship Committee in Denver to highlight the strain the outdoor recreation industry is facing under the Trump administration's chaotic tariffs. Hickenlooper previously called on Small Business Administrator Kelly Loeffler to address the impacts of the Trump administration's tariffs on small businesses and sent a letter to the Trump administration demanding answers on the national security and economic impacts of their tariffs on Canadian goods.

"Small businesses were the ones hit hardest by the Trump-era tariffs - paying higher prices on everything from raw materials to the tools they need to keep their doors open," said Richard Trent, Executive Director of Main Street Alliance. "If the Supreme Court overturns these tariffs, the fair thing to do is refund small business owners for the extra costs they were forced to pay. They shouldn't be punished for decisions made in Washington that drove up their costs and squeezed their margins. Refunding small businesses would put money back into local economies, help create jobs, and level the playing field after years of unfair trade policy."

"Small businesses make up more than 99 percent of all U.S. companies, employ nearly half of the private-sector workforce, and contribute more than 40 percent of GDP," said Todd McCracken, President & CEO of the National Small Business Association (NSBA). "Yet, unlike their larger counterparts, they often lack the financial cushion and in-house resources to absorb sudden policy shifts. Imposing emergency tariffs without exemptions for small companies threatens their survival, undermines local economies, and weakens supply chains upon which countless communities are built. By exempting small firms from these duties and providing timely refunds, the Small Business RELIEF Act acknowledges both their unique vulnerability and their vital role in driving economic growth."

"Widespread tariffs imposed on most imported goods have caused significant pain for small businesses, as evidenced by Small Business Majority's most recent polling that found 60% are experiencing higher operating costs due to tariffs," said Alexis D'Amato, Director of Government Affairs at Small Business Majority. "This is no surprise given that 26% of businesses surveyed said they import goods directly, while nearly half said they buy from American suppliers that import from other countries. Cost increases have led small businesses to take a range of drastic actions that include raising prices and pausing expansion plans. The best way to bring small businesses immediate relief is to refund import duties that they have already paid and exempt them from tariffs going forward."

Full text of the bill is available HERE.

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