The Latest on the Good Economy Challenge
SBN Testifies in Support of Changes to the LBE Designation
SBN offered testimony in support of changes to the Local Business Entity (LBE) designation efore the Commerce and Economic Development Committee of Philadelphia City Council. The LBE was not achieving its objectives; currently, less than 15 percent of registered LBEs have their principal place of business in Philadelphia. Streamlining the LBE certification process will better position local businesses to compete for city-funded projects.
Under the legislation proposed by Council members Blondell Reynolds Brown and Maria Quiñones-Sanchez , in order for a local business to qualify as a Local Business Entity: (1)The Business Entity’s principal place of business must be located in the City; or (2) the Business Entity satisfies at least two of the three following requirements:
(i) More than sixty percent of the Business Entity’s full-time employees are reported as Philadelphia Residents on the City of Philadelphia Annual Reconciliation of Employer Wage Tax.
(ii) More than one hundred (100) of the Business Entity’s full-time employees work in the City according to the City of Philadelphia Annual Reconciliation of Employer Wage Tax.
(iii) More than three quarters of the Business Entity’s sales are reported as sales in Philadelphia.
The Good Economy Challenge is SBN’s issue campaign developed to highlight the importance of a continued focus on the sustainable economy, with small business as a centerpiece. It is intended to engage Philadelphia’s sustainable business owners, employees, customers, and allies in support of a thriving local economy.
The Good Economist 9