Vice President Kamala Harris unveiled a new element of her economic plan on Wednesday that she says will help cut red tape for small businesses.

Harris has set an ambitious goal for her potential administration to receive 25 million new small business applications in its first term. The Biden administration has seen 19 million. Currently, small businesses have a $5,000 tax deduction, which would increase to $50,000 under her new plan.

“It’s basically a tax cut for starting a small business,” she explained. “My plan will help existing small businesses grow. We’ll make low-interest and zero-interest loans to small businesses that want to grow.”

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Businesses would also be able to claim the deduction as long as they don’t make a profit. He also wants to make sure that one-third of federal contract dollars go to small businesses.

Harris has focused on the economy in recent weeks, by far the most important issue for voters. While voters have tended to trust Trump more on the economy, Harris has closed the gap between those numbers and President Biden’s.

Her plan — like most of both candidates’ plans — would require congressional approval.

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