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

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

"It's essentially a tax cut for starting a small business," she explained. "My plan will help existing small businesses grow. We will provide low- and no-interest loans to small businesses who want to expand."

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Businesses would also be able to claim a deduction until they turn a profit. She also seeks to have one-third of federal contract dollars go to small businesses.

Harris' focus has been the economy in recent weeks, far and away the most important issue to voters. While voters tend to trust Trump more on the economy, Harris has closed the gap from where those numbers stood with President Biden.

Her plan — like most of both candidates' plans — would need congressional approval.

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