In The States
The Eastern District Court of Tennessee has ruled that the Small Business Administration’s 8(a) business development program infringes upon the equal protection rights of government contractors. This carries significance because the 8(a) program reserves contracts and contract funds exclusively for minority and disadvantaged enterprises. The verdict will pose challenges for small, minority-owned firms in their search for contracting opportunities. Read more here.
On Friday, Governor Phil Murphy of New Jersey, a Democrat, approved a bill enabling remote workers, who are liable for New York’s income tax, to receive a credit against their state tax obligations in New Jersey. This recently passed legislation targets the tax concerns faced by New Jersey residents employed by New York companies but working remotely within New Jersey. By offering a tax credit, the law intends to encourage more workers to relocate to New Jersey.
On The Hill
The House Committee on Small Business held a hearing on Wednesday July 26 titled “Rural Entrepreneurship: Examining the Challenges and State of Rural Small Businesses.”
The House Committee on Ways and Means will hold a hearing Thursday July 27 at 2:00 PM titled “Hearing on The Employee Retention Tax Credit Experience: Confusion, Delays, and Fraud.”
The Senate Committee on Small Business & Entrepreneurship held a hearing on Wednesday July 26 titled “Pathways to Women’s Entrepreneurship: Understanding Opportunities and Barriers.”
At the Agencies
The US Small Business Administration issued a press release announcing the closure of SBA Disaster Loan Outreach Centers in Amarillo, Texas.
The US Small Business Administration has released a press release stating the availability of Economic Injury Disaster Loans (EIDLs) for small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private nonprofit organizations in certain regions of Wisconsin, Illinois, Iowa, and Minnesota. These loans are aimed at assisting those who suffered losses from drought, which began on July 11.