SBA RULES UNDER MICROSCOPE
The House Committee on Small Business held a hearing to discuss the Small Business Administration’s two final rules regarding changes to lending affiliation and the removal of the SBLC moratorium impacting the 7(a) Loan Program and the Community Advantage Pilot Program. SBA Associate Administrator of the Office of Capital Access, Patrick Kelley, was present to answer questions regarding the two rules along with the release of the SBA’s recent policy notice that went into further detail on the implementation of the rules and the forthcoming Standard Operating Procedures (SOPs). Members expressed bi-partisan concerns about the SBAs authority to implement these rules and its capability to conduct proper oversight over the new types of lenders in the program. Click here to read Prism Group’s readout of the hearing.
Biden-Harris Administration Celebrates Small Business Boom
The White House celebrates the record number of small businesses created and sustained over the last few years, showcasing various programs and initiatives that were critical to uplifting small businesses through challenging times. To read about all White House initiatives on small business issues, click here.
President Biden And Congressional Leader Meeting On Debt Limit
With all eyes on the debt limit, President Biden met with key congressional leaders, including House Speaker Kevin McCarthy, House Minority Leader Hakeem Jeffries, Senate Majority Leader Chuck Schumer, and Senate Minority Leader Mitch McConnell, to discuss a strategy to raise the U.S. debt limit.
How A Potential Default Harms Main Street
Costlier small business loans, squeezed credit markets, higher credit card interest rates, plunging stock markets, and delayed treasury payments are some impacts that would be felt by small businesses should the U.S. default on the national debt. While Senate small business leaders hosted a hearing to examine the repercussions on small businesses, (more on that below), read more about what private industry players are saying about potential effects on Main Street here.
On the Hill
The House Committee on Small Business Subcommittee on Contracting and Innovation held a hearing on today at 2:00 PM ET titled “Leveling the Playing Field: The State of Small Business Contracting”
The House Committee on Small Business will hold a hearing on Wednesday, May 17th at 10:00 AM ET titled “Taking on More Risk: Examining the SBA’s Changes to the 7(a) Lending Program Part II”
The House Committee on Ways and Means will hold a hearing on Tuesday, May 16, at 10:00 AM ET titled “Health Care Price Transparency: A Patient’s Right to Know”
The House Committee on Ways and Means Subcommittee on Health will hold a hearing on Wednesday, May 17, at 2:00 PM ET titled “Why Health Care is Unaffordable: Anticompetitive and Consolidated Markets”
The Senate Committee on Small Business and Entrepreneurship will hold a hearing on Tuesday, May 16, at 3:30 PM ET titled “The Impacts of Debt Ceiling Brinkmanship and Default on America’s Small Businesses”
At the Agencies
The US Trade Representative
The US Trade Representative released a press release titled, “TOMORROW: Phoenix Small Business Roundtable with United States Trade Representative Katherine Tai and Administrator Isabella Casillas Guzman”