As entrepreneurs we must remember that the political landscape affects us, too. From employee health insurance requirements to tax cuts, what happens on Capitol Hill should always be on your radar.
The Small Business and Entrepreneurship Council (SBE Council), a nonpartisan, nonprofit advocacy, research and education organization working to protect small businesses and promote entrepreneurship, has released a list of eight pieces of legislation the United States Senate should pass immediately and send to President Obama’s desk for signature.
The list of eight bills have already passed the U.S. House of Representatives with either zero opposition or with overwhelming majorities, making them ripe for President Obama’s signature.
“With Congress currently in session, there is a narrow window in this highly partisan political season to pass these eight small business bills that would provide relief and support America’s small business community,” said Karen Kerrigan, president and CEO of the SBE Council. “This list is a no-brainer for Senate action and these non-controversial measures should quickly be acted upon and sent to President Obama’s desk for signature.”
The eight pieces of small business legislation include:
1. Fostering Innovation Act, H.R. 4139 – would allow growing companies to direct their precious capital toward R&D and other investments to help them strengthen their position in the marketplace. The one-size-fits-all regulatory burdens associated with 404(b) compliance are especially costly for small businesses, and H.R. 4139 provides needed flexibility.
2.Small Business Capital Formation Enhancement Act, H.R. 4168 – would require the Securities and Exchange Commission (SEC) to act upon common sense reforms developed by consensus at their Annual Forum on Small Business Capital Formation.
3. Fix Crowdfunding Act, H.R. 4855 – makes improvements and needed changes to JOBS Act Title III crowdfunding. Among other key reforms that will fully leverage equity crowdfunding for small businesses, the bill increases the amount that can be raised from $1 million to $5 million and fixes the liability uncertainty for funding portals. Read SBE Council’s support letter here.
4. Helping Angels Lead Our Startups Act (HALOs Act), H.R. 4498 – strengthens JOBS Act intentions of improving capital access by clarifying that startups and entrepreneurs can continue to showcase their ideas and businesses at events designed to connect them with Angel investors.
5. Small Business Health Care Relief Act, H.R. 5447 – will allow small businesses to provide Health Reimbursement Arrangements (HRAs) to employees with health insurance.
6. Package of Bills to Help Small Business Government Contractors – both separately and taken together these bills will encourage small business participation in government procurement by providing more certainty, clarity and opportunity. When small businesses win government contracts, the economy and taxpayers win.
7. Taxpayers Right-to-Know Act, H.R. 598 – would require an annual inventory on all federal programs, staff, administrative costs, and program performance metrics. Small business owners care about how their tax dollars are being spent and H.R 598 would hold federal agencies accountable by requiring such reporting and disclosure.
8. Small Business Broadband Deployment Act, H.R. 4596 – extends for 5 years an exemption for small telecommunications providers regarding the costly disclosure requirements under Title II of Federal Communications Commission’s open Internet order (net neutrality).
It’s important to stay connected to the SBE and the business advocacy work they are doing on the behalf of entrepreneurs like you.
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