Prism Group's Daily Summary
A WEEK FOR CELEBRATION… Yesterday marked the start of National Small Business Week, and to celebrate, the Biden-Harris administration is touting its success in the space. According to a fact sheet released on Monday, new business applications have reached record highs – driven by historic gains among underserved communities – while an SBA overview reveals that in FY23, the Administration awarded an all-time high in federal contracts to small businesses across federal agencies.
OVERTIME RULE RELEASED… Last week the Department of Labor released the long anticipated final overtime rule. Effective July 1, 2024, the salary threshold will increase to the equivalent of an annual salary of $43,888 and increase to $58,656 on Jan. 1, 2025. Starting July 1, 2027, salary thresholds will update every three years, by applying up-to-date wage data to determine new salary levels. We expect that federal legal challenges will be filed by the business community. Among the legal grounds to challenge the rule would be the triannual automatic adjustment and the absence of a sitting Senate-confirmed Secretary of Labor.
SMALL BIZ HEARING EXAMINES CTA IMPLEMENTATION… This morning the House Small Business Committee is holding a hearing entitled, Under the Microscope: Examining FinCEN’s Implementation of the Corporate Transparency Act. Among the witnesses testifying is Timothy Opsitnick, owner of the legal and cybersecurity solutions firm Technology Concepts & Design, who is appearing on behalf of the National Small Business Association.
THE STATE OF THE STATES
SESSIONS BY THE NUMBERS:
Twenty-seven state legislatures are in regular session.
WHAT WE'RE WATCHING:
A new report by the Appalachian Regional Commission has highlighted significant barriers faced by small businesses in accessing funding in Appalachia. The report emphasized the need for innovative solutions to sustain local economies and support micro-businesses in states like West Virginia.
Texas Governor Greg Abbott (R) has proclaimed April 28 to May 4 as 2024 Small Business Week, honoring the state's 3.2 million small businesses. Governor Abbott lauded the small businesses that form the “backbone” of the state’s economy and culture.
LAWMAKERS... IN OR OUT?
The House... convenes today at 10:00 AM ET. The full schedule may be found here.
The Senate... convenes today at 3:00 PM ET. The full schedule may be found here.
HAPPENING ON THE HILL
The House...
Committee on Small Business will hold a hearing TODAY at 10:00 AM on “Under the Microscope: Examining FinCEN’s Implementation of the Corporate Transparency Act.”
Committee on Finance will hold a hearing 5/1 at 10:00 AM on “Merger Policies of the Federal Banking Agencies.”
Ways and Means Committee hold a hearing TODAY at 10:00 AM on “Hearing with Treasury Secretary.”
Energy and Commerce Committee will hold a hearing TODAY at 10:00 AM on “Legislative Proposals to Increase Medicaid Access and Improve Program Integrity.”
Energy and Commerce Committee will hold a hearing 5/1 at 10:00 AM on “The Fiscal Year 2025 Department of Energy Budget.”
Energy and Commerce Committee will hold a hearing 5/1 at 2:00 PM. “Examining the Change Healthcare Cyberattack.
The Senate...
Committee on Small Business and Entrepreneurship will hold a hearing 5/6 at 10:00 AM on “Promoting Opportunity: The Need for Targeted Federal Business Programs to Address ongoing Racial Discrimination.”
Committee on Banking, Housing, and Urban Affairs will hold a hearing 5/2 at 10:00 AM on “ Higher Prices: How Shrinkflation and Technology and Impact Consumers Finances.”
Committee on Finance will hold a hearing 5/1 at 9:00AM on “Hacking America’s Health Care: Assessing the Change Healthcare Cyber Attack and What’s next.”
BILLS OF INTEREST
Check back tomorrow for possible updates.
AT THE AGENCIES
The U.S. Department of Labor
The U.S. Department of Labor issued a press release on a Florida furniture manufacturer's failure to pay overtime rates.
The U.S. Department of Labor issued a press release on final rule that will reinforce important healthcare protections for consumers.
The U.S. Department of the Treasury
The U.S. Department of the Treasury issued guidance on Inflation Reduction Act Programs that strengthen energy security and drive investment towards hard-hit coal communities.
The U.S. Department of the Treasury issued a press release announcing the current estimate of privately held net marketable borrowing.
The U.S. Department of Commerce
The U.S. Department of Commerce released a press release on new actions to implement President Biden’s Executive Order on AI.
The U.S. Trade Representative
The U.S. Trade Representative released a joint statement of the United States-Ecuador Trade and Investment Council meeting.
The U.S. Small Business Administration
The U.S. Small Business Administration released a press release announcing a Louisiana small business owner as 2024 National Small Business Person of the Year.
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