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EIW Today - August 1st, 2024

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Prism Group's Daily Summary



ONE LAST FLURRY OF LEGISLATIVE ACTIVITY BEFORE RECESS... Before heading home for August break, the Senate will hold a vote on the Tax Relief for American Families and Workers Act, a package that has been stalled since passing the House back in March. If the bill fails to clear the 60-vote threshold, its proponents will have to decide whether to try and revive it during the lame duck session, or wait until the broader 2025 tax debate kicks off in earnest.  


SMALL BIZ AI BILL CLEARS COMMERCE... Yesterday, the Senate Commerce Committee marked up more than 30 bills, including the Small Business Artificial Intelligence Training and Toolkit Act of 2024 (S. 4487). The bipartisan legislation, introduced by Chair Maria Cantwell and Senator Jerry Moran, authorizes the Department of Commerce and Small Business Administration to jointly develop and distribute AI training resources and tools designed specifically with the small business community in mind. The bill cleared the committee and now heads to the Senate floor.  


SENATORS MORAN, ROSEN INTRODUCE LEGISLATION TO SUPPORT VETERANS STARTING SMALL BUSINESSES... U.S. Senator Jerry Moran (R-Kan.) – ranking member of the Senate Veterans’ Affairs Committee – joined Senator Jacky Rosen (D- Nev.) in introducing bipartisan legislation to cut taxes for veterans who start a small business in underserved communities. The Veterans Jobs Opportunity Act would create a new startup tax credit to provide veterans who are starting a small business with a 15 percent tax credit on the first $50,000 of startup costs. 


THE STATE OF THE STATES 

SESSIONS BY THE NUMBERS: 

Six states are in regular session. Nebraska is in special session.

 

WHAT WE'RE WATCHING: 

Illinois Gov. J.B. Pritzker (D) has signed legislation creating new standards for working conditions for children 15 and under. The law prohibits minors from working more than 18 hours during a school week or more than 40 hours when school is out. 

 

Texas Governor Greg Abbott (R) announced that the next 2024 Governor’s Small Business Summit will be held in Plainview on Thursday, August 8. The summit will support small business owners and aspiring entrepreneurs by connecting them with essential resources and information to start and grow their businesses. 

  

LAWMAKERS... IN OR OUT? 

The House... is out of session today. The full schedule may be found here

The Senate... convenes today at 11:00 AM. The full schedule may be found here

 

HAPPENING ON THE HILL 

The House...  

Check back later for possible updates. 

 

The Senate...    

Committee on Appropriations will hold a hearing TODAY, 8/1 at 9:30 AM entitled “Full Committee Markup of Energy and Water Development; Defense; Labor; Health, and Human Services; and Financial Services and General Government Appropriations Acts.” 

Committee on Judiciary will hold a hearing TODAY, 8/1 at 10:00 AM entitled “Executive Business Meeting.” 

 

BILLS OF INTEREST 

  • Check back later for possible updates.


AT THE AGENCIES  

The U.S. Department of Labor 

The U.S. Department of Labor announced in a press release $45M in funds available to improve employment opportunities for young people affected by poverty and violence 


The U.S. Department of the Treasury 

Check back later for possible updates.


The U.S. Department of Commerce 

The U.S. Department of Commerce announced in a press release the establishment of supply chain bodies and convening with IPEF Partners under landmark supply chain agreement.


The U.S. Trade Representative  

The U.S. Trade Representative Office released in a press release the readout of the 21st U.S.-sub-Saharan Africa Trade and Economic Cooperation Forum. 


The U.S. Trade Representative Office announced in a press release  U.S. Trade Representative Tai will travel to Quito, Ecuador from July 30-August 1, 2024, and Georgetown, Guyana on August 2, 2024 for bilateral meetings. 

 

The U.S. Small Business Administration 

The U.S. Small Business Administration announced in a press release SBA lender fees for Fiscal Year 2025.   

 

The U.S. Small Business Administration announced in a press release that Administrator Guzman plans to launch a new, streamlined contracting certifications experience called MySBA Certifications, which would allow customers to apply for and manage multiple federal contracting certifications in one place.  

 

PRISM GROUP UPDATE

As Congress heads into August recess, we will be pausing our EIW newsletter. Our updates will resume when Congress returns in early September. See you then!


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