Prism Group's Daily Summary
CTA COURT RULING PROVIDES LONG-AWAITED RELIEF... Yesterday the U.S. District Court for the Eastern District of Texas issued a nationwide injunction against the Corporate Transparency Act (CTA), siding with several plaintiffs who challenged the reporting statute in a lawsuit filed in May. Prism Group is actively monitoring these developments – as well as the federal government’s response and possible appeal – with an eye towards their impact on the small business community.
HOW SMALL BUSINESS CAN LEVERAGE AI TO OPTIMIZE AND SCALE... Small business owners have always faced significant challenges in their pursuit of success. Lack of capital accounts for 38% of small business failures, labor costs consume 70% of expenses, and a national labor shortage of 2 million workers has intensified the struggle to recruit and retain talent. AI is transforming the landscape, providing small businesses with accessible tools to streamline operations and scale effectively without requiring large teams or budgets. According to a 2024 U.S. Chamber of Commerce study, 98% of small businesses are already leveraging AI-enabled tools, with 91% of owners confident that AI will drive future growth. The adoption of generative AI technologies, including chatbots and image creators, has surged by 40% over the past year, further empowering small enterprises to compete and thrive.
THE STATE OF THE STATES
SESSIONS BY THE NUMBERS:
Six states are in regular session. Louisiana is in special session.
WHAT WE'RE WATCHING:
Five organizations in New York’s Finger Lakes region received over $1 million in workforce development grants as part of a $7 million statewide initiative during National Apprenticeship Week. Foodlink led local recipients with $462,000 for apprenticeship and pre-apprenticeship programs.
The Oklahoma Department of Commerce has launched the Business Hub, a centralized online portal. It simplifies the process of starting and running small businesses by consolidating resources from multiple state agencies.
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 10:00 AM ET. The full schedule may be found here.
HAPPENING ON THE HILL
The House...
The Committee on Financial Services will hold a hearing TODAY, 12/04 at 10:00 AM entitled “Innovation Revolution: How Technology is Shaping the Future of Finance."
The Senate...
Committee on Health, Education, Labor and Pensions will hold a hearing on Thursday, 12/05 at 10:00 AM entitled “What Is the FDA Doing to Reduce the Diabetes and Obesity Epidemics in America and Take on the Greed of the Food and Beverage Industry?”
Committee on Finance will hold a hearing on Thursday, 12/05 at 10:00 AM entitled “Open Executive Session to Consider Favorably Reporting the Hearing the Nomination of David Samuel Johnson, of Virginia, to be Inspector General for Tax Administration, Department of the Treasury."
Committee on Judiciary will hold a hearing on Thursday, 12/05 at 10:00 AM entitled “Executive Business Meeting."
BILLS OF INTEREST
Check back tomorrow for possible updates.
AT THE AGENCIES
The U.S. Department of Labor
Check back tomorrow for possible updates.
The U.S. Department of the Treasury
Check back tomorrow for possible updates.
The U.S. Department of Commerce
Check back tomorrow for possible updates.
The U.S. Trade Representative
Check back tomorrow for possible updates.
The U.S. Small Business Administration
Today, the U.S. Small Business Administration (SBA) announced that the upcoming quarterly meeting for the Interagency Task Force (IATF) on Veterans Small Business Development will be Wednesday, Dec. 11. This meeting is open to the public.
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