Prism Group's Daily Summary

CTA FILING REQUIREMENTS REMAIN ON HOLD... On Friday the Financial Crimes Enforcement Network (FinCEN), the agency in charge of enforcing the Corporate Transparency Act, announced it was continuing to pause filing requirements under the new law so long as a recent court ruling in Texas remains in effect. You can read the January 24 alert here.
LENDERS FACE AN UPHILL BATTLE TO FILL THE SMB FINANCING GAP... The global small-business loans market was valued at $2.46 trillion in 2023, yet banks and credit unions approve less than 25% of loan applications. Fintech platforms have emerged as alternative lenders, leveraging big data, automation, and AI to address this financing gap. However, despite their potential to transform small-business lending, these platforms have struggled to attract venture capital, with most funding in fintech flowing to payments and personal finance companies. This lack of investment highlights a missed opportunity to support small and medium-sized businesses through innovative digital lending solutions.
CRAPO OUTLINES SENATE FINANCE COMMITTEE’S TAX POLICY PRIORITIES...
Senate Finance Committee Chairman Mike Crapo (R-ID) shared his tax policy priorities for the Committee on Monday morning. The Committee oversees legislation related to federal tax policy; federal social safety net and health care programs; and implementation of foreign trade agreements. Chair Crapo shared that he is “committed to preserving and extending pro-growth tax policy,” primarily by extending or making permanent many of the provisions of the Tax Cuts and Jobs Act (TCJA) set to expire at the end of the year. Per his statement, “The TCJA’s competitive corporate rate, paired with other pro-growth tax policies and international tax reforms, helped to bring foreign earnings back to America and increased domestic investment, particularly in research and development.”
THE STATE OF THE STATES
SESSIONS BY THE NUMBERS:
Forty-five states are in regular session. Tennessee and Florida are in special session.
WHAT WE'RE WATCHING:
Michigan Governor Gretchen Whitmer (D) announced the second round of State Small Business Credit Initiative 2.0 funds, allocating nearly $80 million to support Michigan's small businesses, with a focus on underserved communities. Job creation, manufacturing boosts, and capital expansion through loans and technical assistance are primary goals of the program.
Missouri lawmakers are considering a $300 million tax cut proposal to exempt long-term capital gains from state income taxes, part of a broader push to reduce taxes under Gov. Mike Kehoe's (R) agenda. Supporters argue it will attract investment, but critics warn of potential revenue losses and budget cuts.
LAWMAKERS... IN OR OUT?
The House... is not in session today.
The Senate... convenes today at 12:00 PM. The full schedule may be found here.
HAPPENING ON THE HILL
The House...
Check back tomorrow for possible updates.
The Senate...
Senate Small Business Committee will hold a hearing Wednesday, 1/29 at 2:30 PM entitled “Nomination of The Honorable Kelly Loeffler to be Administrator of the Small Business Administration.”
Senate Committee on Health, Education, Labor and Pensions will hold a hearing Thursday, 1/30 at 10:00 AM entitled “Nomination of Robert F. Kennedy, Jr. to serve as Secretary of Health and Human Services.”
Senate Committee on Finance will hold a hearing Wednesday, 1/29 at 10:00 AM entitled “Nomination of Robert F. Kennedy, Jr., of California, to be Secretary of Health and Human Services.”
Senate Committee on Judiciary will hold a hearing Wednesday, 1/29 at 9:00 AM entitled “Executive Business Meeting.”
Senate Committee on Judiciary will hold a hearing Thursday, 1/30 at 9:30 AM entitled “Nominations.”
BILLS OF INTEREST
Check back tomorrow for possible updates.
AT THE AGENCIES
The U.S. Department of Labor
Acting Secretary of Labor Vince Micone transmitted Secretary’s Order 03-2025 to all department employees, directing them to cease and desist all investigative and enforcement activity under the rescinded Executive Order 11246 and the regulations promulgated under it.
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
The Office of the U.S. Trade Representative announced that it will review foreign trade practices to account for those practices which may be unfair to the United States, including those practices that may be unreasonable or discriminatory and that may burden or restrict United States commerce.
The U.S. Small Business Administration
Check back tomorrow for possible updates.
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