Prism Group's Daily Summary
PRESIDENTIAL DEBATE TONIGHT… Tonight, President Biden and former President Trump will be on stage together for the first Presidential debate. Biden and Trump are expected to hit on major economic issues related to taxes, business regulations, workforce, and more.
FUTURE OF ERC IN FLUX AMID NEW REPORT... A recent IRS statement revealed that a review of more than 1 million Employee Retention Credit claims found that “60 to 70 percent showed red flags, while an additional 10 to 20 percent were clearly erroneous.” While IRS Commissioner Danny Werfel said he was concerned about small businesses waiting for their legitimate claims, the agency is expected to keep the current moratorium in place for the foreseeable future, particularly in the wake of these new findings.
THE STATE OF THE STATES
SESSIONS BY THE NUMBERS:
Eight states are in regular session. South Carolina, Connecticut, and Virginia are in special session.
WHAT WE'RE WATCHING:
With the adoption of the auto-IRA model, Rhode Island has become the twentieth state to establish a state-facilitated retirement savings program, with the intention of bridging the retirement plan access gap many American workers face. With the exception of New Hampshire, this project places Rhode Island with its New England neighbors in attempting to give more people access to necessary retirement saving tools.
Alabama is set to boost its small business sector with a $97.9 million investment to foster entrepreneurship and innovation across the state. Managed by Innovate Alabama, the SSBCI will focus on underserved communities, promising a significant impact on the state's economic landscape through loans and venture capital programs.
LAWMAKERS... IN OR OUT?
The House... convenes today at 8:00AM. The full schedule may be found here.
The Senate... is out of session today. The full schedule may be found here.
HAPPENING ON THE HILL
The House...
Committee on Financial Services will hold a hearing TODAY, 6/27 at 10:00 AM entitled “The Role of the Export-Import (Ex-Im) Bank of the United States Amid Intensifying Economic Competition with China.”
Committee on Financial Services will hold a hearing TODAY, 6/27 at 2:00 PM entitled “Solutions in Search of a Problem: Chair Gensler’s Equity Market Structure Reforms.”
The Senate...
Check back later for possible updates.
BILLS OF INTEREST
Check back tomorrow for possible updates.
AT THE AGENCIES
The U.S. Department of Labor
The U.S. Department of Labor announced 8 program additions to deliver employment assistance to transitioning services members and spouses.
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 issued a joint readout of the ministerial meeting of the Japan-United States commercial and industrial partnership.
The U.S. Trade Representative
Check back later for possible updates.
The U.S. Small Business Administration
Check back later for possible updates.
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