Prism Group's Daily Summary
TREASURY HALTS CTA ENFORCEMENT, PROMISES REPLACEMENT REGULATIONS... The Treasury Department announced yesterday that it would not enforce any penalties or fines associated with the Corporate Transparency Act against U.S. citizens or domestic companies, pending a new set of regulations the agency says will be unveiled in the coming weeks. President Trump applauded the decision, the clearest sign so far on where he and the Administration stand on the CTA. That said, it remains unclear just how much unilateral authority the executive branch has here, and how future court decisions could impact the regulatory environment.
SENATE SMALL BUSINESS COMMITTEE TO EXAMINE SBIR/STTR REFORMS AMID NATIONAL SECURITY CONCERNS... The Senate Small Business Committee is set to hold a Hearing on Wednesday to examine reforms to the SBIR and STTR Programs for the 21st Century. The hearing comes following a letter sent by the Chairs of the House Committee on Small Business, House Committee on Science, Space, and Technology, and the House Select Committee on the Chinese Communist Party to the 11 Federal Agencies that participate in SBIR/STTR programs. In the letter, Reps. Moolenaar (R-MI), Williams (R-TX), and Babin (R-TX) expressed concerns about China's exploitation of the SBIR/STTR programs to extract sensitive information and undermine U.S. national security and economic competitiveness. The Representatives have requested information from each agency on SBIR/STTR award data to further examine potential vulnerabilities in the programs. These concerns will likely be discussed further in the Senate Committee hearing this week, and will play a key role as Congress considers reauthorization of the programs this year.
RICHMOND LAUNCHES A $500,000 RECOVERY FUND FOR SMALL BUSINESSES AFFECTED BY THE WATER CRISIS... Richmond’s small businesses impacted by the water crisis can now access financial relief through the Small Business Recovery Grant Fund, launching with an initial $500,000 investment from the city and private sector. The Richmond Economic Development Authority has granted $250,000 to the Metropolitan Business League (MBL) to administer the program, with additional contributions from Dominion Energy and Altria. The applications open March 17-28. They are also hosting a virtual Q&A sessions on March 6 & 12. Eligibility details are forthcoming. Businesses can register for Q&A sessions online.
THE STATE OF THE STATES
SESSIONS BY THE NUMBERS:
Forty-seven states are in regular session.
WHAT WE'RE WATCHING:
Gov. Wes Moore (D) has reiterated his commitment to economic growth in Maryland at a business forum in Annapolis. But small business owners pushed back against his proposed tax hikes, warning they could drive businesses and residents to neighboring states.
On March 11, a free workshop for Alabama small business owners will be held by the Funding Lab, providing guidance on securing funding through the SSBCI and navigating the application process.
LAWMAKERS... IN OR OUT?
The House... convenes today at 12:00 PM. The full schedule may be found here.
The Senate... convenes today at 3:00 PM. The full schedule may be found here.
HAPPENING ON THE HILL
The House...
Committe on Financial Services will be hold a hearing, Tuesday, 3/ 4 at 10:00 AM entitled, “Task Force on Monetary Policy, Treasury Market Resilience, and Economic Prosperity: Examining Monetary Policy and Economic Opportunity.”
Committee on Energy and Commerce Subcommittee on Commerce, Manufacturing, and Trade will hold a hearing Tuesday, 3/ 4 at 10:15 AM entitled, “Moving the Goalposts: How NIL is Reshaping College Athletics."
Committee on Financial Services will be hold a hearing, Tuesday, 3/ 4 at 2:00 PM entitled, “Hearing Entitled: Building Our Future: Increasing Housing Supply in America.”
Committee on Energy and Commerce will be hold a hearing Tuesday, 3/ 4 at 2:00 PM entitled, “Markup"
Committee on Small Business will be holding a markup, Wednesday, 3/5 at 9:45 AM entitled, “Full Committee Markup.”
Committee on Energy and Commerce Subcommittee on Energy will hold a hearing Wednesday, 3/5 at 10:00 AM entitled, “Scaling for Growth: Meeting the Demand for Reliable, Affordable Electricity."
Committee on Financial Services will be hold a hearing, Wednesday, 3/5 at 10:00 AM entitled, “Markup of Various Measures.”
Committee on Appropriations will be hold a hearing, Wednesday, 3/5 at 10:15 AM entitled, “FINANCIAL SERVICES AND GENERAL GOVERNMENT - MEMBER DAY.”
Committee on Appropriations will be hold a hearing, Wednesday, 3/5 at 10:20 AM entitled, “LABOR, HEALTH AND HUMAN SERVICES, EDUCATION - MEMBER DAY.”
Committee on Energy and Commerce Subcommittee on Communications and Technology will hold a hearing Wednesday, 3/5 at 2:00 PM entitled, “Fixing Biden’s Broadband Blunder."
The Senate...
Committee on Health, Education, Labor and Pensions will hold a hearing Wednesday, 3/5 at 10:00 AM entitled, “Nomination of Jayanta Bhattacharya to serve as Director of the National Institutes of Health.”
Committee on Judiciary will hold a hearing Wednesday, 3/5 at 10:15 AM entitled, “Never To Be Silent: Stemming the Tide of Antisemitism in America.”
Committee on Small Business and Entrepreneurship will hold a hearing Wednesday, 3/5 at 2:30 PM entitled, “Golden Age of American Innovation: Reforming SBIR-STTR for the 21st Century.”
Committee on Health, Education, Labor and Pensions will hold a hearing Thursday, 3/6 at 9:30 AM entitled, “Nomination.”
Committee on Finance will hold a hearing Thursday, 3/6 at 10:00 AM entitled, “Hearing to Consider the Nomination of The Honorable Michael Faulkender, of Maryland, to be Deputy Secretary of the Treasury, vice Adewale O. Adeyemo, resigned.”
Committee on Health, Education, Labor and Pensions will hold a hearing Thursday, 3/6 at 10:00 AM entitled, “Nomination of Martin Makary to serve as Commissioner of Food and Drugs.”
Committee on Judiciary will hold a hearing Thursday, 3/6 at 10:15 AM entitled,“Executive Business Meeting.”
BILLS OF INTEREST
US H.R. 1590, introduced on the 26th of February, would require Federal agencies with an SBIR or STTR program to enhance their outreach to rural communities with respect to such programs, and for other purposes.
US H.R. 1642, introduced on the 26th of February, would amend the Small Business Act to include requirements relating to graduates of career and technical education programs for small business development centers and women's business centers, and for other purposes.
US H.R. 1621, introduced on the 27th of February, would require the Administrator of the Small Business Administration to submit to Congress a report on the entrepreneurial challenges facing entrepreneurs with a disability.
AT THE AGENCIES
The U.S. Department of Labor
The U.S. Department of Labor announced the appointment of Randel Johnson as the Chair of the Administrative Review Board.
The U.S. Department of the Treasury
The Treasury Department is announcing that, with respect to the Corporate Transparency Act, not only will it not enforce any penalties or fines associated with the beneficial ownership information reporting rule under the existing regulatory deadlines, but it will further not enforce any penalties or fines against U.S. citizens or domestic reporting companies or their beneficial owners after the forthcoming rule changes take effect either.
The U.S. Department of Commerce
Check back tomorrow for possible updates.
The U.S. Trade Representative
Check back tomorrow for a possible updates.
The U.S. Small Business Administration
Check back tomorrow for possible updates.
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