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EIW Today - May 7th, 2024

Prism Group's Daily Summary



ERC PROGRAM HITS $1 BILLION... A program set up by the IRS which allows taxpayers to voluntarily pay back 80% of wrongly-claimed Employee Retention Credits has yielded $1 billion in inflows, according to Bloomberg. The program closed March 22, though the IRS has floated the idea of an extension.  


VICE PRESIDENT KAMALA HARRIS PROMOTES BIDEN-HARRIS ADMINISTRATION’S AID FOR SMALL BUSINESSES IN DETROIT... Vice President Harris focused on touting the Biden-Harris administration's assistance plan for small businesses, including those owned by minorities. The policies are very different from those of the Trump era. Ron Busby Sr., President and CEO of the U.S. Black Chambers, Inc., also spoke at the Charles. H. Wright Museum of African American History in Detroit.


THE STATE OF THE STATES 


SESSIONS BY THE NUMBERS: 


Twenty-six state legislatures are in regular session.

 

WHAT WE'RE WATCHING: 


In honor of National Small Business Month, Iowa's Secretary of State Paul Pate and Small Business Development Center Director Lisa Shimkat are touring the state. They plan to visit local chambers and businesses to boost local economies, while unveiling record business growth figures. 

 

The Minnesota Department of Employment and Economic Development has awarded $2.9 million in workforce development grants to eight educational institutions for training over 4,000 workers in collaboration with local businesses. The grants’ aim is to enhance skills and boost employee engagement across the state. 

 

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 3:00 PM ET. The full schedule may be found here


HAPPENING ON THE HILL 


The House...   

Committee on Education and the Workforce will hold a hearing TODAY, 5/07 at 10:15 AM on “The Education Department’s Policies, Priorities, and FY 2023 Financial Audit Failure.” 

Committee on Financial Services will hold a hearing TODAY, 5/07 at 10:00 AM on “SEC Enforcement: Balancing Deterrence with Due Process.” 

Committee on Appropriations will hold a hearing TODAY, 5/07 at 10:00 AM on “Fiscal Year 2025 Request for the U.S. International Development Finance Corporations.” 

Committee on Appropriations will hold a hearing TODAY, 5/07 at 10:00 AM on “Fiscal Year 2025 Request for the IRS.” 

Committee on Appropriations will hold a hearing TODAY, 5/07 at 10:00 AM on “Fiscal Year 2025 Request for the Drug Enforcement Administration.” 

Committee on Appropriations will hold a hearing Wednesday, 5/08 at 10:00 AM on “Fiscal Year 2025 Request for the Department of Commerce.” 

Committee on Appropriations will hold a hearing Wednesday, 5/08 at 10:00 AM on “Fiscal Year 2025 Request for the Federal Communications Commission.” 

Committee on the Budget will hold a hearing Wednesday, 5/08 at 10:00 AM on “The Cost of the Border Crisis.”

 

The Senate...  

Committee on Appropriations Subcommittee will hold a hearing Wednesday, 5/8 at 10:30 AM on “A Review of the President’s Fiscal Year 2025 Budget Request for the Department of the Interior."

Committee on Banking, Housing, and Urban Affairs will hold a hearing Thursday, 5/9 at 10:00 AM on “Consumer Protection: Examining Fees in Financial Services and Rental Housing.” 

Committee on Appropriations Subcommittee will hold a hearing Thursday, 5/9 at 10:00 AM on “A Review of the President’s Fiscal Year 2025 Budget Request for the Department of Labor.” 

Committee on Judiciary will hold a hearing Wednesday, 5/8 at 10:00 AM entitled “Dream Deferred: The Urgent Need to Protect Immigrant Youth."

Committee on Judiciary will hold a hearing Thursday, 5/9 at 10:00 AM on “Executive Business.” 

 

BILLS OF INTEREST 


  • Sen. Frank Lucas (R-OK) introduced a bill to establish a minimum public comment with respect to proposed rules issued by the Securities and Exchange Commission. 


AT THE AGENCIES 


The U.S. Department of Labor 

The U.S. Department of Labor announced an award of $696,085 to Coast Counties Workforce Inc. to continue employment and training services for dislocated workers affected by layoffs. 


The U.S. Department of Labor announced the recovery of $190,648 in back wages, damages for four employees from a Lansing group homes operator. 


The U.S. Department of the Treasury 

The U.S. Department of the Treasury released a press release on the annual Social Security and Medicare Trustee Reports.

 

The U.S. Department of Commerce 

The U.S. Department of Commerce made an announcement on seeking proposals for eligible applicants to build and operate a CHIPS Manufacturing institute focused on digital twins for the semiconductor industry. 


The U.S. Department of Commerce issued a press release on a new facility Naval Station Newport in Rhode Island that will be the future home of the NOAA Marine Operations Center-Atlantic. 

 

The U.S. Trade Representative  

Check back tomorrow for possible updates. 

 

The U.S. Small Business Administration 

The U.S. Small Business Administration announced the final deadline for federal working capital loans in Minnesota due to a drought. 


The U.S. Small Business Administration announced SBA is offering low-interest loans for businesses and residents affected by tornadoes in Ohio. 

 

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