Prism Group's Daily Summary
SMALL BUSINESS ADMINISTRATION-BACKED FINANCING ROSE 7% TO $56B IN FY 2024... The Small Business Administration said it backed $56 billion in financing to small businesses and disaster-affected areas during the fiscal year ending Sept. 30, up 7% from a year prior. The growth was driven by smaller loans, the agency said in its annual Capital Impact report. For the first time since 2008, the SBA distributed more than 100,000 financings to small businesses, up 22% from fiscal 2023 and 50% over 2020.
TRUMP ASSEMBLES 2025 CABINET... President-elect Donald Trump is actively assembling his cabinet following a decisive election, bringing in familiar faces from Capitol Hill while considering a diverse mix for other key roles. As Trump's cabinet develops, here’s a resource to stay updated on his latest picks and developments.
THE STATE OF THE STATES
SESSIONS BY THE NUMBERS:
Four states are in regular session. Louisiana is in special session.
WHAT WE'RE WATCHING:
In late October, Massachusetts officials unveiled a new $2,500 tax credit to encourage businesses to hire veterans, along with a data dashboard to track veteran employment trends. “We have to do more for veterans transitioning to civilian life,” said Jon Santiago, Secretary of Veterans Affairs.
Connecticut’s economic outlook is raising concern as the state reported its third straight month of job losses, with payrolls shrinking by 300 in September, following larger losses in August. Despite low unemployment, workforce declines due to high retirements and a shrinking labor force are hampering growth. The Connecticut Business and Industry Association and lawmakers are now both calling for more robust job support.
LAWMAKERS... IN OR OUT?
The House... convenes today at 12:00 PM 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 Appropriations will hold a hearing, Thursday, 11/14 at 10:30 AM entitled “Social Security Administration."
The Senate...
Committee on Finance will hold a hearing, Thursday, 11/14 at 10:00 AM entitled “Hearing to Consider the Nominations of Deva A. Kyle, of Virginia, to be Director of the Pension Benefit Guaranty Corporation for a term of five years, vice Gordon Hartogensis, term expired, and David Samuel Johnson, of Virginia, to be Inspector General for Tax Administration, Department of the Treasury, vice J. Russell George, deceased."
Committee on Judiciary will hold a hearing, Wednesday, 11/13 at 10:00 AM entitled “How Bump Stocks and Other Conversion Devices are Amplifying the Gun Violence Epidemic."
Committee on Judiciary Subcommittee on Intellectual Property will hold a hearing, Wednesday, 11/13 at 2:30 PM entitled “Oversight of the United States Copyright Office."
Committee on Judiciary will hold a hearing, Thursday, 11/14 at 10:00 AM entitled “Executive Business Meeting."
BILLS OF INTEREST
Check back later 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
The U.S. Department of Treasury’s Community Development Financial Institutions Fund and Federal Housing Finance Agency announced in a press release the establishment of a Working Group to increase capital for affordable housing lending from the Federal Home Loan Banks.
The U.S. Department of Commerce
The U.S. Department of Commerce announced in a press release that it signed two separate preliminary memoranda of terms (PMT) under the CHIPS and Science Act to provide Corning up to $32 million in proposed direct funding and Powerex up to $3 million in proposed direct funding to support U.S. supply chain resiliency.
The U.S. Trade Representative
Check back tomorrow for possible updates.
The U.S. Small Business Administration
The U.S. Small Business Administration announced in a press release SBA’s Surety Bond Guarantee (SBG) Program notched its best year in 25 years in fiscal year 2024, Bonding $2.8B in Contracts to Small Businesses.
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