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SBA opens app window for lenders filling credit market gaps. On Sept. 13, the Small Business Administration (SBA) opened applications for non-traditional lenders to secure an SBA Small Business Lending Company (SBLC) license. Applicants being sought by the agency are those “positioned to fill gaps in small business lending, including small-dollar lending, loans to underserved populations, and green lending.”
Read more about SBLCs from NSBA here.
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SBA holds hearing on promoting level playing field in gov’t contracting. On Sept. 13, SBA convened a hearing to discuss the agency’s efforts “to enhance small businesses’ ability to compete successfully for federal contracts.” The hearing, which brought together federal leaders and Regulatory Fairness Board members, focused in part on how joint ventures impact small business participation in Multiple Award Task Order Contracts.
SBIR Program awards $5M to 17 Small Businesses. On Sept. 19, the Commerce Department’s CHIPS Research and Development Office awarded nearly $5 million to 17 small businesses across nine states under the Small Business Innovation Research (SBIR) Program. According to the Commerce Department, “[t]he SBIR Phase I awards will fund research projects to explore the technical merit or feasibility of an innovative idea or technology for developing a viable product or service for introduction in the commercial microelectronics marketplace.”
Read more about NSBA's work to defend SBIR programs with the Small Business Technology Council here.
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Treasury awards $19M to NV, MD, AZ to help small businesses. In Sept., the Treasury Department announced awards to three states to support small business growth through the $75 million State Small Business Credit Initiative. Under the initiative, the Arizona Commerce Authority was awarded $7.9 million, the Nevada Governor’s Office of Economic Development was awarded over $4 million, and the Maryland Technology Development Corporation was awarded $10 million.
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Court upholds Trump-era overtime rule. On Sept. 11, a federal appeals court rejected a challenge to a Trump-era Department of Labor (DOL) rule that made it so salaried workers earning less than $35,568 annually would automatically be owed overtime pay. The Sept. decision upheld DOL’s ability to consider a worker’s salary level when determining whether they should be exempt from federal overtime pay requirements.
The decision may provide an easier road ahead for the Biden-era DOL rule, which expanded overtime eligibility by similarly relying on a salary-level test, updating the salary threshold so that salaried workers making less than $58,656 are eligible for time-and-a-half wages when they work more than 40 hours a week.
Read more on the overtime rule from NSBA here.
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USTR finalizes action on China tariffs. On Sept. 13, the Office of the U.S. Trade Representative (USTR) announced final modifications to its Section 301 tariff actions following an investigation of China’s trade practices. Following USTR’s announcement, the office established a 30-day period for public comments on the proposed modifications to the Section 301 tariff actions. The docket opened on Sept. 23 and will close on Oct. 22. More information is available here.
Read more about NSBA's work with trade policy here.
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SBA releases Business Resilience Guide. On Aug. 1, the SBA announced the release of its new Business Resilience Guide to assist small business owners with disaster preparation. The guide “includes best practices and template formers to help mitigate disasters for America’s entrepreneurs and help them build back stronger.” More information on disaster relief for small businesses is available here.
With storm season upon us, keep your small business safe with tools and resources from across the administration compiled by NSBA.