Stay two steps ahead with your small business. Subscribe to receive NSBA’s Real-Time Regulatory Updates. Register here!
Regulatory Rundown: Sept. 23-Oct. 7
SBA announces new rule for refinancing debt. On Sept. 30, the Small Business Administration (SBA) announced a new rule “that will make it easier for small business owners to refinance debt using the SBA 504 Loan Program.” Effective Nov. 15, the 504 debt finance direct final rule amends regulations governing the 504 Loan Program for debt refinancing with and without expansion.
SBA urges Congress to replenish disaster loan program funds. Following President Biden’s Oct. 4 letter to Congress addressing disaster relief needs in the wake of Hurricane Helene, SBA Administrator Isabel Casillas Guzman urged Congress “to replenish the SBA’s vital disaster loan program for impacted small businesses, homeowners, renters, and non-profits before funds become depleted,” which SBA projects to occur before the end of October. SBA’s disaster assistance information is available here.
SBA announces expansion of RIC network. On Oct. 3, the SBA announced the expansion of the agency’s Regional Innovation Cluster (RIC) network with 14 new awards at two funding levels: emerging clusters, which “develop and deploy small business support services in their designated regions and industries”, and master clusters, which “have experience building and implementing programming to support small businesses.”
Launched in 2010, the RIC Initiative promotes and supports “the development of geographically concentrated groups of businesses, suppliers, service providers, and associated institutions in a particular industry or field across the country.”
SBA announces NVSBW. On Sept. 30, the SBA announced it will celebrate National Veterans Small Business Week (NVSBW) from Nov. 11-15, which will offer both in-person and virtual events nationwide. This year’s NVSBW will feature SBA officials, resource partners, and local organizations, all of whom will highlight topics including military-to-civilian transition assistance, entrepreneurial training, and government contracting.
SBA announces $20M in STEP grants. On Sept. 25, the SBA announced $20 million in State Trade Expansion Program (STEP) grants for 43 state and territory international trade agencies to provide export assistance to small businesses. Funding became available to small businesses beginning Sept. 30. As of the announcement date, states have been authorized to solicit applications from small businesses for this assistance.
DOL updates min. wage for federal contract workers. On Sept. 30, the Department of Labor (DOL) issued a notice announcing its annual increase in the minimum wage rate for federal contract workers. Beginning on Jan. 1, 2025, the rate will increase to $17.75 per hour, which will apply to both non-tipped and tipped employees.
DOL announces AI & Inclusive Hiring Framework. On Sept. 24, the DOL announced the publication of its new tool, the AI & Inclusive Hiring Framework, “designed to support the inclusive use of artificial intelligence in employers’ hiring technology and increase benefits to disabled job seekers.” The framework seeks to help employers “reduce the risks of creating unintentional forms of discrimination and barriers to accessibility as they implement AI hiring technology.”
DOD solicits funding to accelerate commercialization for critical tech. On Sept. 30, the Department of Defense’s (DOD) Office of Strategic Capital (OSC) announced the release of the office’s first Notice of Funding Availability (NOFA) for the acceleration of commercialization and scaling of production for critical technologies. The NOFA “will finance companies’ equipment needs to help them scale production in the 31 covered technology categories identified as promising critical technologies and assets in the National Defense Authorization Act for Fiscal Year 2024.”
