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The SBA will implement regulatory policy reforms to increase access to private equity and debt capital. This month, the U.S. Small Business Administration’s (SBA’s) Small Business Investment Company (SBIC) Diversification and Growth Rule is in effect. Under this new Diversification and Growth Rule, the SBA will implement regulatory policy reforms to increases access to private equity and debt capital for: 1) underserved small businesses and startups; 2) undercapitalized critical technologies; 3) diverse and emerging fund managers; and 4) innovation investment. As of Aug. 17, private market fund managers can apply for SBIC licenses designed for investing in American small businesses and startups with equity-oriented or long-duration strategies. The two new SBIC licenses – the “Accrual SBIC” and the “Reinvestor (Fund-of-Funds) SBIC” – expand the SBIC program network of private market financing partners and the SBA’s reach to historically underserved small businesses and startups. According to the SBA, the SBIC program is comprised of more than 308 discrete private funds across mezzanine, private credit, buyout, growth, venture, and multi-strategy, which collectively have more than $40 billion in public and private assets under management (AUM). Last year, SBICs invested $8 billion in more than 1,500 companies that created and sustained more than 103,000 U.S. jobs. Read the full press release on the Diversification and Growth Rule here.

Register by Sept. 1 for NSBA to book your meetings with Congress on Capitol Hill. On Sept. 13 and 14, NSBA will host its annual fly-in, where small-business owners from coast-to-coast will make their way to Capitol Hill to educate Congress on the realities of running a small business. Known as the Washington Presentation, this highly anticipated event convenes small-business leaders with lawmakers and facilitates high-powered networking with other small-business owners and policymakers, including a briefing from the White House. A key piece of the event is when the NSBA delegation takes to Capitol Hill in meetings NSBA schedules for attendees. Not only will attendees have meetings scheduled for them, NSBA will provide leave-behind materials as well as ensure each attendee is prepared to be the best small-business advocate they can be. You MUST be registered by Sept. 1 to have NSBA make meetings for you. In addition to meeting with lawmakers and officials in the White House, NSBA will host several substantive sessions, including: a Breakfast, various high-level policy discussions with D.C. insiders, a Lobbying 101 primer, and the announcement of the winner of the 2023 Lew Shattuck Small Business Advocate of the Year Award. NSBA's stellar reputation on Capitol Hill is a testament to the engagement and activism of our members, and the Washington Presentation is a critical component of that. Scheule is subject to change | Download the Schedule as of Aug. 23, 2023 Wednesday, Sept. 13 The official kick-off to the event is our Lew Shattuck Small Business Advocate of the Year Award luncheon where attendees will hear from some amazing speakers and recognize the best-and-brightest small-business advocates. Following the luncheon, the NSBA delegation will talk policy in a briefing on our 2023 Priority Issues and get tips from lobbying experts to help prepare attendees and advocates for Hill visits. Also that afternoon, attendees will participate in a White House briefing, where attendees will hear from top administration experts on their key priorities for small business and engage with attendees on NSBA’s priorities. Finally, the Washington Presentation will close out day one with a relaxed reception, where attendees can network with other small-business leaders, as well as various D.C. insiders. Thursday, Sept. 14 Kicking off the day on Thursday will be NSBA’s Congressional Breakfast. Attendees will hear from leading Members of Congress on what small-business legislation is moving in Congress and what is likely ahead in the closing months of 2023 before the 2024 election season kicks into high-gear. From there, attendees will head to Capitol Hill to attend legislative meetings scheduled by NSBA staff if requested. NSBA will provide attendees with important leave-behinds, a detailed schedule, Capitol Complex protocol and directions for a day of lobbying on Capitol Hill. Register TODAY for the Washington Presentation – space is limited, and attendees must register by Sept. 1 for NSBA to schedule sit downs with Members of Congress and their staff. Make a difference for small business in a big way – REGISTER TODAY!

A bona fide place of business (BFPOB) means a location where a participant regularly maintains an office that employs at least one full-time individual. Earlier this week, the U.S. Small Business Administration (SBA) announced extension of its 8(a) Business Development Bona Fide Place of Business (BFPOB) Requirement Moratorium through Sept. 30, 2024. The moratorium was created in 2021 as a response to the COVID-19 pandemic and remote work conditions in the marketplace allowing participants in the SBA’s 8(a) Business Development Program to forgo the requirement of having an established physical presence in a particular location to be awarded any construction contract through the 8(a) Program. According to the SBA, this modification to the 8(a) Business Development Program has made it easier for small and disadvantaged businesses to be eligible for 8(a) construction contract awards, and an extension on the moratorium is intended to continue creating opportunities and leveling the playing field for American entrepreneurs. For purposes of 8(a) construction procurements, a bona fide place of business means a location where a participant regularly maintains an office that employs at least one full-time individual within the appropriate geographical boundary. The term does not include construction trailers or other temporary construction sites. Read SBA’s press release on the Extension of the Moratorium on 8(a) Eligibility Requirements here.

The next installment of NSBA's Veterans' Network Service to Success series! Join the NSBA Veterans’ Network on Wednesday, August 23 at 4:00 p.m. EDT for the next installment of “Service to Success.” During this session, NSBA's panel of experts will be discussing the ins-and-outs of the federal procurement process, including insights from: Shauna Weatherly, a former federal contracting official with 30 years of procurement experience; and Keith King, founder and CEO of the National Veteran Business Development Council (NVBDC). This is a can’t-miss opportunity to learn from industry experts, so register today!

Congress may be out of session, but there’s no recess for small business! This week, NSBA hosted a webinar on “Making Your Small Business Voice Heard: Staying Engaged with Congress During Recess." This widely attended discussion connected small-business owners from across the country with NSBA’s leadership team, serving the nation’s small-business community with more than 100 years of collective experience working, lobbying, and advocating on Capitol Hill, including insights on: How to cut through the clutter and get your message in front of lawmakers; Key tips for building relationships with lawmakers and staff; Best practices for how to utilize social media to engage meaningfully with policymakers; Free tools and resources from NSBA to make advocacy easier; and NSBA’s D.C. fly-in that puts you get front-and-center with lawmakers and their staff Watch our conversation, featuring professional insight from engagement expert Esther Monzon-Aguirre, president of EV Services, Inc. and learn how your small business can have a major impact on policy.

Expanded resources and processes means more money faster for small businesses and families following disaster. The U.S. Small Business Administration (SBA) recently announced new measures to enhance support for small businesses seeking relief from environmental disasters. Although the agency is finalizing a rule to formalize these measures, as of July 31, 2023, the process of applying for disaster loans will become more flexible, with the SBA doubling the cap for its applicable emergency loan programs. The SBA is also expanding its mitigation assistance to other types of hazards beyond declared disaster events, now including support following hurricanes, floods, tornadoes, wildfires, earthquakes, and more. This expansion for permitted uses of SBA disaster funds ensures small businesses and property owners against multiple types of hazards outside of nationally declared disasters under the previously established processes. Additionally, the SBA is also continuing to waive interest rates for disaster funds for the first year they are issued and will extend the initial payment deferment period for these disaster and hazard loans programs beyond an initial Sept. 30, 2023, deadline set for interest rates for disaster funds last year. Read the full agency rule here.

Your chance to make big impacts for small business. Nominate someone (or yourself!) to join NSBA's Board of Trustees! NSBA is currently seeking experienced, active and committed small-business leaders for potential nomination and election to our Board of Trustees, NSBA’s governing body. Trustees serve a three-year term, with new terms beginning on January 1. Serving on NSBA’s Board of Trustees provides small-business owners access to help guide NSBA's priorities and operations, and make their voice heard when it comes to the laws and regulations that impact America’s small businesses. As current NSBA Board Member Sanjyot Dunung of Atma Global Knowledge Media in New York and one of NSBA's former Leadership Council members describes: “I started with NSBA as part of the Leadership Council—just like many of you. After being an active member on the Leadership Council, I applied to serve on the Board of Trustees, and it has been a wonderful experience. Not only does my input carry weight in driving the overall organization, I’ve had the opportunity to work with some truly amazing business leaders.” Nominees should be a member in good standing of NSBA with a commitment to pursuing NSBA’s nonpartisan agenda. The deadline for nominations is Friday, Aug. 11, 2023. Please click here to view the full Trustee responsibilities. Click here to download the nomination form.

Ensuring small business is crucial to the security of our nation for their contributions to the economy. Last week, the Senate passed its version of the National Defense Authorization Act (NDAA) – critical legislation to fund the defense agencies serving the nation, as well as the administration’s national security priorities. Among the provisions of the Senate-passed bill are a number of wins for small business, including amendments that will: Eliminate self-certification for service-disabled veteran-owned small businesses (SDVOBS). Introduced by Sen. Joni Ernst (R-Iowa); Speed up payment timelines for small-business subcontractors on federal contracts. Introduced by Sen. Joni Ernst (R-Iowa); Add the administrator of the Small Business Administration to the Federal Acquisition Regulatory Council. Introduced by Sen. Ben Cardin (D-Md.); Modify the Defense Department’s (DOD) contract cap amounts under the Small Business Act. Introduced by Sen. Ben Cardin (D-Md.); Repeal the bona fide office rule for 8(a) contracts with DOD. Introduced by Sen. Dan Sullivan (R-Alaska); and Increase the federal contracting goal for SDVOBs. Introduced by Sen. Jon Ossof (D-Ga.). After weeks of debate, Senators passed the NDAA vehicle by a vote of 86-11, with some Members rejecting the legislation for its $886 billion price tag, including $300 million in U.S. assistance to combat Russian aggression in Ukraine. Earlier in July, the House narrowly passed its own version of the NDAA by a vote of 219-210. The legislation will now go through a reconciliation process with both chambers to achieve consensus between the versions; however, Congress is currently adjourned for its August recess until mid-September. NSBA applauds inclusion of provisions in the NDAA that support small businesses nationwide. Ensuring these small businesses thrive is crucial to the security of our nation for their contributions to the economy. Follow NSBA as we track movement of the NDAA through Congress this fall. Small-Business defense contracting represents a large sector of small-business federal contractors.

Take two minutes to urge your lawmakers to support the Main Street Tax Certainty Act! When the Tax Cuts and Jobs Act was passed in 2017, the tax cuts specific to small business were only passed on a temporary basis and are set to expire at the end of 2025. Legislation has been introduced in Congress, the Main Street Tax Certainty Act (S. 1706/H.R. 4721), which would make permanent the 20 percent Section 199A deduction. NSBA has created an Action Alert that small-business owners can use to reach out to their Senators to support this bill and their Representative to support similar or companion legislation in the House. This Action Alert will enable you to personalize a pre-drafted letter and send it directly to your Senators and Representative all in less than two minutes. The Main Street Tax Certainty Act will prevent rate hikes on America’s individually and family-owned businesses—something large corporations don’t have to worry about—and take an important step toward tax fairness for America’s small businesses. Complete the Action Alert TODAY!

The CCCA would help keep credit card processing fees in check. This week, NSBA sent a letter to key U.S. Senators urging passage of the Credit Card Competition Act (CCCA), critical legislation to protect small businesses from increasingly costly credit card processing fees. Specifically, the CCCA would address credit card processing fees (“swipe fees”) and network restrictions that currently benefit the largest banks and corporations at the expense of small and local businesses that can least afford to fight back. The current market lacks meaningful competition and leaves small merchants with few choices and little negotiating power. The CCCA would decentralize processing, permitting transaction processing across multiple networks. NSBA is hopeful that Congress will consider this important legislation during this session of Congress, and it appears that Senate leadership has committed to allowing a vote later this session. Follow NSBA as we track progress of the CCCA in Congress, and read the full letter to the Senate here.

Take advantage of lawmakers extended time at home and learn how you can make the most impact. Join NSBA on Aug. 16, 2023 at 2:00 p.m. EST for a virtual meeting, “Make Your Voice Heard: How to Engage with Lawmakers.” Just because Congress is in their August recess doesn’t mean it’s time for us to take a rest on small-business policy priorities. Spend just 45 minutes with NSBA to get insider tips on how to make the most of the August recess while your lawmakers are back home. During this session, you will hear from NSBA leadership on: How to cut through the clutter and get your message in front of lawmakers Key tips for building relationships with lawmakers and staff Best practices for how to utilize social media to engage meaningfully with policymakers Free tools and resources from NSBA to make advocacy easier NSBA’s D.C. fly-in that puts you get front-and-center with lawmakers and their staff This free session will connect you with NSBA’s leadership team which boasts more than 100 years of collective Capitol Hill experience. There’s no better time than the August recess to polish up your advocacy skills. Register here to attend this important webinar, Aug. 16 at 2:00 p.m. EDT!

#CTA #NotTheWay On Tuesday, July 18, the House Financial Services Subcommittee on National Security, Illicit Finance, and International Financial Institutions held a hearing examining the Corporate Transparency Act (CTA), “Potential Consequences of FinCEN’s Beneficial Ownership Rulemaking.” NSBA weighed in on the hearing urging lawmakers to do everything in their power to prevent the Corporate Transparency Act (CTA) from going into effect. “The CTA is a poorly thought out and heavy-handed federal mandate that will be a bureaucratic nightmare for small-business owners. The law and subsequent regulations are painfully vague and ambiguous and could ensnare even the most benign of business advisors: a retired parent with expertise in accounting who counsels her son in opening a new business,” NSBA President Todd McCracken stated. “Surely Congress didn’t intend this law to punish the smallest of businesses—however that’s exactly what this law will do.” During the hearing lawmakers on both sides of the aisle expressed skepticism about the workability of the regulations – some more forcefully than others. Rep. Blaine Luetkemeyer (R-Mo.), Chair of the Subcommittee stated, “We are less than six months away from the CTA’s effective date of January 1, 2024, and we are left with more questions than answers.” “I do not see how FinCEN can move forward with a January 1 BOI effective date without having a plan. I ask all of my colleagues to remember that if this filing system is not seamless, it is our small businesses picking up the pieces from COVID that will suffer,” Chair Luetkemeyer continued. Ranking Member Joyce Beatty (D-Ohio) admitted there had been “certain flaws in FINCEN’s beneficial ownership rule-making that deviate from the intent of Congress.” Rep. Patrick McHenry (R-N.C.), Chair of the House Financial Services Committee expressed his frustration over the final rule, stating, “The Treasury Department has made the final rule as complicated as possible. Altering timelines, definitions, and even failing to put together a simple filing form.” He went on to say, “It is clear if changes are not made Congress must act to delay the rule-making’s effective date.” Chair Luetkemeyer, a familiar face at past NSBA events, went a step further with his criticism of the final rule, “People’s private information, businesses private information, are going to be on a government server and the government has proved over and over again it cannot be a good steward of that information. This is nuts.” RELATED | NSBA Urges Repeal of CTA NSBA’s McCracken went on to state, “NSBA absolutely supports efforts to curtail money laundering, however the CTA is not the way. While we have filed a lawsuit against Treasury over the CTA, there is no guarantee the suit will be successful. It is not too late for Congress to help our nation’s job creators – I urge you to repeal or reform the CTA and protect small businesses from its insidious burden.” Please visit www.NSBA.biz/CTA to learn more. Click here to watch the hearing.