House Small Business Committee
The Committee on Small Business Subcommittee on Contracting and Workforce will meet for a hearing titled, “No Man’s Land: Middle-Market Challenges for Small Business Graduates.” The hearing is scheduled to begin at 10:00 A.M. on Thursday, April 26, 2018 in Room 2360 of the Rayburn House Office Building.
This hearing will examine the challenges to growth and success for businesses as they approach the upper limits of their small size standard. As the divide between small and large contractors continues to widen, successfully navigating the middle market becomes an increasingly challenging prospect for advanced small or mid-size businesses. The mid-size issue is a multi-faceted one and this hearing continues the efforts of the Committee to examine this important issue in light of the changing procurement landscape. The Committee also hopes to identify potential legislative solutions which may help extend a pathway to growth for these transitional firms.Attachments
1. Hearing Notice
2. Witness List
Mr. Stephen P. Ramaley
Miles & Stockbridge
Ms. Lisa Firestone
President & Chief Executive Officer
Managed Care Advisors Inc.
Mr. Mehul Sanghani
Chief Executive Officer
Octo Consulting Group
WASHINGTON—Today, Chairman Steve Chabot (R-OH) convened a full Committee hearing to examine the small business perspective of the development and use of America’s infrastructure. The witnesses delved into how surface transportation and access to broadband promote economic growth among small businesses.
“Innovations are transforming the movement of people, goods, and services. But it appears that our current transportation infrastructure system is stuck in a different generation,” said Chairman Steve Chabot. “Small businesses both create and rely upon our nation’s infrastructure system, and as they create 2 out of 3 new jobs, they will likely be a driving force in repairing our broken system.”
Ideas for Infrastructure
“For the U.S. economy to be the most competitive in the world, we need a first-class infrastructure system,” said Marsia Geldert-Murphey, Chief Operating officer at W. James Taylor, Inc., in Belleville, IL, testifying on behalf of the American Society of Civil Engineers. “We must take these steps to ensure all businesses, and especially small businesses, can thrive in the competitive global marketplace.”
“Small businesses need the certainty of a fully-funded long-term infrastructure program to make vital business decisions. This includes land acquisition, technology updates, purchase of equipment (often produced by other small businesses) and the hiring and training of employees,” stated Bill Schmitz, Vice President of QC and Sales at Gernatt Asphalt Products, Inc., in Collins, NY, testifying on behalf of the National Stone, Sand, and Gravel Association.
“Small telecom providers connect rural Americans with the world – making every effort to deploy advanced networks that respond to consumer and business demands for cutting-edge, innovative services that help rural communities overcome the challenges of distance and density,” said Kevin Beyer, General Manager of Farmers Mutual Telephone Company and Federated Telephone Cooperative in Chokio, MN, testifying on behalf of NTCA-The Rural Broadband Association.
“National Electrical Contractors Association (NECA) has long supported the expansion of broadband infrastructure especially in rural areas. While private sector investment in wireline and wireless broadband networks has been laudable, regulatory and permitting restrictions have inhibited further deployment,” said Bob Dagostino, President and Owner of Dagostino Electronic Services in Pittsburgh, PA, testifying on behalf of NECA. “Nearly 40 percent of Americans living in rural areas lack sufficient access as a result, underserved areas that offer very limited educational and employment opportunities in their communities.”Click here to read full testimonies and here to watch the hearing.
WASHINGTON—The Leaders of the House Committee on Small Business this evening introduced H. Res. 840, celebrating next week as National Small Business Week.
“Every day I hear the stories of hard working Americans who wake up at the crack of dawn and sacrifice so much to achieve their dreams,” said Chairman Steve Chabot (R-OH). “Employing nearly 48 percent of the private sector and creating almost 62 percent of new jobs, small businesses truly represent the American innovative spirit. When small businesses are strong, America is strong.”
“America’s small businesses are as diverse as its citizens,” said Ranking Member Rep. Nydia M. Velázquez (D-NY). “From neighborhood mom-and-pop grocery stores in the Midwest to technology startups in Brooklyn, New York, small businesses are community cornerstones and a national economic lynchpin. I am proud to join Chairman Chabot in saluting America’s nearly 30 million small businesses who embody our nation’s entrepreneurial spirit and drive our economic prosperity.”
Every President since 1963 has designated National Small Business Week to highlight the unmatched contributions American ingenuity and small businesses provides to the national economy.
H. Res. 840 notes that:
- There are more than 29,600,000 small businesses in the United States.
- Small businesses employ nearly 48% of the employees in the private sector in the United States.
- Small businesses constitute 97.7% of firms exporting goods.
- Small businesses are responsible for more than 46% of private sector output.
- Small businesses are responsible for creating nearly 62% of new jobs.
The Committee on Small Business will meet for a hearing titled, “An Examination of the Small Business Administration’s 7(a) Loans to Poultry Farmers.” The hearing is scheduled to begin at 11:00 A.M. on Wednesday, April 18, 2018 in Room 2360 of the Rayburn House Office Building.
The purpose of the hearing is for the Small Business Administration (SBA) Office of Inspector General (OIG) to present the results of its recent evaluation of the SBA’s 7(a) loans to poultry farmers. Members will also have an opportunity to hear how SBA intends to implement the OIG’s recommendations to ensure future 7(a) loans meet the statutory, regulatory, and SBA requirements for eligibility.Attachments
1. Hearing Notice
2. Witness List
Mr. Hannibal “Mike” Ware
Acting Inspector General
United States Small Business Administration
Mr. William M. Manger
Office of Capital Access
United States Small Business Administration
WASHINGTON – Today, Chairman Steve Chabot (R-OH) and the House Committee on Small Business heard from agency officials from the United States Small Business Administration (SBA) on the SBA Office of the Inspector General’s (OIG) March 6, 2018 report entitled, “Evaluation of SBA 7(a) Loans Made to Poultry Farmers.”
“The subject of today’s hearing is further justification that more oversight of the SBA is needed to ensure that taxpayer dollars are preserved for small businesses that cannot qualify for traditional lending,” said Chairman Chabot. “A recent evaluation by SBA’s Office of Inspector General confirmed what the Committee had already suspected: SBA may have allowed nearly $2 billion of ineligible guaranteed 7(a) loans to non-small businesses. OIG’s findings are troubling, as it appears that many small poultry farmers were unable to operate their businesses independently, thus violating SBA’s affiliation rules and other regulations.”
Increasing Access to Capital While Protecting Taxpayer Dollars
Over the last few months, the Committee has heard from experts and small business owners on the hardships small businesses face in today’s economy. Despite the recent economic recovery, many are concerned about the lack of access to capital.
“We found that 7(a) loans made to growers did not meet regulatory and SBA requirements for eligibility. …Therefore, SBA and lenders approved 7(a) loans to growers that appear ineligible under SBA size standard regulations and requirements,” stated Mr. Hannibal “Mike” Ware, Acting Inspector General at the United States Small Business Administration in Washington, DC.
“The [SBA] Office of Capital Access is currently evaluating our policies to determine if any modifications are needed. Soon after joining the SBA, I began an examination of various loan policies and practices in my office,” said Mr. William Manger, Associate Administrator of the Office of Capital Access at the United States Small Business Administration in Washington, DC. “As we continue to conduct our review of poultry lending, we want to hear from all stakeholders, and I would certainly welcome the views of this Committee and your Senate counterparts.”
In an effort to ensure the integrity of the 7(a) Loan Program for small businesses that truly need SBA’s capital, House Small Business Committee Chairman Steve Chabot, along with Ranking Member Nydia Velázquez (D-NY), introduced H.R. 4743, the Small Business 7(a) Lending Oversight Reform Act of 2018. The bill would institute reforms and increase lender oversight.
The Committee on Small Business Subcommittee on Economic Growth, Tax, and Capital Access will meet for a hearing titled, “Small Business Retirement Plans and the IRS’ Employee Plans Fee Change.” The hearing is scheduled to begin at 10:00 A.M. on Tuesday, April 17, 2018 in Room 2360 of the Rayburn House Office Building.
The hearing will examine the importance of retirement plans for small businesses and the recent employee plans fee change by the Internal Revenue Service. The hearing will allow Members of the Committee the opportunity to hear directly from the IRS regarding retirement plans and this fee change.Attachments
1. Hearing Notice
2. Witness List
Ms. Sunita Lough
Project Director, Tax Reform Implementation Office
Internal Revenue Service
United States Department of the Treasury
Today marks the end of an era—an era of high taxes and a complicated tax code that has burdened small business owners and hardworking Americans for decades.
Today will be the last day Americans file their taxes under the old and broken tax code.
That’s right, because the Republican Congress worked with President Trump and his Administration, Congress overhauled the 31-year-old tax code and unleashed an economic revival across our nation.
American small businesses employ about half the private sector workforce and create seven out of every ten new jobs. Time and time again, we are hearing the praises of the Tax Cuts and Jobs Act from Silicon Valley to Main Street.
Here are some stories from small business owners across our great land:
When Julia Mueller, an employee of First Communications in Fairlawn, Ohio, learned her employer was going to give $1,000 bonuses to her and her co-workers this year, she had an immediate reaction: Tears.
Sheffer Corporation’s CEO and President, Jeff Norris, from Blue Ash, Ohio, credits the Tax Cuts and Jobs Act for being able to give all 126 employees $1,000 bonuses.
Wichita Railway Services’ CEO Bob Aldrich, in Wichita, Kansas, praised the big bonuses the company's employees received due to the tax reform law.
"This is an opportunity we haven't seen during my career, as far as cuts in corporate tax rates," said Executive Vice President of F&M Bank Neil Hayslett in Harrisonburg, Virginia. "Rather than just banking all that, so to speak, we wanted to share it with the employees."
Tax reform benefits are reaching ordinary workers at Dynamic Fasteners, in Raytown, Missouri. "We all benefit from the economy being better," said Solomon Essex, from Raytown, who's worked for the company for 12 years. "For the simple fact that it improves life. It improves everybody's life at the same time. The boost in the economy is a great thing.”
“The new tax law lowers taxes on our business, which gives us the ability to give back to our employees and invest in our technology infrastructure and partner relationships,” says Warren Chaiken, President and CEO, of Almo Corporation in Philadelphia, Pennsylvania.
Donna Mincey, President and CEO of Mincey Marble in Gainesville, Georgia, said, “We have 300 employees and we’re giving $1000 bonuses to the people that have been there 10 years or more, $900 to 9 years, and $800 to 8 year employees and so on. People were jumping up and down, they’re so happy. There’s all kinds of things that $1000 will do.”
Chabot Applauds FCC and Commerce Department's Actions Against Nefarious State-Sponsored Foreign Businesses
WASHINGTON--Today, Chairman Steve Chabot (R-OH) released the following statement on the Federal Communications Commission (FCC) and Department of Commerce's actions against state-sponsored foreign businesses:
“As Chairman of the House Small Business Committee, I have long held concerns that China’s state-backed telecommunications firms pose a significant threat to America’s hardworking small businesses. There is little question that China’s telecoms firms undermine America’s interests—this is a threat to both our overall economy and our national security," said Chairman Steve Chabot (R-OH). "We support the FCC’s willingness to take these issues as seriously as we have in Congress. This Committee has paid close attention to the malicious actions carried out by telecom equipment maker, ZTE, and information and communications technology provider, Huawei, in recent years. We have held numerous hearings with the FBI and other federal agencies regarding the growing threats that many small businesses face from foreign entities. It has been made abundantly clear that nefarious actors view small businesses as an easy target for disrupting America’s supply chains and penetrating our cybersecurity infrastructure.”
Chairman Chabot has made cybersecurity a top priority of the Committee during his term as Chairman. He introduced H.R. 4668, the Small Business Advanced Cybersecurity Enhancements Act of 2017, to increase the defensive measures available for small businesses undergoing or concerned about a cyber attack. H.R. 4668 passed the House Small Business Committee in March and awaits consideration by the full House.
WASHINGTON – Today, House Committee on Small Business Chairman Steve Chabot (R-OH) helped pass H.R. 4790, the Volcker Rule Regulatory Harmonization Act to roll back the Volcker Rule, a burdensome and harmful regulation created under the onerous Dodd-Frank Act. Specifically, H.R. 4790 would exclude community banks from the Volcker Rule by raising the compliance threshold to $10 billion in consolidated assets, exempting them from regulations intended for large investment banks engaged in speculative trading.
“Instead of addressing problems, the Volcker Rule just created more of them for small businesses trying to access capital and the small community banks trying to provide it. Exempting them from the rule will allow community banks to better serve local and small businesses as they strive to grow their companies and create more jobs,” said Chairman Chabot.
The Committee has heard frequently from small businesses that many of the Dodd-Frank rules, regulations and provisions have limited access to capital and increased compliance costs for small financial institutions.
- Examining How One-Size-Fits-All Regulations Affect Community Banks and Credit Unions
- Regulation Nation: Rural Communities Paying the Price
- Building an Opportunity Economy: The State of Small Business and Entrepreneurship
- Tangled in Red Tape: New Challenges for Small Manufacturers
- Bridging the Small Business Capital Gap: Peer-to-Peer Lending
The Committee on Small Business Subcommittee on Investigations, Oversight, and Regulations will meet for a hearing titled, “Community Support: Entrepreneurial Development and Beyond.” The hearing is scheduled to begin at 11:00 A.M. on Thursday, April 12, 2018 in Room 2360 of the Rayburn House Office Building.
This hearing will examine the role small businesses play in creating thriving communities. The discussion will highlight the ways in which community support is imperative to the success of small businesses. Additionally, the hearing will focus on existing resources available to support the relationship between small businesses and the communities they serve, and explore areas for resource expansion.Attachments
1. Hearing Notice
2. Witness List
Mr. Ara Bagdasarian
* Testifying on behalf of America’s SBDC
Mr. Derrick Braziel
Founding Partner & Managing Director
*Testifying on behalf of SCORE
Ms. Stephanie Carter
SCB Management Consulting
Upper Marlboro, MD
*Testifying on behalf of the Association of Women’s Business Centers
Ms. Tamara Bryant
Veterans Business Outreach Center at Fayetteville State University
WASHINGTON – Today, Members of the Committee on Small Business Subcommittee on Investigations, Oversight, and Regulations heard from a panel of experts on entrepreneurial development and the interdependent relationship between a community and small businesses.
“With 29.6 million small businesses employing 47.8 percent of the workforce, small business success is essential to the economic well-being of both individual communities throughout the country as well as our nation overall. While there are many factors that contribute to the success of a small business, one factor that is often overlooked is the community-small business relationship,” said Subcommittee Chairman Trent Kelly (R-MS).
The Community-Small Business Relationship
At the hearing, the panel agreed that while the programs provided by the Small Business Administration are critically important, just as important is the entrepreneurial environment of the local economy. When coupled together, not only will small businesses prosper, the whole community will.
“I believe that building the infrastructure to support the development of entrepreneurship is well within the means of every community in America - be it large or small,” stated Mr. Ara Bagdasarian, Co-Founder and Chief Executive Office of Omnilert, LLC, in Leesburg, VA, testifying on behalf of America’s SBDC’s. “Once this framework is built, an entrepreneurial ecosystem will develop and flourish incrementally.”
“Our innovative work provides a critical piece of Cincinnati’s startup ecosystem, showing what’s possible when people work together towards a common goal…. Every day, MORTAR shows Cincinnatians and other communities what’s possible when you invest in previously underestimated entrepreneurs,” said Mr. Derrick Braziel, Founding Partner and Managing Director of MORTAR, in Cincinnati, OH, testifying on behalf of SCORE.
“…[A] strong community helps identify new opportunities. Every business, whether five minutes or five generations old, is seeking new opportunities. A community that understands your business and its offerings is incredibly helpful in spotlighting business development,” stated Ms. Stephanie Carter, President of SCB Management Consulting in Upper Marlboro, MD, testifying on behalf of the Association of Women’s Business Centers.
The Committee on Small Business will meet for a hearing titled, “The State of Trade for America’s Small Businesses.” The hearing is scheduled to begin at 11:00 A.M. on Wednesday, April 11, 2018 in Room 2360 of the Rayburn House Office Building.
The hearing will examine the State Trade and Export Promotion (STEP) Grant Program and the federal government’s overall efforts to increase small business exports. Additionally, the Committee will explore recent trade policy developments and their impact on America’s small business exporters. Increasing small business exports continues to be a top priority for both United States lawmakers and the federal government. While nearly 300,000 small businesses are currently exporting to foreign markets, many small businesses face significant challenges in getting their goods and services abroad. The Committee will hear from small businesses and technology service experts on how proposed changes to the tariff schedule and stronger enforcement strategies will impact American manufacturers and service-oriented small businesses.Attachments
1. Hearing Notice
2. Witness List
Mr. Charles Wetherington
BTE Technologies, Inc.
* Testifying on behalf of National Association of Manufacturers
Mr. Ken Couch
Director of Product Management and International Business Development
* Testifying on behalf of State International Development Organizations, Inc.
Mr. Raymond J. Keating
Small Business & Entrepreneurship Council
WASHINGTON—Today, House Committee on Small Business Chairman Steve Chabot (R-OH) addressed Members of the House Armed Services Committee on behalf of America’s 30 million small businesses and pushed for 13 bipartisan bills to be included in this year’s National Defense Authorization Act (NDAA).
“I am here today to support the inclusion of thirteen small business bills in this year’s National Defense Authorization Act. Each of them is critical to ensuring a robust defense industrial base…
“Our nation demands a vital small business industrial base: it is fundamental to the health of our nation as a whole. I am grateful to the Armed Services Committee for its collaboration with the Small Business Committee and I look forward to working with you to ensure that small businesses continue to provide the Department of Defense and the federal government with competitive solutions that support critical programs.”
The Committee on Small Business has delivered a wide range of small business bills to be included in the FY19 NDAA. Some of these provisions include the increased use of research and development programs such as the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) Programs; urging of the federal government and private sector to work together to combat cyber threats that harm small businesses; and the reducing of regulation and red tape to increase access to capital.
WASHINGTON—Today, Chairman Steve Chabot (R-OH) and the House Committee on Small Business heard from a panel of stakeholders on the state of international trade for America’s 30 million small businesses.
“We must do more to make it easier for small businesses to engage in foreign markets. About one percent of United States small businesses export—around 300,000 of them and, in 2016, exports reached 2.2 trillion dollars and supported nearly 11.5 million jobs,” said Chairman Chabot.
“Simply put, trade means opportunity for small business. After all, 95 percent of the world’s consumers live outside of our borders, and I have long believed that if we tear down trade barriers, we can make it easier for small businesses to participate in the global marketplace and unleash one of the largest sectors of the American economy. “
Tariffs, Trade, and Technology
At the hearing, witnesses agreed that there is little doubt that the United States needs to negotiate better trade deals—agreements that not only make American small business more competitive but also fair for American workers. Stronger and more easily enforceable trade agreements means businesses will create and sell more products, drive up wages, increase benefits, and generate more jobs. Increased access to international markets strengthens the American economy.
“Some of the challenges small businesses face are similar to larger businesses, including tariffs and other market access barriers, lack of transparency, discriminatory policies and weak protection of intellectual property,” said Mr. Chuck Weatherington, President of BTE Technologies, Inc. in Hanover, MD, testifying on behalf of the National Association of Manufacturers. “We need open markets and strong, enforceable agreements that eliminate barriers and set in place strong rules to promote fairness.”
“One of the most significant barriers to success in international business is the investment of resources without any known return. Companies often do not have the needed funds or they are unwilling to take the investment risk,” stated Mr. Ken Couch, Director of Product Management at ComSonics, Inc. in Harrisonburg, VA, testifying on behalf of the State International Development Organizations (SIDO).
“It is important to start out on a foundational point, i.e., that free international trade amounts to a significant plus for the economy, consumers and small businesses. In fact, the net benefits of free trade are one of the very few points upon which most economists agree,” said Mr. Raymond J. Keating, Chief Economist at the Small Business and Entrepreneurship Council, in Vienna, VA. “Free trade reduces costs through enhanced competition and lower trade barriers; expands choices and lowers prices for consumers; keeps U.S. firms competitive; opens new markets and opportunities for U.S. goods and services; expands economic freedom; and feeds economic growth.”
Committee Members agreed that trade is not a choice or a luxury in our modern world. It is a necessity. If the United States wants to continue to be a global economic powerhouse, small businesses need to have every opportunity to engage in global commerce.Click here to watch full hearing, and here to read full testimony.
“The announcement that the SBA is opening a Women’s Business Center in Cincinnati is tremendous news. Women-owned small businesses have had a remarkable impact on our nation’s economy. With an estimated 11.6 million women-owned businesses employing nearly 9 million Americans, it’s impossible to ignore the role these businesses play in creating jobs and growing our communities. Not surprisingly, women-owned small businesses have grown at a rate 2.5 times faster than the national average over the last decade. But, we still have a ways to go before our economy benefits from the full potential that women business owners could provide.
“And that’s where the SBA’s Women’s Business Centers come in. Through advocacy, education and outreach, Women’s Business Centers help women entrepreneurs navigate the various challenges they face when starting and growing their businesses. Now, and in the coming years, more women business owners here in Cincinnati will be able to take advantage of these resources and utilize them to continue to create and grow their businesses, while bolstering the local economy.”
The U.S. Small Business Administration announced on April 5 that it is partnering with the non-profit Economic and Community Development Institute, Inc. to develop and administer a new Women’s Business Center to be located in Cincinnati.
WASHINGTON—Today, House Committee on Small Business Chairman Steve Chabot (R-OH), released the following statement on the Administration’s Memorandum of Understanding (MOU) to expedite infrastructure project approvals.“Small businesses and contractors across America can now breathe a huge sigh of relief knowing that this Administration continues to work on their behalf. For too long the burden of federal permitting has cast a shadow on entrepreneurs, small contractors, and innovators. I applaud the White House and the corresponding federal agencies for putting hard working Americans first. Streamlined decision-making for infrastructure projects are key to rebuilding our nation and allowing for a healthier small business economy.”
The Committee on Small Business recently held a hearing examining excessive federal permitting requirements and the burden it has on small businesses. Click here to watch the hearing, and here to read testimony.
Additionally, the Committee will be holding further hearings in the coming weeks on American infrastructure and the small business perspective.
The Committee on Small Business will meet for a hearing titled, “American Infrastructure and the Small Business Perspective.” The hearing is scheduled to begin at 11:00 A.M. on Wednesday, March 21, 2018 in Room 2360 of the Rayburn House Office Building.
The Committee will examine the small business perspective of the development and use of our nation’s infrastructure. In particular, the hearing will examine how surface transportation and access to broadband promote economic growth among small businesses. The hearing will also explore some of the challenges that small businesses face without a robust infrastructure system.Attachments
1. Hearing Notice
2. Witness List
Ms. Marsia Geldert-Murphey
Chief Operating Officer
W. James Taylor, Inc.
* Testifying on behalf of the American Society of Civil Engineers
Mr. Doug Boone
Chief Executive Officer
Sioux Center, IA
* Testifying on behalf of NTCA – The Rural Broadband Association
WASHINGTON – Today, House Small Business Committee Chairman Steve Chabot (R-OH) and Ranking Member Nydia Velazquez (D-NY) recognized Small Business Development Center (SBDC) Day. SBDC’s offer counseling, training and technical assistance in all aspects of business creation and management.
“SBDC’s began in 1976 with only eight participating universities. Today, the program is the largest and most utilized entrepreneurial development program, boasting over 1,000 centers across the country, within the Small Business Administration. This isn’t surprising considering they are a critical resource for small business owners and entrepreneurs. For over 40 years, we have seen the remarkable impact that SBDCs have on not only the small business community, but on the American economy overall, said Chairman Chabot.
“For millions of budding small businesses, SBDCs are there to provide hands-on assistance and mentorship, serving as a ‘one-stop shop’ towards building a successful venture. Today, I am proud to join Chairman Chabot in recognizing the dynamic and vital role that SBDCs play in fostering a thriving small business economy,” said Velazquez.
In Fiscal Year 2017:
- 188,225 entrepreneurs received business consulting,
- 245,329 entrepreneurs were trained, and
- 14,491 new businesses were created because of SBDCs.
The Committee on Small Business Subcommittee on Contracting and Workforce will meet for a hearing titled, “Workforce Development: Advancing Apprenticeships for Small Business.” The hearing is scheduled to begin at 2:00 P.M. on Tuesday, March 20, 2018 in Room 2360 of the Rayburn House Office Building.
Subcommittee Members will continue the Committee’s exploration of strategies to mitigate small business workforce challenges caused by the skills gap. On February 26, 2018 the Committee held a field hearing, “Workforce Development: Closing the Skills Gap,” which focused on career and technical education programs. This hearing will examine apprenticeship initiatives, specifically the Department of Labor Registered Apprenticeship Program, which combines on-the-job learning and related technical instruction.Attachments
1. Hearing Notice
2. Witness List
Ms. Tammy Simmons
Vice President, Human Resources and Marketing
Machine Specialties, Inc.
Mr. Jeffrey Forrest
Vice President, Economic and Workforce Development
College of the Canyons
Santa Clarita, CA
Ms. Jeannine Kunz
Mr. Jeff Mazur
St. Louis, MO
WASHINGTON – Today, House Committee on Small Business Chairman Steve Chabot (R-OH) released the following statement in support of Subcommittee Chairman on Contracting and Workforce Steve Knight’s (R-CA) bill, the Accelerated Payments for Small Businesses Act, encouraging federal agencies to make payments to small business prime contractors within 15 days of sending an invoice:
“While the Office of Management and Budget's (OMB) accelerated policy of making sure small businesses get paid by the federal government within 15 days was a critical decision, we now need to ensure it stays in place. That way, small business prime contractors and prime contractors that subcontract with small businesses can continue to do business and not pass on any unnecessary costs to the taxpayer. I’d like to thank Subcommittee Chairman Knight and my colleagues for their work on this vital piece of legislation.”
“Small business contractors rely on a consistent and reliable flow of income in order to keep their operations running smoothly. The Accelerated Pay for Small Business Act will help to ensure these businesses receive their payments in a timely and accountable manner. This consistency will enable businesses to focus on improving their services and expanding production. I want to thank Congressman Espaillat, Chairman Chabot, and Ranking Member Velazquez for their help in introducing this bipartisan legislation,” said Knight.
Chairman Chabot, Ranking Member Velazquez (D-NY) and Rep. Adriano Espaillat (D-NY) are all original co-sponsors of the Accelerated Payments for Small Businesses Act.
Chairman Chabot and Ranking Member Velazquez also sent a letter to OMB Director Mick Mulvaney in December 2017 requesting the agency continue to direct agencies to make accelerated payments -- within a goal of 15 days -- to small business prime contractors and other-than-small prime contractors that subcontract with small businesses, instead of the mandatory 30 days required under the Prompt Payment Act.