Friends:

This week, the House Small Business Committee held a hearing to discuss the impact of broadband Internet technology on small businesses.  During the hearing, I stressed the importance of expanding broadband infrastructure to rural communities.  It was helpful to hear directly from American small business owners on how increasing access to reliable Internet services would help expand their customer base.

The Internet is an affordable way to advertise a business, connect with customers, and sell products.  Many small businesses with limited access to capital have successfully used various Internet resources to grow their revenue. 

Dependable and affordable access to the Internet has become central to doing business in America.  However, the threat of additional regulations that could raise costs, limit access and reduce Internet speeds creates unnecessary worry for the small businesses that generate seventy percent of private sector jobs.  In this tough economy, the last thing small businesses need is more regulations and higher costs.  

Sam Graves

News from the Small Business Committee:
(Please send any Member media activity to Alexandra.Haynes@mail.house.gov)

• Ranking Member Graves released a statement applauding the National Federation of Independent Businesses’ (NFIB) decision to challenge the legality of President Obama’s health care law.

• Rep. Vern Buchanan (R-FL) announced that he will hold a town hall meeting on jobs, the economy and health care in North Port, Florida

• Rep. Aaron Schock (R-IL) spoke on the House floor on his amendment to ensure the technical skills of the unemployed are used to keep America competitive. Click here to read more about the amendment.

House Small Business Committee Action:

• On Wednesday, May 12th, the House Small Business Committee held a hearing entitled, “Small Businesses and Broadband: An Engine for Economic Growth and Job Creation.”  Read more about the hearing and learn the details of what was discussed here.

Click here to watch video footage of the broadband hearing and see Ranking Member Graves’ opening statement.


Updates from Washington:
(Please send any Member initiatives related to small business and job creation to Paul.Sass@mail.house.gov)

• House Democrat Leaders continue to delay offering a budget resolution for Fiscal Year 2011.  Read more here.

• On Thursday, the House considered H.R. 5116, the America COMPETES Reauthorization Act.  This bill would provide a five year authorization of funding at $86 billion for the National Science Foundation, Department of Energy’s Office of Science, and the National Institute of Standards and Technology to provide for Science, Technology, Engineering and Mathematics (STEM) educational programs.  However, the bill was pulled from consideration after Republicans successfully passed a Motion to Recommit that would restrict program spending. 
 
• President Obama recently sent Congress a proposal to create a $30 billion program to help small businesses acquire capital.  Initially outlined during Obama’s State of the Union address, the proposal would use remaining TARP funds that most Republicans argue should be used to pay down the debt.  On a related note, the Senate unanimously approved a measure on Tuesday that would require the government to use money repaid by banks and other bailed-out companies for deficit reduction, not additional spending.

• Representative Phil Gingrey (R-GA) Seeks Cosponsors for the Small Business Investment Penalty Relief Act – Representative Gingrey plans to introduce the Small Business Investment Penalty Relief Act to assist small business entrepreneurs.  The Act would waive the standard 10% penalty incurred when removing funds from a retirement account if an individual plans to reinvest the funds into the small business.  In order to ensure the individual’s long term retirement stability, this legislation only waives the 10% penalty for two years and limits the amount that the individual may withdraw without penalty.  For more information, or to become cosponsor, contact Michael Calvo at Michael.Calvo@mail.house.gov.


News and Resources for Small Business Owners:

• The Kauffman Foundation released a study entitled, “Keys to Success for High-Growth Women Entrepreneurs”

• The NFIB launched a “2010 Health Insurance Reform Tax Credit Calculator for Small Business”

• The U.S. Chamber of Commerce released a new study called “Opening Markets, Creating Jobs.”