Washington, D.C., May 21st -

Friends:

National Small Business Week begins May 24th.  It’s a great opportunity for us to commend small business owners and highlight their contributions to our economy and workforce. 

In honor of National Small Business Week, the House Small Business Committee has invited small business owners from across the country to participate in a hearing on Wednesday.  The hearing will celebrate our nation’s small business heroes and explore the various ways businesses are finding success in this tough economic climate.

Small business owners are some of the hardest working folks in the country, and they should be recognized for their incredible efforts.  Next week, take a moment to thank entrepreneurs in your community for their dedication to making our nation’s economy stronger every day.

Sam Graves

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

Rep. Vern Buchanan (R-FL) will hold a town hall meeting on jobs, the economy and health care in Lakewood Ranch on Saturday, May 22, 2010.

Rep. Blaine Luetkemeyer (R-MO) signed a letter calling on a presidential commission to reject calls for a Value Added Tax and instead focus on reducing government spending.

Rep. Mike Coffman (R-CO) issued a press release on Democrats’ failure to sign a budget.

House Small Business Committee Action

On Wednesday, May 26th, the House Small Business Committee will hold a hearing entitled, “Heroes of Small Business.” During the hearing, the Committee will hear testimony from small business owners from across the country.  More information will be posted here.

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

• In a party line vote, the House Financial Services Committee approved a measure to create a $30 billion program to help small businesses access credit.  The plan was first mentioned during President Obama’s State of the Union address.  It is still unclear how this program will be funded, or when it will be considered in the House.      

• On Thursday evening, the Senate approved legislation that would significantly reshape the regulatory structure governing financial institutions.  It is now rumored that Congress will hold a conference to reconcile the Senate and House versions of the legislation (S. 3217 and H.R. 4173).  Concerns have been raised that the regulatory reform proposal will further restrict the tight credit markets and create new hurdles for businesses.

• House floor action on a so-called tax extenders bill has been pushed to next week amid concerns from Blue Dogs Democrats that the measure would significantly increase the budget deficit.  Republicans have expressed disapproval of the bill because it reportedly contains in excess of $150 billion in unpaid spending and provides zero net tax relief.

News and Resources for Small Business Owners:

• The U.S. Congress' Joint Economic Committee released a study on small business lending.  The study found that tighter credit standards have slowed small business hiring.

• The Kauffman Foundation released a study that focuses on new business creation in the United States entitled, “Kauffman Index of Entrepreneurial Activity.”  The study indicates that the number of U.S. business startups launched in 2009 reached record highs.

• The National Federation of Independent Businesses (NFIB) published “Small Business Economic Trends” for May 2010.

• As you may know, there is a health insurance tax credit available to some businesses to offset the costs of the new health care law.  However, the NFIB estimates that less than one-third of small businesses meet the firm size and contribution requirements to qualify for the tax credit.  The NFIB has set up a “tax credit calculator” to help small business owners determine whether they qualify.  To learn more, click here. 

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