AUGUST ADVOCACY UPDATE

Are you receiving questions from candidates about meeting with your membership? It’s up to your chapter if you would like to accept these invitations. Ask Elle for the one-pager for guidance on Election Cycle Do’s and Don’ts.

Reminder, next month’s Advocacy Zoom on September 20^th at 12 PM ET will focus on workforce issues and concerns. We want to make sure we have a robust dialogue, so I hope all of you will be able to join us. Please reach out to your chapter members. Here are some sample questions you can ask your chapters at your next meeting. Please bring back to the group what you hear from your members:

What challenges are you facing when it comes to hiring workers?
What do you believe will help you retain workers?
Are you working with more full-time employees or contractors?
How do you as a business owner re-skill and up-skill your employees to meet your needs?
Are you concerned about the PRO Act? If so, what are your concerns?

Hill Updates:

Recently, NAWBO signed on to the letter with several other organizations sharing concerns about the Credit Card Competition Act of 2022. The legislation seeks to create more competition among U.S. credit card networks. However, the letter shares how we believe this legislation's unintended consequences could disproportionately affect small and minority-owned businesses.
The House returns today to pass the Inflation Reduction Act of 2022. It cleared the Senate last weekend with Vice President Harris breaking the tie vote.
- Inflation Reduction Act of 2022

The legislation is valued at roughly $700 billion. Democrats say the bill aims to reduce inflation through amendments to finance and tax activities and increased domestic energy production and manufacturing spending. Here is the fact sheet. Some highlights you may want to know include:
Some expect that the inflationary reduction impacts of the bill will not be as pronounced soon.
In reality, the legislation would work to reduce the deficit in the long term, with the most significant impacts appearing primarily through 2027-2032.
For corporations making over $1 billion, the legislation would implement a %15 minimum tax; this provision would take effect on January 1, 2023.
The legislation gives the IRS billions for enforcement which many believe will lead to more small business audits. However, Secretary Yellen has said, "small business or households earning $400,000 per year or less will not see an increase in the chances that they are audited."
Other summaries include Tax Summary, Prescription Drugs Summary, Energy Security and Climate Change Investments Summary, Agriculture Summary, Environment and Public Works Summary.

House Hearings

In Recess

Senate Hearings

In Recess

Biden Administration Updates:

Click here for the Administration’s Statement on H.R. 5376 –Inflation Reduction Act of 2022.
National Minority Enterprise Development Week Conference, September 18-24, 2022

This year’s conference will be HYBRID and consist of on-site Washington, DC programming and virtual content. The conference will celebrate the outstanding accomplishments of minority-owned companies and present informational sessions and programming, offering interactive networking sessions to generate new connections and fresh perspectives. Please register for their mailing list here to stay updated on National MED Week.

Department of Commerce

The U.S. Department of Commerce’s Jo b Quality Toolkit provides practical guidance that business owners can use to create good jobs that attract and retain a high-quality workforce.

Small Business Administration Announcements
- Statement on Signing of Small Business Legislation
  See Administrator Isabella Casillas Guzman’s statement on the signing of the Paycheck Protection Program and Bank Fraud Enforcement Harmonization Act and the COVID-19 Economic Injury Disaster Loan Fraud Statute of Limitations Act.
Learn About Resources for International Business
Join SBA and Public Private Strategies Institute for a webinar on Wednesday, August 17 at 2:00 p.m. ET to learn about resources to help you develop effective international business strategies for growth. Register. Speakers include:
- Gabriel Esparza, Associate Administrator, Office of International Trade, U.S. Small Business Administration
- Alisa S. Joseph, Director of Programs, U.S. Black Chambers, Inc.