Part two of the NAWBO Phoenix Public Policy blog for December continues our tracking of what is happening on Capitol Hill and in the Biden Administration that impacts women owned businesses as Congress begins their holiday recess for the remainder of the year.
Update on Broadband Access:
o On December 17, 2021, in partnership with Gusto, NAWBO released the report entitled, "Hot-Wiring the Recovery: Expanding Broadband Access Will Create a Faster, More Equitable Post-Pandemic Economy," which came as a result of the NAWBO-Gusto Fall Survey. While we are encouraged that the recently passed infrastructure law includes funds for broadband, this report highlights the importance of ensuring that broadband funds reach the smallest businesses, especially those in rural communities or owned by minorities. Click here and scroll down to find the most recent report.
o Today, Senator Ben Cardin (D-MD) took the Senate floor to discuss the nomination of Dilawar Syed as the Deputy Administrator of the U.S. Small Business Administration. The position has remained vacant for more than three years. Senator Cardin asked for unanimous consent that the nomination move forward, but Senator Rand Paul (R-KY) objected due to Paycheck Protection Program funding going to Planned Parenthood.
o On Wednesday, the Senate and House voted to raise the debt limit to $31 trillion. What does that mean? It keeps the Department of Treasury from defaulting on $29 trillion in loans.
o The Senate passed the National Defense Authorization Act (NDAA) 89-10 on Thursday. Here are some interesting small business-related provisions.
o The Build Back Better Plan (BBB) will push into next year despite Majority Leader Schumer’s hopes to pass before the holidays. The current bill has a one-year extension for the child tax credit, and Senator Manchin has called for a 10-year extension. Remember, Democrats need Senator Manchin to support the BBB for it to pass.
Biden Administration Updates:
o COVID-19 EIDL Ending December 31, 2021: The COVID-19 Economic Injury Disaster Loan Program is a federal small business loan program that supports small businesses’ recovery from the COVID-19 disaster’s economic impacts providing accessible and borrower-friendly capital. It closes on December 31, 2021, for applications. For more information about COVID EIDL, visit the SBA website.