Washington, D.C.— Today, House Small Business Committee Ranking Member Nydia M. Velázquez (D-NY) introduced the Prison to Proprietorship Act, a bill to increase access to entrepreneurial training for the currently and formerly incarcerated. “Research has shown that the strongest predictor for recidivism is poverty. The stigma of incarceration often deprives returning citizens the ability to earn a... Read More »
I’d like to start off by thanking Associate Administrator Frost for joining us here this morning. Ms. Frost, welcome to the committee. The COVID-19 pandemic posed a historic threat to our nation’s small businesses. The number of active business owners in the US plummeted by 3.3 million, or 22 percent, over a two-month period from February to April 2020. The drop in business owners was the largest ... Read More »
Washington, D.C.— Today, the House Small Business Committee held a hearing reviewing the Small Business Administration’s (SBA) Office of Capital Access (OCA). During the hearing, Ranking Member Nydia M. Velázquez (D-NY) focused on OCA efforts to prevent fraud and abuse, recent changes to the 7(a) program, and how Congress can continue to empower the office to reach more small businesses. According... Read More »
We all know that small businesses are the lifeblood of the economy, but that is especially the case in health care, where small companies are at the forefront of technological innovation and are developing many groundbreaking new products. And their influence is growing each year. According to one study, the proportion of new drugs discovered by small startups more than doubled between 2009 and 20... Read More »
Washington, D.C. –Today, Rep. Nydia M. Velázquez (D-NY), Ranking Member of the House Small Business Committee, issued the following statement regarding subpoenas issued by committee Republicans to the Small Business Administration (SBA): “Today, the House Small Business Committee issued a subpoena for the first time in over a decade. During my over 20 years as the top Democrat on this Committee, t... Read More »
Washington, D.C.— Today, the House Small Business Committee held a hearing examining the impact of the Corporate Transparency Act (CTA), legislation to crack down on foreign and domestic criminals who exploit weak federal laws to engage in illegal activity through anonymous shell companies. During the hearing, Ranking Member Nydia M. Velázquez (D-NY) highlighted the relatively simple reporting re... Read More »
Washington, DC - Today, the House passed four bipartisan small business bills, including legislation to better support underserved entrepreneurs and address the challenges facing small government contractors. “As we recognize National Small Business Week, we have much to celebrate as we’ve seen more than 17 million new businesses starts since President Biden took office,” said Ranking Member Nydia... Read More »
Washington, DC - Today, the House Small Business Committee passed seven bipartisan small business bills to better support underserved entrepreneurs, increase access to capital, and improve federal procurement rules for small firms. “These seven bills will make needed improvements to SBA programs and services – from focusing on rural, disaster, and disabled communities to improving the SBIC program... Read More »
Main Street businesses are the lifeblood of our nation’s economy, driving innovation and job creation, and helping millions of Americans achieve the American dream. As such, they are key to our federal tax strategy. When our tax system works for them, it brings the most value. However, despite their fundamental importance, small firms are often used as bargaining chips in the discourse around tax ... Read More »
Washington, DC – Today, Small Business Administration (SBA) Administrator Isabel Guzman testified before the House Small Business Committee on agency priorities and the agency’s FY 2025 budget justification during a full committee oversight hearing. During the hearing, Ranking Member Nydia M. Velázquez (D-NY) highlighted small businesses' progress under the Biden administration, examined the agenc... Read More »
Washington, DC— Today, House Small Business Committee Ranking Member Nydia M. Velázquez (D-NY) released a report exploring the impact of the increasing popularity of generative artificial intelligence (GenAI) on America’s small content creators. GenAI threatens the livelihoods of small creators, given the technology’s ability to generate content faster and cheaper than creative professionals and t... Read More »
Washington, D.C. – Today, Rep. Nydia M. Velázquez (D-NY), Ranking Member of the House Small Business Committee, issued the following statement after the Labor Department released its February jobs report showing that nonfarm payroll employment increased by 275,000: “Last night, President Biden detailed our country’s incredible economic progress under his leadership. The February jobs report adds f... Read More »
Washington, D.C.— Today, House Small Business Committee Ranking Member Nydia M. Velázquez (D-NY) introduced a bill to establish a student loan debt forgiveness and deferment program for entrepreneurs. The Supporting America’s Young Entrepreneurs Act of 2024 seeks to lower one of the most prominent barriers to starting a business, outstanding student loan debt. “Today, debt is weighing down young p... Read More »
Washington, DC - Today, the House passed eight bipartisan small business bills, including legislation to boost contracting opportunities for women-owned small businesses, protect the integrity of the Women-owned Small Business (WOSB) federal contracting program, and codify the Office of Native American Affairs at the Small Business Administration. H.R. 7105, The WOSB Certification and Opportunity ... Read More »
