The effect of inflation on small businesses is no secret – it can dig into margins and contribute to tighter monetary conditions, limiting access to capital and the ability to grow and expand. However, inflation is not a single-threaded issue; it’s a complex dynamic of global events. The COVID-19 pandemic, supply chain disruptions, labor shortages, monopolistic price-gouging, and geopolitical tens... Read More »
American innovation is key to our country’s success as a global economic powerhouse. Our standing in the world is built on our collective investments in new ideas, cutting-edge technology, and competition between and talent among our country’s best and brightest. American entrepreneurs play a crucial role in the innovation ecosystem by attracting investment to bring ideas in university labs to mar... Read More »
Washington D.C.— Today, House Small Business Committee Ranking Member Nydia M. Velázquez (D-NY) issued the following statement in response to Republican brinksmanship around raising the debt ceiling: “Under the Biden Administration, American small businesses have experienced a remarkable recovery from the COVID-19 pandemic. Since the President took office, entrepreneurs have filed a record 10.5 mi... Read More »
Washington D.C.— Today, the House Small Business Committee held a hearing examining the challenges facing veteran entrepreneurs and the state of federal programs designed to support them. During the hearing, Ranking Member Nydia M. Velázquez (D-NY) focused on ways that Congress can bolster access to capital and entrepreneurial development resources available to the 200,000 servicemembers that tran... Read More »
Washington D.C.— Today, the House Small Business Committee passed six bipartisan bills to improve oversight of Small Business Administration (SBA) loan programs, enhance workforce development initiatives, and increase access to resources for veteran entrepreneurs. “Today’s legislation showcases this committee’s bipartisan tradition of enacting legislation that fosters a nurturing environment for s... Read More »
WASHINGTON, D.C. - Today, Congresswoman Nydia Velázquez (D-NY), the top Democrat on the House Small Business Committee, and Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, sent a letter to the Consumer Financial Protection Bureau (CFPB) following the agency’s move to finalize small business lending rules implementing Section 1071 of the Dodd-Frank Ac... Read More »
Washington, D.C.— Today, the House Small Business Committee Subcommittee Contracting and Infrastructure held a hearing examining the current state of small business contracting and top issues facing small firms in the procurement space. During the hearing, Ranking Member Hillary Scholten (D-MI) discussed the importance of achieving federal government wide contracting goals and the dangers of conso... Read More »
The federal government is spending almost half a trillion annually on the purchase of goods and services needed for its daily operation. In Fiscal Year 2021, 6.5 billion defense contracting dollars were spent in Michigan. At least 359 million of those dollars are spent in my district. This money brings well paying jobs to West Michigan and stimulates local economies. The U.S. government remains a ... Read More »
The Small Business Administration’s 7(a) program is the agency’s flagship lending initiative. Under 7(a), SBA guarantees significant portions of loans, encouraging lenders to extend credit to small businesses that might not typically be able to obtain financing. So far, in FY 23, the SBA has approved over 30,000 loans totaling more than $14.6 billion – proving just how integral the 7(a) program is... Read More »
Washington D.C.— Today, the House Small Business Committee held a hearing examining recent Small Business Administration (SBA) rule changes to the 7(a) loan program, the agency’s flagship lending initiative. During the hearing, Ranking Member Nydia M. Velázquez expressed concern about changes to safeguards in the 7(a) program and the impact of these new rules on the stability of a highly successfu... Read More »
Today, the House Small Business Committee Subcommittee on Innovation, Entrepreneurship, and Workforce Development held a hearing exploring how alternatives to post-secondary education can help workers and strengthen the small business workforce. During the hearing, Ranking Member Morgan McGarvey (D-KY) stressed the importance of federal workforce development programs that can benefit workers and h... Read More »
I’d like to welcome Inspector General Ware. Thank you for being here today. The past three years have been extremely challenging, and we commend you for your oversight of the pandemic relief programs, as well as making sure that the Small Business Administration’s core programs are working effectively for small businesses. Every year, your office issues the Top Management Challenges Report and the... Read More »
Main Street businesses form the bedrock of our nation’s economy, driving innovation and job creation, even during periods of economic turmoil and uncertainty. Regrettably, despite the fundamental importance of small firms, recent tax reform has catered to the interests of wealthy individuals and large corporations instead of American entrepreneurs. Small businesses require certainty and simplicity... Read More »
Washington, DC — Today, the House Small Business Committee held a hearing examining the impact of recent tax reforms on American small businesses. During the hearing, Ranking Member Nydia M. Velázquez (D-NY) discussed the need for reforms that simplify the current tax system and even the playing field between large corporations and big businesses. “Main Street businesses form the bedrock of our na... Read More »
Washington, D.C.— Today, Congresswoman Nydia Velázquez (D-NY), the top Democrat on the House Small Business Committee and Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, released this statement following the Consumer Financial Protection Bureau’s move to issue its final rule implementing the small business data requirements of Section 1071 of the Dod... Read More »
