Press Releases
House Passes Slate of Small Business Bills
Washington,
January 16, 2019
Washington, D.C.—Over the past few days, the U.S. House of Representatives passed four bipartisan small business bills to improve opportunities for entrepreneurs across the nation. “Our small businesses deserve robust investments that promote growth by improving access to capital and ensuring small firms can compete with their larger counterparts,” said House Small Business Committee Chairwoman Rep. Nydia M. Velázquez (D-NY). “Just weeks into the new Congressional legislative session, I’m proud the House has passed a package of bipartisan bills that seek to unlock doors to success for small firms whether in rural America, on Main Street, or in our cities.” The following bills were passed in the House on January 14, 2019. This bill was cosponsored by Rep. Harley Rouda (D-CA) and Rep. Adriano Espaillat (D-NY). The Encouraging Small Business Innovators Act works to keep the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs up-to-date by making Small Business Investment Companies (SBICs) eligible investors, encouraging participation through a mentor- protégé program, and requires an annual meeting of participating SBIR agencies to discuss best practices. This bill was cosponsored by Rep. Judy Chu (D-CA) and Rep. Ralph Norman (R-SC). The Investing in Main Street Act increases the amount of capital that a bank or federal savings association may invest in one or more Small Business Investment Companies (SBICs) from 5% to 15%. The increase is subject to the approval of the appropriate federal banking agency. This bill was cosponsored by Rep. Abby Finkenauer (D-IA) and Rep. John Curtis (R-UT). The Stimulating Innovation through Procurement Act requires the Small Business Administration (SBA) to coordinate with the senior procurement executives of federal agencies participating in a Small Business Innovation Research (SBIR) program or a Small Business Technology Transfer (STTR) program to assist participating small businesses with commercializing research before the business is awarded a federal contract. The bill also would require procurement center representatives to assist small businesses participating in SBIR or STTR programs with researching solicitations for federal contracts and submitting bids. Additionally, the following bill was passed in the House today, January 16, 2019. This bill is cosponsored by Rep. Roger Marshall (R-KS) and Rep. Brad Schneider (D-IL). The Expanding Contracting Opportunities for Small Businesses Act eliminates the inclusion of option years in the award price for sole source contracts to grant more opportunities for small businesses to compete for federal contracting opportunities. It also requires contracting officers to notify and coordinate with the SBA to ensure eligible small businesses are winning sole-source awards.
The bills now move to the U.S. Senate.
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