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  • Submitted on 30 April 2012

    State of Connecticut Launches STEP UP for Small Businesses

    On April 3, 2012, Governor Dan Malloy (D-CT) announced a new program designed to promote job creation by providing incentives to employers that hire unemployed jobseekers.

    The Subsidized Training and Employment Program (STEP UP), created as part of a jobs package passed by the state legislature, creates two types of hiring incentives for eligible small businesses. A six month wage subsidy is available to small businesses with fewer than 50 employees who hire those from a community with an employment rate equal to or higher than that of the state (7.7% as of April 2012). Further, such employees must have an adjusted family income equal to or less than 250% of the federal poverty level.

  • Submitted on 27 March 2012

    On Thursday March 22, 2012, by a vote of 73-26, the U.S. Senate passed a measure designed to assist small businesses raise capital.  The JOBS (Jumpstart Our Business Startups) Act is a compilation of six legislative proposals aimed at addressing how small start-ups raise capital and revising certain disclosure requirements.

    The JOBS Act contains provisions that would allow small businesses to raise capital in a number of different ways. One such way is removing restrictions imposed by the Securities and Exchange Commission (SEC) on crowdfunding.  Under the JOBS Act, entrepreneurs can raise up to $1 million from investors before having to register with the SEC. It also allows small businesses to use advertisements to solicit investors. This was previously disallowed by the SEC beginning in 1982.

  • Submitted on 17 November 2011

    This week pieces of President Obama’s American Jobs Act supporting veterans and government contractors won approval from both chambers of Congress. The provisions passed would repeal a tax on government contractors, boost job training for veterans and offer tax credits to companies that hire unemployed veterans.

    On Thursday, November 10, 2011, the Senate passed a bill that would repeal a 3% withholding tax on federal contractors that was signed into law in 2005 but has been yet to be enacted. Prior to the passage of this provision, if enacted, government agencies would have been required to withhold 3% of all payments to federal contractors and send the funds directly to the Internal Revenue Service (IRS).

  • Submitted on 24 October 2011

    Recently, the U.S. Small Business Administration proposed changes to existing rules governing maximum revenue allowed to maintain status as a small business and compete for set-aside contracts in 52 industries.

    In a notice published in the Federal Register on October 12, 2011, SBA proposes to increase receipt based size standards for 37 industries in North American Industry Classification System (NAICS) Sector 56, Administrative and Support, Waste Management and Remediation Services. This would include companies that provide various types of staffing services, including security guards and patrol, as well as travel and event planning companies.

  • Submitted on 19 September 2011

    On September 7, 2011, before a joint session of Congress, President Obama outlined the details of the American Jobs Act. This act is a package of proposals designed both to spur employment but also has a number of provisions specifically of interest to MBEs. These include:

    • Extending the payroll tax cut to firms by cutting in half their payroll tax on the first $5 million in payroll. Next year, instead of paying 6.2 percent on their payroll expenses, firms would pay only 3.1 percent.

    • Extending a provision signed by the President in 2010 which would allow for 100 percent expensing through 2012. This rewards firms for making investments by allowing them to deduct the full value of those investments from their tax obligations.

  • Submitted on 15 September 2011

    President Obama and Joint SessionPresident Obama explained his proposal for putting creating jobs now and putting Americans back to work before Congress. In addition to giving the economy a shot in the arm with more money in the pockets of working Americans, his proposed American Jobs Act has several new ideas, backed by both Democrats AND Republicans, which are a win for businesses and employers. The President is focused on rebuilding the economy the American way, through the ingenuity and hard work of the American people.

    Businesses and employers stand to win under the President’s American Jobs Act in various ways.

    It offers tax relief:

    • A payroll tax cut for 98 percent of small businesses
    • A complete payroll tax holiday for added workers or increased wages
    • Extending 100 percent capital expensing into 2012
    • Reforms and regulatory reductions to help entrepreneurs and small businesses access capital
  • Submitted on 25 August 2011

    On September 6, 2011, Congress will return from its annual August Recess with a full list of tasks to complete before the First Session adjourns for the year. Some of the more pressing items to take up will be spending bills for Fiscal Year 2012 and recommendations from the Joint Select Committee on Deficit Reduction (commonly known as the Super Committee).

    Each year, Congress must pass regular appropriations measures, by October 1, in order to keep the government funded. If the regular appropriation acts are not completed by October 1, then Congress must pass a continuing resolution, providing stop-gapfunding. In some years Congress may include several in an omnibus appropriations measure, or a continuing appropriations bill providing funding for the full fiscal year.

  • Submitted on 27 July 2011

    During the First Session of the 112th Congress, Members introduced various bills designed to help spur job creation, particularly in emerging industries such as technology and green energy. Below are some examples of legislation and their sponsors introduced to date:

  • Submitted on 29 June 2011

    On May 31st, 2011, President Barak Obama officially nominated Mr. John Bryson to succeed Gary Locke as Secretary of Commerce.  John Bryson was Chairman and Chief Executive Officer of Edison International, the parent company of Southern California Edison and Edison Mission Group, from 1990 to 2008. He is a director of The Boeing Company, The Walt Disney Company and Coda Automotive, Inc. and is a senior advisor to KKR among his many other roles in the private sector.

  • Submitted on 26 May 2011

    Recently, a number of state and local governments have begun taking a close look at their existing Minority and Women-owned contracting programs. A number of intergovernmental groups, such as the National Black Caucus of State Legislators, have advocated for additional assistance to minority-owned firms. The State of Maryland and the City of New York are two particular examples of this increased focus.

    On May 10, 2011, Maryland Governor Martin O’Malley (D) signed Senate Bill 120 into law which aims to change the way the state contracts with minority-owned businesses.

Did you know...

Between 2002 and 2007, minority-owned firms outpaced the growth of non-minority firms in gross receipts, employment, and number of firms. Minority firms are an engine of job creation.
Graph for MBE Growth

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