HSBC approves $25B for ‘Build Back Better’ bill

      The House Small Business Committee on Sept. 9 voted in favor of the Build Back Better Act’s small business initiatives delivering $25 billion over 10 years for small business programs. The legislation is part of President Joe Biden’s COVID recovery agenda.

      The legislation includes:

• $9.5 billion for SBA’s SBIC program for underserved markets;
• $4.5 billion for SBA’s 7(a) direct loans;
• $2.7 billion for SBA’s 504/CDC loans in underrepresented markets;
• $1 billion for HBCUs and other schools for minorities;
• $1 billion for a national network of business incubators;
• $600 million to SBA’s Community Advantage program;
• $500 million for a pilot program for cooperatives and employee-owned firms to receive SBA loans with special provisions;
• Over $100 million to invest in entrepreneurial training for former prisoners;
• $35 million for SBA’s entrepreneurship training for veterans; and
• $20 million to SBA’s Office of Native American Affairs.

Read more:
Small Business Committee press release: https://bit.ly/3ArKW4i

Velazquez: 38% drop in small biz govcons

      Rep. Nydia Velazquez, D-NY, who chairs the House Small Business Committee, recently quoted a 38% drop in the number of small business federal contractors since 2010.

      Information was not immediately available on the source of that statistic. As Set-Aside Alert has reported (July 2, 2021 edition), the GSA has a database on the number of small business federal vendors, and the SBA maintains two such databases as well, with different methodologies.

Read more at:
Small Business Committee press release: https://bit.ly/3Cz1Oqz

Growth Accelerator Winners announced

      The SBA announced $5.4 million in prizes to support 84 high-achieving growth accelerator organizations and 8 SBIR Catalysts.

Read more at:
Accelerator grants winners: https://www.sbir.gov/accelerators

105 days to process SBA mentor-proteges

      The SBA currently is notifying applicants that it takes 105 days to fully process applications for its Mentor-Protege Program, according to a recent blog entry by contracts attorney Steven Koprince. SBA officials were not immediately available to comment.

Read more at:
SmallGovCon blog: https://bit.ly/3zntVqE

Inside this edition:

New rules for limitations on subcontracting now in effect

Contractors prepare for vaccine rules

Another shutdown?

Set-asides surge in September to quadruple monthly average

Min. wage rule

VA certs go to SBA on 1/1/23

Column: Avoiding FCA Violations from Limitations in Subcontracting and Performance of Work Requirements

Washington Insider:

Coronavirus Update