STEP Improvement Act of 2023 This bill reauthorizes through FY2028 the Small Business Administration's (SBA) State Trade Expansion Program, which provides foreign trade assistance to small businesses, and it revises provisions related to the administration of the program. Specifically, the SBA must establish a time frame for, and provide certain information related to, the application process, and it must conduct an annual survey to solicit feedback on the program. The SBA must collect data on certain performance metrics such as the (1) total number of small businesses assisted by the program, (2) total dollar amount of export sales by participating small businesses, and (3) number of small businesses that have created new jobs through their participation in the program. The bill also requires applicants for participation to include a budget plan that outlines their intended use of funds awarded under the program.
Small Business Advocacy Improvements Act of 2023 This bill expands the primary functions and additional duties of the Office of Advocacy of the Small Business Administration to include (1) examining the role of small businesses in the international economy, and (2) representing the views and interests of small businesses before foreign governments and international entities to contribute to regulatory and trade initiatives that may affect small businesses.
Microloan Improvement Act of 2024
Accountability and Clarity in Contracts to Engage Small Suppliers and Small Businesses Act
Investing in Rural Manufacturing Act This bill authorizes the Small Business Administration to make loans for certain costs to businesses that manufacture goods essential to critical infrastructure sectors in rural areas. Businesses that meet at least 75% of their job creation goals under such loans may receive partial loan forgiveness.
Making the CFPB Accountable to Small Businesses Act of 2023
Expanding Access to Capital for Rural Job Creators Act This bill requires the Advocate for Small Business Capital Formation within the Securities and Exchange Commission to report on issues encountered by rural-area small businesses.
Small Business Prosperity Act of 2023 This bill modifies the tax deduction for qualified business income to (1) make such deduction permanent, (2) limit to 21% the top tax rate on qualified business income, (3) repeal the limitation on the deduction based on amount of wages paid, and (4) revise the definition of qualified trade or business to mean any trade or business other than the trade of business of performing services as an employee. The bill provides that a change in the organizational structure of a corporation is not a taxable event if there is no change among the owners, their ownership interests, or the assets of the organization, The bill repeals the estate tax after 2022.
American Innovation and Manufacturing Act This bill establishes within the Small Business Administration a credit facility to provide financial assistance to investment companies that finance small manufacturing businesses.
Small Business Regulatory Flexibility Improvements Act This bill modifies the rulemaking requirements and procedures of federal agencies under the Regulatory Flexibility Act of 1980 and the Small Business Regulatory Enforcement Fairness Act of 1996, including how agencies consider economic impact with respect to small entities. Specifically, the bill requires agencies to consider the direct, and the reasonably foreseeable indirect, economic effect of a rule on small entities when determining whether a rule is likely to have a significant economic impact. Further, the regulatory flexibility analysis for rules with a significant economic impact must include a detailed description of alternatives to a proposed rule that minimize any adverse significant economic impact or maximize any beneficial significant economic impact on small entities. The bill also expands the types of agency actions (e.g., revisions to land management plans) that are subject to a regulatory impact analysis. The bill removes the authority for an agency to waive the regulatory flexibility analysis requirements and requires the Office of Advocacy of the Small Business Administration to issue rules for compliance with such requirements. The bill also modifies the procedures for the (1) gathering of comments for a proposed rule, (2) periodic review of agency rules, and (3) judicial review of final rules.