On September 27, 2010 President Obama signed into law the Small Business Jobs Act. This act is monumental is providing critical resources to small businesses, and as we all know, small businesses will drive economic recovery in our world today. To see the signing, check this out – Small Business Signing
I recently was fortunate enough to attend the Denver Summit for Women Entrepreneurs hosted by the SBA. The first of 10 regional summits to advertise changes SBA is seeing through and to listen to women small business owners. In this post, I’ll outline the Act’s highlights – stay tuned for a specific post on the new Women Owned Business set asides.
Here are the highlights – everything from loan changes, strengthening ability to compete, promotion of exports, more training and counseling and tax relief.
- Extension of SBA Recovery loans through the end of the year, allowing 1,400 small businesses that have been waiting for funding to receive it in October.
- Higher loan limits for the 7(a), 504, and microloans.
- Increases alternate size standard for SBA loan eligibility.
- Temporary increase in max amount of SBA Express loans.
- Expansion of Dealer Floor Pilot program to help car, RV, boats and other titleable inventory dealers.
- Small Business Intermediary Lending Pilot provides funding for an intermediary-facilitated loan program.
- Reaffirming “parity” among federal small business contracting programs.
- Government procurement officers will have a greater ability to provide large prime contracts and microcontracts to small businesses.
- Discourages “bundling” of requirements by agencies and holds them more accountable for reaching small business goals.
- Enforces stronger small business subcontracting plan requirements for prime contractors and discourages late payments to small business subcontractors.
- Federal agencies will have greater ability to pursue companies that win contracts by misrepresenting their small business size status.
- Funding for a new pilot that provides grants that help small businesses team up with each other to compete for larger and more complex contracts they couldn’t do on their own.
- Export Express Pilot loan program becomes permanent.
- Funding for competitive grants to help states help small businesses with exporting.
- Increased staff and strengthened export counseling resources for small businesses to use.
- More grants now available to Small Business Development Centers
- Extension of 8 tax cuts
I’m particularly excited about the efforts to increase a Small Business’s ability to compete for contracts. Closing loopholes, reaffirming parity, more accountability, integrity, transparency, and combating waste, fraud and abuse (see GTSI post) not allow provides for opportunity, but hope for small businesses who are so discouraged right now with working with the federal government. The government has money to spend and small businesses should be excited to step up and fulfill government needs and of course reap the payday!