As recent banking closures like the Silicon Valley Bank collapse shake the financial system, Small Business Majority surveyed small business owners and decision-makers around the country to understand their concerns about banking and access to credit.
On February 23, Small Business Majority's Public Policy Director Awesta Sarkash testified before the Connecticut Joint Committee on Banking in support of SB 1032, which would enact critical protections for small business borrowers in Connecticut that are falling prey to predatory lending practices.
On February 15, Small Business Majority's Public Policy Director Awesta Sarkash testified before the Maryland Senate Finance Committee on SB 0496, legislation that would enact critical protections for small business borrowers in Maryland that are falling prey to predatory lending practices.
Today, John Arensmeyer, Founder & CEO, submitted a comment to the Federal Register regarding the U.S. Small Business Administration's Small Business Lending Moratorium Recission and Removal of the Requirement for a Loan Authorization proposed rule. The Agency’s attempt to increase access to capital for minority and other under-resourced entrepreneurs is admirable, but the rules are not clear enough and do not properly address the process by which new licensees will be chosen nor the standards they will be held to.
Today, John Arensmeyer submitted a comment letter for the Department of Labor's propsed rule on Employee or Independent Contractor Classification Under the Fair Labor Standards Act.
John Arensmeyer, Founder and CEO of Small Business Majority, submitted a letter to the U.S. Senate Committee on Finance today supporting President Biden's nominee, Daniel Werfel, as Commissioner of the IRS. Daniel Werfel has the experience, knowledge, and skills to excel as the IRS Commissioner. We urge the Senate Committee on Finance to quickly confirm him.
Small Business Majority submitted a letter to the Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency regarding the proposed changes to the Community Reinvestment Act. We are pleased with the revisions made to the rule based on feedback from our organization and other stakeholders.
On March 16, LaJuanna Russell, founder and president of Business Management Associates, Inc. (BMA) and the Chair of the Board of Directors and a member of the Small Business Council for Small Business Majority, testified before the U.S. Select House Committee on Economic Disparity and Fairness in Growth about the critical role of entrepreneurship as a pathway to long-term financial stability and growth for Americans, as well as to discuss barriers to starting and sustaining small businesses.
Today, Awesta Sarkash, Government Affairs Director, testified in front of the Maryland Senate Finance Committee in favor of Senate Bill 825, the Consumer Credit- Commercial Financing Transactions. SB 825 would enact critical protections for small business borrowers that are falling prey to predatory lending practices. The bill is applicable to financing products below $2.5 million because smaller, Main Street businesses are the ones being misled by the lack of transparency today.
On February 24, Small Business Majority's Colorado Director Lindsey Vigoda submitted comments concerning the methodology for calculating premium rate reductions for the Colorado Options' small group market standardardized health benefit plan. We encourage the Colorado Division of Insurance to revise and establish fair rules to better serve the needs of small businesses.
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