House Passage of Small Business Benefits in National Defense Authorization Act is a Win for Small Firms
Statement by Small Business Majority Founder & CEO John Arensmeyer on why several provisions passed by the U.S. House of Representatives today as part of the National Defense Authorization Act will help small businesses
The U.S. House of Representatives extended multiple benefits to small businesses today as part of its vote to reauthorize the National Defense Authorization Act (NDAA).
Among these provisions are the Microloan Modernization Act, which would provide loans and technical assistance to women and minority business owners; the Small Business Investment Opportunity Act, which would increase the maximum amount a licensed small business investment company can borrow from $150 million to $175 million; and significant portions of the Small Business Innovation Research and Small Business Technology Transfer Improvements Act, which seeks to update and improve the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs. Additionally, the NDAA as passed includes the Accelerated Payments Act, which would direct federal agencies to make payments to small business prime contractors within 15 days of sending an invoice.
These measures will go a long way toward helping level the playing field for small businesses, and we encourage the Senate to authorize these important provisions as they consider the NDAA.
About Small Business Majority
Small Business Majority was founded and is run by small business owners to ensure America’s entrepreneurs are a key part of a thriving and inclusive economy. We actively engage our network of more than 58,000 small business owners in support of public policy solutions and deliver information and resources to entrepreneurs that promote small business growth. Our extensive scientific polling, focus groups and economic research help us educate and inform policymakers, the media and other stakeholders about key issues impacting small businesses and freelancers. Learn more about us on our website and follow us on Twitter, Facebook and Instagram.