On Sept. 29, the U.S. Senate passed six bills that include numerous measures improving the capacity of the Small Business Administration (SBA) and supporting small businesses.
These bills are expected to support the government instill diversity in its support of small businesses and better equip the SBA to support small businesses, especially those affected by disasters.
New SBA Bills & What They Mean
The Disaster Assistance for Rural Communities Act (S. 1617)
This bill modifies the SBA’s threshold to declare disaster declarations for rural communities. If your business is in a rural area, this has a positive impact in case of any natural disaster, such as flooding, earthquakes, tornadoes, or hurricanes.
The Small Business Cyber Training Act of 2021 (S. 1687)
To move all small businesses forward, this bill creates a program to train counselors at Small Business Development Centers (SBDC) to provide cybersecurity guidance to small business owners. In today’s environment, it is considered necessary for any small business to be aware of online safe practices and equip their business with protection to prevent data breaches.
The Small Business Broadband Emerging Technology Enhancement Act (S. 3906)
This bill will help equip the SBA with the leadership and resources necessary to help small businesses access broadband internet.
The One Stop Shop for Small Business Compliance Act (H.R 4877)
This bill would require the SBA to maintain a website with hyperlinks to small business compliance guides of each federal agency, as well as the relevant points of contact for the guides. This can be great for small businesses that need resources for any business issues. No more countless Google searches to find what/who you need for assistance.
The SBA Cyber Awareness Act (H.R. 3462)
This bill will require the SBA to assess its cybersecurity procedures. They will develop and report to Congress annually on its cybersecurity strategies and implement a notification system to alert Congress and all affected parties in the event of a cyber-breach.
The SBIC Advisory Committee Act of 2022 (S. 2521)
This bill will require the establishment of an advisory committee to develop recommendations for increasing demographic and geographic diversity in the SBA’s Small Business Investment Company (SBIC) Program.
Why Did These Bills Get Put into Place?
These bills were implemented to push the American economy further into greatness. These bills addressed small business owners’ many concerns – access to broadband internet, cyber security, and disaster assistance. Moving forward, these bills will help small businesses like yours get the push they need to be successful.
Choose First Union Lending
If you need equipment loans, short-term loans, or debt consildation to stay ahead of the game, we’re here to help. In moving forward with progression, we’re ready to help you upgrade equipment, provide funds to help you acquire training, cyber security applications, and so much more. Call today to learn more.