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Blog Post
2020 Milestones for Small Business
U.S. Small Business Administration • Jan 24, 2020
2020 Brings Important Milestones For Small Business
Now that the new year and a new decade is here, there is much to celebrate. Not only is it a chance for a fresh start and a new outlook, this is an opportunity to look back and remember the past to see how far we have come. The same can be said for the regulatory environment for small businesses. 2020 rang in a number of anniversaries that are significant for small business with regard to regulations. Let’s take a moment to see the progress that has been made and mark the significant milestones.
President Trump signed two executive orders in 2017 that are now three years old. E.O. 13771 told agencies to find two regulations to get rid of before they could issue a new one. E.O. 13777 created a task force in every federal regulatory agency to help with the decision making as they review, revise and reform their rules. Although these mandates are now three years old, the regulatory reform effort continues, providing small businesses with needed relief from federal regulations. (For more information on Advocacy’s regulatory reform efforts, visit: https://advocacy.sba.gov/regulatory-reform/.)
This year is also the 18th anniversary of E.O. 13272, signed by President Bush in 2002. This executive order requires federal agencies to measure the impact of their proposed rules on small entities and to vet those decisions with the Office of Advocacy (Advocacy). It also requires Advocacy to provide training to all agencies on how to comply with the Regulatory Flexibility Act (RFA), among other requirements.
So what is the RFA? The RFA is a very important law for small business that was passed in 1980 and is now celebrating it’s 40th year. The key requirement of the law is that federal agencies must analyze the impact of their regulatory actions on small entities and, where the impact is likely to be “significant”, affecting a “substantial number” of these small entities, agencies must seek less burdensome alternatives for them. The RFA has been strengthened over the years and one important amendment was in 1996 when SBREFA was passed; the Small Business Regulatory Enforcement Fairness Act. 2020 celebrates 24 years of its passage. This law gave courts the ability to review agency compliance with the RFA and mandated that certain agencies convene panels to consult with small entities on regulations expected to have a significant impact on them, before the rules are proposed.
This year Advocacy also celebrates the 44th year of its creation in 1976. Advocacy represents the views of small business before Congress, the White House, federal agencies, federal courts, and policy makers. By representing the views of small entities in federal rulemaking, conducting economic research on small businesses issues and trends, and gathering information from small entities nationwide, Advocacy has become the voice of small business. Since the creation of this important office, Advocacy has calculated small business regulatory cost savings in the billions.
The East Texas Regional Development Company will sponsor an East Texas Lenders Roundtable hosted by UT Tyler-Longview Small Business Development Center (SBDC) and the Small Business Administration to discuss SBA 7a loans and 504 lending basics. Expert panelists will discuss various loan programs and resources to help businesses increase their portfolios and obtain financing.
The Office of the Governor has announced the launch of a new recovery program, the Texas Travel Industry Recovery Grant Program (TTIR), which will begin accepting applications on July 6, 2022. The purpose of this program is to provide grants to Texas businesses in the tourism, travel, and hospitality industry that were negatively impacted due to COVID-19.
Applications Due by December 31
Administered by ETCOG