Carson Proposal Focuses on Boosting Startups

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WASHINGTON, D.C. -

A bill introduced by Indiana Congressman Andre Carson (D-7) aims to address "distinctly different" challenges facing startup businesses. The Emerging Business Encouragement Act, which has been referred to the House Committee on Small Business, includes provisions to boost federal contracting targets for a newly-created designation called emerging business enterprises and waive fees associated with a Small Business Administration loan program for EBEs.

Carson says the legislation would help businesses in their early stages "gain a foothold in the market" and create jobs. "While efforts made over the last several years have our economy back on track, we cannot sit back and relax," he said. "New businesses still face significant obstacles and many people are still struggling to find good paying, stable jobs. My Emerging Business Encouragement Act seeks to help startups overcome some of the unique challenges they face during their first few years."

Under HR 6565, EBEs would be classified as a company:

  • 10 percent or smaller than the size the SBA currently designates as a small business
  • usually a maximum of 500 employees
  • five years old or newer
  • managers cannot make more than 200 percent of the U.S. Department of Labor-defined mean annual wage for "management occupations"

You can connect to more about the proposed legislation by clicking here.

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