President Scheduled to Sign Small Business Bill with Export Provisions into Law
On September 23, 2010, the House passed the Senate’s version1 of H.R. 5297, the Small Business Jobs and Credit Act of 2010, clearing the bill for the President.
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The President has expressed his support for H.R. 5397 and is scheduled to sign it into law on September 27, 2010.
Export Highlights of H.R. 5297
Highlights of H.R. 5297 include:
Authorization of appropriations for USTR market access, enforcement. Over $5 million in appropriations would be authorized2 for the U.S. Trade Representative (USTR) for developing market access opportunities in foreign countries and enforcing trade agreements. The bill directs the USTR to give preference to initiatives that create jobs and support small and medium-sized businesses.
Certain SBA loan limits would be increased. Certain Small Business Administration loan programs would be amended and their limits significantly increased (in some cases by more than double).
Pilot trade and export promotion program. A 3-year trade and export promotion pilot program would be established to make grants to States to carry out export programs that assist eligible small businesses.
SBA Office of International Trade revisions. Revisions would be made to various aspects of the SBA’s Office of International Trade.
Commerce export promotion staffing increase. The Commerce Department would be required, during the 24 month period following enactment, to increase the number of full-time employees whose primary responsibilities involve promoting or facilitating participation by U.S. businesses in the global marketplace. Fiscal years (FYs) 2011 and 2012 appropriations would also be authorized2 to carry out such activities.
Authorization of appropriations for rural businesses, Exportech, etc. Appropriations would be authorized1 for: (i) improved access to global markets for rural businesses; (ii) the Exportech program; and (iii) the Commerce Department’s Market Development Cooperator Program.
Report on Colombia, Korea, and Panama trade barriers. The Commerce Secretary would be required to report to Congress on the tariff and nontariff barriers imposed by Colombia, South Korea, and Panama with respect to U.S. exports, including those of small and medium-sized businesses. (Note that the U.S. currently has free trade agreements pending with Colombia, Korea, and Panama.)
1The House originally passed H.R. 5297 on June 17, 2010. The Senate amended and passed H.R. 5297 on September 16, 2010.
2Note that this provision authorizes the enactment of appropriations; however, separate appropriations legislation is needed to actually fund an agency and provide it with budget authority.
(See ITT’s Online Archives or 09/24/10 news, 10092402, for BP summary announcing the House passage of H.R. 5297. See ITT’s Online Archives or 09/22/10 news, 10092213, for BP summary of the Senate-passed version of H.R. 5297.)