Unbelievable Loopholes In Government Program Meant For Small Businesses, Now Could Help Foreign Companies And Big Businesses
Check out this article called “In Proposed Small-Business Rules, Big Seems to Be the New Small” by ROBB MANDELBAUM and discover the unbelievable loopholes in a program that was originally meant to help small businesses, which now could help foreign companies and big businesses…
“When Congress passed a law late last year reauthorizing the Small Business Innovation Research program after a long fight, many small-business advocates weren’t exactly thrilled — the new law made controversial changes that explicitly opened the program to companies backed by venture capital and other investment funds. But these advocates were willing to accept the changes because the new law would bring stability to the program for five years. Now the Small Business Administration has stirred fresh outrage by proposing new rules that allow foreign companies into the program for the first time and create a loophole that could open it to big businesses as well.”
“The changes would be adopted as part of proposed regulations putting the law into effect. But the changes seem to run contrary to the explicit intent of Congress, which said in the law that it expected the S.B.A. to draft regulations that ‘preserve and maintain the integrity of the S.B.I.R. program as a program for small-business concerns in the United States by prohibiting large businesses or large entities or foreign-owned businesses or foreign-owned entities from participation in the program.’”
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