New Bill Could Divert Billions in Small Business Contracts to Corporate Giants
PETALUMA, Calif., June 29 /PRNewswire-USNewswire/ — For the second time in the last year, the House of Representatives Small Business Committee has passed legislation that will change the definition of a small business to give some of the nation’s wealthiest investors billions of dollars in federal small business contracts.
The bill, H.R. 2965, the Enhancing Small Business Research and Innovation Act of 2009, was introduced to reauthorize the Small Business Innovation Research (SBIR) program, which is set to expire on July 31st of this year. However, language in H.R. 2965 will change the definition of a small business from the current definition of “independently owned” to include businesses owned up to 49.9 percent by a single venture capital firm, or 100 percent owned and controlled by multiple venture capital firms or syndicates. (http://www.govtrack.us/congress/bill.xpd?bill=h111-2965)
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