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Federal Small Business Legislative Review LEONARD A. BLACKSHEAR Small business people can savor the overwhelming victory of getting the Small Business Innovation and Development Act of 1982 <P.L. 97-219) enacted into law. This success put small business squarely on the political map as a force to contend with. Since small business accounts for over half the total American labor force, it's going to be tough catagorizing them as special interest. In fact, it may be said that "What's good for small business is good for America." When fully implemented, P.L. 97-219 will provide some $500 million in research and development grants and contracts to small businesses. Fortunately, this year small business interests were also su.ccessful in getting the Prompt Payment Act (P.L. 97-177) passed into law. The law says if a Federal agency is late in paying its invoices, it must pay interest penalties. New business opportunities and prompt payment too are going to make doing government business a lot more interesting to small business people. * * * Call your accountant, your Congressional representative, or your local Chamber now and find out about the Tax Equity and Fiscal Responsibility Tax Act of 1982 (P.L. 97-248). This law is
American Journal of Small Business – SAGE
Published: Oct 1, 1982
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