§631b Reports to Congress; state of small business

Summary

The President must send Congress, by January 20 each year, a Report on Small Business and Competition. The report must look at small businesses industry by industry and give current and past data on things like production, jobs, investment, population, job creation and loss, business failures and startups, and other economic measures for the whole economy and each sector, with urban, suburban, and rural breakdowns when possible. It must point out trends that could affect small business and competition, review how certain laws and regulations (including the Internal Revenue Code, ERISA, the Securities Act of 1933, and the Securities Exchange Act of 1934) affect small firms, identify problems, and recommend fixes and any needed legislation. The President must also send, at the same time as an appendix, a report by agency showing the total value of all Federal contracts over $10,000 and how much of those went to small, minority-owned, female-owned, and veteran-owned businesses (including subcontracts over $10,000). The President may send extra reports later, and all reports go to the Senate Select Committee on Small Business and the House Committee on Small Business. The data in the main report must separately show information for these groups: small businesses owned and controlled by socially and economically disadvantaged individuals (as defined in section 637(d)), small businesses owned and controlled by women, qualified HUBZone small business concerns (as defined in section 632(p)), and small businesses owned and controlled by veterans and service‑disabled veterans (as defined in section 632(q)).