The President’s FY2016 Budget Request: What Women Business Owners Need to Know
Tuesday, February 3, 2015
The President’s FY2016 Budget Request:
What Women Business Owners Need to Know
The President just submitted his FY2016 Budget Request to the Congress, marking the opening salvo in the FY2016 appropriations process.
Over the next couple of weeks, the House and Senate will begin work on FY2016 Budget Resolutions, which are non-binding road maps that set funding and policy priorities. Read on for a full overview of the FY2016 process and what women business owners need to know.
FY2016 Process at a Glance
For the first time during President Obama’s presidency, Republicans control both Houses of Congress. Unlike previous years, where the House and Senate Budget Resolutions varied wildly, expect Budget Chairmen Rep. Tom Price (R-GA) and Sen. Mike Enzi (R-WY) to work in lockstep. In the coming weeks, each Congressional Committee will submit “Views and Estimates” letters, providing spending recommendations to the Budget Committees.
In parallel, the House and Senate Appropriations Committees will begin drafting each of the twelve spending bills that cover all federal spending. Once the Budget Resolutions have been adopted, the Appropriations Committees begin public hearings.
FY2016 President’s Request: Funding Levels and Priorities
Please note that the President’s Budget Request does not typically drill down to the programmatic funding level, but rather lays out broader visions about spending and tax policies. Most programmatic funding levels are contained in an agency’s Congressional Budget Justification (CBJ). The Small Business Administration’s CBJ is available here.
Microloan – Lending $35 M (29% increase over FY15)
Microloan – TA $25 M (10% increase over FY15)
WBCs $16 M (8% increase over FY15)
Office of Advocacy $9.1 M (no change)
National Women’s Business Council $ 1 M (no change)
7(a) Lending $21 B in budget authority (16% increase over FY2015)
504 Lending $7.5 B in budget authority (no change)
With respect to the Women-Owned Small Business (WOSB) Contract Program, the SBA’s CBJ noted its successful collaboration with WIPP on the ChallengeHER Program, which will continue through 2016.
The SBA plans to continue waiving fees on 7(a) loans below $150,000 and fees for 7(a) loans for veterans below $350,000.
The President’s Budget request has also proposed creating a $10 billion Scale-Up Manufacturing Invest Fund (SUMIF), designed as a loan guarantee program to assist small businesses scale up and bring to market new manufacturing technologies.
Key Dates: The FY2016 Appropriations Calendar
Feb. 2 — President’s FY2016 Budget Request submission to Congress.
Feb. 3 — Congressional Budget Committees begin hearings on FY2016 Budget Request.
April 15 — Statutory deadline for votes on House & Senate Budget Resolutions.
May 15 — The date after which the House may begin hearings on FY2016 appropriations bills, even if a final budget resolution has not been adopted.
June 29 — Informal House deadline for passing all 12 appropriations bills.
Aug. 10 — Informal Senate deadline for passing all 12 appropriations bills.
Sept. 8 — House and Senate return from summer recess, with three weeks to enact all appropriations bills before the new fiscal year begins. In previous years, the Congress has typically rolled all twelve bills into an Omnibus spending bill.
Oct. 1 — FY2016 begins.