Congressman Sanford D. Bishop, Jr. (GA-02) voted to pass the Fiscal Year (FY) 2022 Financial Services and General Government (FSGG) funding bill after its markup in subcommittee. It includes $29.1 billion in discretionary funding, an increase of $4.8 billion over 2021. The bill now moves to the full Appropriations Committee for consideration.
“Our small businesses and taxpayers are weathering the storm of the COVID-19 pandemic. This bill commits a billion dollars to continue the Small Business Administration’s mission to help our struggling entrepreneurs and better engage our underserved communities so that they can revitalize our economy,” said Congressman Bishop. “It also increases support for taxpayer services programs that help our elderly and those with limited means have access to the expertise they need to file their taxes. At the same time, it bolsters the enforcement efforts at the IRS which are needed to make sure that the extremely wealthy cannot hide behind paperwork to shield themselves from paying what they owe.”
The FY 2022 FSGG appropriation bill funds the Department of the Treasury, the Judiciary, the Executive Office of the President, and other independent agencies, including the Small Business Administration.
Through the Department of the Treasury, the bill provides $330 million for Community Development Financial Institutions, an increase of $60 million above the FY 2021 enacted level. The total amount includes $212 million for financial and technical assistance grants and $10 million to increase the availability and affordability of small-dollar loans.
It also commits $2.9 billion for Taxpayer Services to support initiatives like the Volunteer Income Tax Assistance Matching Grants Program, Low Income Taxpayer Clinic, the Taxpayer Advocate, Tax Counseling for the Elderly, and increased personnel to improve IRS customer service.
Following the critical role it played in helping support small businesses keep afloat through the COVID-19 pandemic, the bill also allocates $1 billion for the Small Business Administration including efforts to invest in programs to help underserved entrepreneurs access capital and contracting opportunities.
More details regarding the bill may be found by visiting the House Appropriations Committee's website.
Original source can be found here.
