An ambitious climate goal, combatting fraud in COVID-19 relief programs, supply chain issues and small businesses, and the Connecticut legislature’s work on taxes are among the top business news items this morning.
President Joe Biden will reportedly pledge to cut greenhouse gas emissions in the United States by 50 percent by 2030 as the White House prepares to host a virtual climate summit this week. The goal would nearly double the commitment made by the U.S. under the Paris climate agreement.
The House Small Business Committee held a hearing Tuesday on waste and fraud issues in the Paycheck Protection Program and Economic Injury Disaster Loan programs administered by the U.S. Small Business Administration. The committee heard witnesses discuss issues unveiled during investigations into the programs as well as internal controls designs to combat misuse.
A Wall Street Journal article looks at how ongoing supply chain issues are affecting U.S. small businesses. These problems can be particularly damaging to smaller firms, as they are often less prepared to manage product shortages, pricing issues, and other issues caused by supply chain disruptions.
Governor Ned Lamont is urging the Connecticut legislature to avoid broad-based tax increases as lawmakers address tax issues related to health insurance carriers, income tax, property taxes, and more. Some proposals have received pushback, such as a “mansion tax” on higher value properties that Lamont says could drive residents out of the state and a proposed tax hike on digital advertising that is being opposed by retailers.