Budget bill: Sens. John Kennedy and Bill Cassidy are raising concerns about a provision in the proposed $3.5 trillion congressional budget reconciliation bill that would allot billions in indirect government loans to small businesses. They, along with 13 other senators, call the plan “inefficient, costly and inequitable,” in a letter addressed to House and Senate leadership and chairs of both chambers’ Small Business Committees. The provision, known as Section 100502 would authorize nearly $4.5 billion over 10 years for the U.S. Small Business Administration to issue direct 7(a) loans. Read the full story from The Center Square.
COLA: Millions of retirees on Social Security will get a 5.9% boost in benefits for 2022. The biggest cost-of-living adjustment in 39 years follows a burst in inflation as the economy struggles to shake off the drag of the coronavirus pandemic. The COLA, as it’s commonly called, amounts to $92 a month for the average retired worker, according to estimates released Wednesday by the Social Security Administration. Read the full story.
Coast clear, almost: Louisiana has been rocked by five hurricanes during the past five years, including two of the most powerful ever to make landfall in the state—Hurricane Laura in 2020 near Lake Charles and Hurricane Ida in August in bayou country. However, The Daily Advertiser reports that Louisiana might be in the clear when it comes to the 2021 hurricane season, which ends Oct. 31. “The likelihood of tropical activity for us is dropping off fast,” says Ben Schott, chief meteorologist for the National Weather Service’s New Orleans station. Read the full story.