Small Business Growth Act of 2007

H.R. 1012, the Small Business Growth Act of 2007, proposes a series of reforms aimed at reducing operating costs and regulatory burdens for small businesses. The bill would allow small businesses to band together through trade associations to purchase "Association Health Plans," potentially lowering insurance premiums by giving small groups the same bargaining power as large corporations. Additionally, the legislation seeks to protect small business owners from legal and administrative costs by mandating sanctions for frivolous lawsuits, limiting fines for first-time paperwork errors, and increasing the target for federal contracts awarded to small firms to 25%.