On Monday, we told you about the latest effort to "fix" Sarbanes-Oxley -- or at least to help bridge the compliance costs gap for small businesses until the much-maligned corporate reform law can be fixed.
Sen. John Kerry's (D-Mass.) Small Business Sarbanes-Oxley Assistance Act of 2006 would enable the Small Business Administration to give out $25 million in grants over a five-year period to help small businesses pay for Sarbox compliance.
It sounds good to us, but according to CFO.com, those who would actually be affected by it don't think it'll go far. Or that it will do enough if it does pass.
The bill, introduced near the beginning of a lame-duck congressional session, is unlikely to receive high priority. And it's not the right approach. As one small business exec quoted in the piece notes, "changing [the] legislation to allow for the normal progress of growth that a company goes through [would be] more logical than throwing money at the problem."