"Committee Approves $50 Billion in Small Business Aid for COVID Relief Package"
Summary
A House Small Business Committee press release dated February 10, 2021 announcing that the committee, chaired by Rep. Nydia M. Velázquez (D-NY), approved legislation to provide small businesses with $50 billion in emergency aid. The release states that the bill goes next to the House Budget Committee and quotes Chairwoman Velázquez. According to the release, the bill would expand Paycheck Protection Program eligibility and funding, allocate $15 billion for the Targeted Economic Injury Disaster Loan (EIDL) Advance program and provide $25 billion for a new SBA program for restaurants and other food and drinking establishments. It lists an additional $1.25 billion for the Shuttered Venue Operators Grant Program, $840 million for administrative costs, $460 million for the disaster loan program and $25 million for SBA's Office of Inspector General.
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Full text
Committee Approves $50 Billion in Small Business Aid for COVID Relief Package February 10, 2021 Washington, D.C.— Today, the House Small Business Committee, chaired by Rep. Nydia M. Velázquez (D-NY), approved legislation to provide small businesses with $50 billion in emergency aid to recover from the ongoing COVID-19 pandemic. The bill now goes to the House Budget Committee to be included in a comprehensive aid package. “After suffering through this pandemic for nearly a year, millions of small businesses are on the brink of collapse. Surveys show that one in three small business owners will not survive the next few months without additional financial support,” said Chairwoman Velazquez. “Small businesses have made it clear they require big and bold relief measures to make it through this crisis. On this committee, It is our duty to deliver this relief as quickly as possible. This bill will fulfill our obligation to America’s entrepreneurs and help them advance on the road to recovery.” In 2020, the United States suffered the worst decline in active business ownership rate on record. So far in the new year, conditions for small business owners remain fraught. The NFIB Small Business Optimism Index declined to an eight-month low in January. The committee’s proposal would provide funding for existing efforts like the Paycheck Protection Program and Economic Injury Disaster Loan program while also creating a new $25 billion grant program for struggling small restaurants. The bill would send over $1 billion in funding to the Small Business Administration for administrative costs to help programs operate more effectively. The bill also includes provisions to: Expand Paycheck Protection Program eligibility and increase program funding Allocate $15 billion for the Targeted Economic Injury Disaster Loan (EIDL) Advance program Provide $25 billion for a new program at the SBA offering assistance to restaurants and other food and drinking establishments. Establish the Community Navigator pilot program to increase awareness of and participation in COVID-19 relief programs Provide an additional $1.25 billion for the SBA Shuttered Venue Operators Grant Program Appropriate $840 million for administrative costs to prevent, prepare and respond to the COVID–19 pandemic, including expenses related to PPP, aid to Venues, and grants to restaurants. Fund $460 million for the disaster loan program Allocate $25 million for SBA’s Office of Inspector General for oversight, to remain available until expended. Click here for a copy of Chairwoman Velázquez’s opening statement. Click here for full text of the bill. Click here for a section by section summary of the bill.
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