US HB6907 | 2019-2020 | 116th Congress

Status

Spectrum: Bipartisan Bill
Status: Introduced on May 15 2020 - 25% progression
Action: 2020-05-15 - Referred to the House Committee on Small Business.
Pending: House Small Business Committee
Text: Latest bill text (Introduced) [PDF]

Summary

RELIEF for Main Street Act Recharge and Empower Local Innovation and Entrepreneurs Fund for Main Street Act This bill establishes for one year the Small Business Local Relief Program, which shall allocate resources to states, local governments, and Native American tribes for providing assistance to certain small businesses and nonprofits that have lost revenue due to COVID-19 (i.e., coronavirus disease 2019). Specifically, the bill provides $50.5 billion for such assistance, of which (1) $35 billion shall be distributed based on the Community Development Block Grant formula (70% allocated to larger cities and counties and 30% to rural communities), (2) $15 billion shall be allocated to provide financing exclusively to businesses in rural areas, and (3) $500 million shall be for Native American Tribes. These amounts shall be used to start or scale a local small business emergency fund or to support organizations that provide technical assistance to small businesses or nonprofits. Such local funds or organizations may then use the amounts to assist small businesses (including sole proprietorships, independent contractors, and self-employed individuals) and nonprofits that (1) employ no more than 20 full-time employees (50 if the recipient is located in a low-income community), (2) has experienced a loss of revenue because of COVID-19, and (3) satisfies any additional requirements imposed by the administrator of the fund. A state, local government, or Native American tribe that receives funds under the bill must report specified demographic and disbursement information.

Tracking Information

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Title

RELIEF for Main Street Act Recharge and Empower Local Innovation and Entrepreneurs Fund for Main Street Act

Sponsors


History

DateChamberAction
2020-05-15HouseReferred to the House Committee on Small Business.
2020-05-15HouseIntroduced in House

Same As/Similar To

SB3742 (Same As) 2020-05-14 - Read twice and referred to the Committee on Small Business and Entrepreneurship.

Subjects


US Congress State Sources


Bill Comments

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