US SB3742 | 2019-2020 | 116th Congress
Status
Spectrum: Bipartisan Bill
Status: Introduced on May 14 2020 - 25% progression, died in chamber
Action: 2020-07-23 - Committee on Small Business and Entrepreneurship. Hearings held.
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on May 14 2020 - 25% progression, died in chamber
Action: 2020-07-23 - Committee on Small Business and Entrepreneurship. Hearings held.
Text: Latest bill text (Introduced) [PDF]
Summary
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.
Title
RELIEF for Main Street Act Recharge and Empower Local Innovation and Entrepreneurs Fund for Main Street Act
Sponsors
Sen. Cory Booker [D-NJ] | Sen. Steve Daines [R-MT] | Sen. Patty Murray [D-WA] | Sen. Todd Young [R-IN] |
History
Date | Chamber | Action |
---|---|---|
2020-07-23 | Senate | Committee on Small Business and Entrepreneurship. Hearings held. |
2020-05-14 | Senate | Read twice and referred to the Committee on Small Business and Entrepreneurship. |
Same As/Similar To
HB6907 (Same As) 2020-05-15 - Referred to the House Committee on Small Business.
SB4818 (Related) 2020-12-10 - Committee on Small Business and Entrepreneurship. Hearings held.
SB4818 (Related) 2020-12-10 - Committee on Small Business and Entrepreneurship. Hearings held.
Subjects
Appropriations
Cardiovascular and respiratory health
Commerce
Department of the Treasury
Economic development
Emergency medical services and trauma care
Executive agency funding and structure
Federal-Indian relations
Government information and archives
Government lending and loan guarantees
Indian social and development programs
Infectious and parasitic diseases
Minority and disadvantaged businesses
Rural conditions and development
Small business
State and local finance
State and local government operations
Women in business
Cardiovascular and respiratory health
Commerce
Department of the Treasury
Economic development
Emergency medical services and trauma care
Executive agency funding and structure
Federal-Indian relations
Government information and archives
Government lending and loan guarantees
Indian social and development programs
Infectious and parasitic diseases
Minority and disadvantaged businesses
Rural conditions and development
Small business
State and local finance
State and local government operations
Women in business
US Congress State Sources
Type | Source |
---|---|
Summary | https://www.congress.gov/bill/116th-congress/senate-bill/3742/all-info |
Text | https://www.congress.gov/116/bills/s3742/BILLS-116s3742is.pdf |