Washington, D.C- Today, House Small Business Committee Chairwoman Nydia M. Velazquez (D-NY) issued the following statement on House Democrats’ release of an updated Heroes Act:
“Small businesses across the country are struggling. With economic recovery stalling and a new potential wave of small business closures looming, America’s entrepreneurs need more federal relief.
“We must meet their needs with bold legislation that ensures vulnerable small businesses are not left behind. Half measures will not suffice. This bill will not only reopen the Paycheck Protection Program but will also make critical improvements to make the program more effective. The updated Heroes Act will give underserved small businesses and struggling non-profits that were unable to access the program the first time around a fair shot at relief through set-asides and funding for mission-based lenders. Democrat’s new proposal will help fight off additional small business closures by allowing firms to take second PPP loans and providing targeted assistance to the struggling restaurant and independent live venue industries.
“During these uncertain times, many small businesses are wary of taking on additional debt. That’s why this legislation includes new funding for EIDL grants that will give small businesses more liquidity and flexibility to pay for costs not covered by PPP. The bill would also install new guardrails on the federal relief process by mandating regular data reporting on loan programs from the SBA and making publicly traded companies ineligible to receive loans.
“Finally, it is vital that we enact policies that allow for long term small business recovery. This new Heroes Act appropriates funds for post-recession stimulus measures and would strengthen core SBA programs like 7(a), 504, and microloans. This allows small businesses not just to stay afloat in the near term but to lead the way as our nation recovers.
“Small businesses are doing all that they can to survive; they cannot afford inaction from Washington. This legislation matches the severity of the moment and will help them make it through this difficult time.”
For a section by section summary of the small business provisions in the bill, click here.