Washington, D.C.— Today, House Small Business Committee Chairwoman Nydia M. Velázquez (D-NY) issued the following statement after the House voted to pass H.R. 133, a bill consisting of omnibus spending, coronavirus relief, and authorizations:
“Small businesses have voiced the need for additional stimulus for months. Republicans have finally dropped their obstruction strategy and come to the table to help Democrats deliver for entrepreneurs. I want to thank House Speaker Nancy Pelosi, Senate Democratic Leader Chuck Schumer, and the various Chairs of House committees for their efforts to provide over $300 billion to American small businesses. Their months of unrelenting work allowed for this deal to happen at a time when small businesses and the American people need relief the most.
“Democratic negotiators fought to fill this bill with provisions that will help small businesses make it through this Winter and into 2021. The recent rise in COVID cases is once again harming small businesses’ revenues and threatening their survival. By reviving the Paycheck Protection Program, this bill will help save jobs and keep small firms afloat. During the negotiation process, I worked to secure $30 billion in set-asides for community financial institutions and mission-based lenders. These provisions have proven to be the most effective way to spread PPP funds’ distribution. We must ensure that big companies don’t dominate PPP. Most importantly, the creation of set-asides will help ensure the smallest of small businesses and those owned by people of color can access the program. The bill also sets guidelines for the hardest hit small businesses to obtain a second round of PPP loans.
“Throughout this pandemic, small business owners told our Committee that they were wary of taking on additional debt during this precarious time. House Democrats heard these concerns and fought to include $20 billion in additional funding for EIDL grants. These targeted grants will provide small business owners with desperately needed relief without weighing down their balance sheets. The bill will also create a $15 billion grant program for shuttered venues, such small independent live entertainment venues, movie theaters, and cultural institutions. These beloved establishments have been among the hardest hit by this crisis.
“Today’s vote was a long time coming and will help avert catastrophe for many small firms. But this is a compromise and is by no means a perfect piece of legislation. In 2021, we must enact additional long-lasting relief measures under the Biden Administration. America’s economic healing depends on the wellbeing of our small businesses and their employees. We will work until all small firms are taken care of and on the road to recovery.”
The full text of the bill is available here. Click here for a section by section summary of the small business measures in the bill. A factsheet about the small business provisions in the bill is available here.