The Big “I,” along with its America’s Recovery Coalition partners, sent a letter in support of the Small Business Recovery Fund.
This week, the Big “I,” along with its America’s Recovery Coalition partners, sent a letter in support of H.R.7671, the “Small Business Comeback Act of 2020.”
The letter comes after Representatives Filemon Vela (D-Texas) and Lance Gooden (R-Texas) introduced the legislation early last week. America’s Recovery Fund Coalition represents more than 150 organizations, around 45% of the American workforce, and roughly 58 million workers nationwide.
H.R. 7671 would create the Small Business Recovery Fund which would provide federal grants for operational expenses to help businesses reopen and stay open during the COVID-19 pandemic. Businesses would apply for a grant online through an easy-to-access form and enter data on operating costs and revenue from March 1 to the application date.
The decision would be nearly instant and money would be distributed quickly, helping businesses recoup lost revenue due to social distancing and forced shutdowns. Funds would help cover essential operating expenses including rent, utilities, payroll, and state and local taxes to give businesses financial certainty and confidence to reopen.
As developments on the Recovery Fund progress, the Big “I” will provide more information in the weekly News & Views e-newsletter.
Joseph Cortina is Big “I” director of federal government affairs.