The “Small Business Comeback Act” would create the Small Business Recovery Fund to provide federal grants for operational expenses to help businesses reopen and stay open during the COVID-19 pandemic.
Minutes before press time, Rep. Filemon Vela (D-Texas) and Rep. Lance Gooden (R-Texas) introduced the “Small Business Comeback Act" in the U.S. House of Representatives. This legislation would create the Small Business Recovery Fund. The America's Recovery Fund Coalition, which the Big “I" is a member of, supports this legislation.
The Small Business Recovery Fund 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, entering 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.
The Big “I" will have further information on the "Small Business Comeback Act" in this Thursday's News and Views e-newsletter.
Wyatt Stewart is Big “I" senior director of federal government affairs.