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Monday, 03 August 2020 18:49

Congressmen Unveil Legislation to Create Recovery Fund for Small Businesses

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U.S. Reps. Filemon Vela (D-TX) and Lance Gooden (R-TX) on July 20 announced the introduction of the Small Business Comeback Act, bipartisan legislation that would create a recovery fund to provide businesses with the support they need to see it through the coronavirus national emergency.

The Comeback Act would complement business assistance provided under the CARES Act, and provide streamlined and tailored federal support for small businesses most impacted by COVID-19.

 

Relief is targeted to help establishments retain and rehire employees, maintain worker benefits and continue or resume economic activity.

 

The Comeback Act includes strong anti-abuse protections, and would prioritize support for businesses that serve low and moderate income communities and women- and minority-owned businesses. 

 

“Small businesses in the 34th District of Texas and across the nation are struggling to keep their doors open,” said Vela. “This bill seeks to fill the gaps of previous legislation by providing immediate relief in the form of flexible grants to establishments in need. As the uncertainty of this public health crisis continues to grow, I remain committed to ensuring businesses in my community and across the nation have access to the resources they need to see it through these difficult times, the Small Business Comeback Act helps accomplish that.”

 

"This legislation will deliver a massive win for small businesses, workers and consumers all across America. It improves upon the framework used in the Paycheck Protection Program because it is designed to provide freedom and flexibility to the businesses who were harmed by mandated closures,” said Gooden. “We wanted to reduce restrictions on how they could use the money.

 

"We’re not helping anyone if we cover them in red tape and new regulations just as they’re trying to get back on their feet. With this legislation, we can take a strong step toward seeing our economy through one of the greatest challenges it’s faced in a century.”

 

“We applaud Congressmen Vela and Gooden for outstanding leadership in advancing the Small Business Comeback Act, which is the type of broad-based policy solution needed to stabilize the U.S. economy,' said ICSC President and CEO Tom McGee. "As our nation continues to combat the virus, the Comeback Act would provide the capital needed for businesses, including small shopping center owners and their tenants, to survive, recover and drive employment growth. 

 

“Shopping centers are an integral part of local communities and provide hundreds of billions of dollars in state and local tax revenues, as well as one in four jobs. Without the Comeback Act, the entire industry is at risk resulting in empty storefronts and vacant shopping centers placing an indelible strain on communities across our country.”


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