Washington, D.C.— Today, House Small Business Committee Chairwoman Nydia M. Velázquez (D-NY) issued the following statement after the House passed the American Rescue Plan Act of 2021, which would provide $50B in relief funding to small businesses:
“It’s long been clear that small businesses are in dire need of more support. In 2021, economic data and surveys of small firms have consistently shown that many small businesses will not make it through the year without additional aid. Last year, we lost 800 businesses every day between April and September. And for every business that has closed, there is another on the brink of disaster.
“Today, House Democrats answered small business owners’ pleas for help by passing President Biden’s $1.9T American Rescue Plan. My Committee worked to ensure that this bill met the needs of the businesses in our districts and provides the relief firms need to make it through this crisis. Our Committee’s portion of the bill creates a $25B grant program to offer a critical lifeline to the restaurants and bars that COVID has decimated. The package also appropriates $15B for the Targeted EIDL Advance program. These funds are crucial for the many small businesses that can’t afford to take on additional debt. Additionally, the bill expands PPP eligibility to larger non-profits, so they can keep providing critical services in communities across the country.
“The bill also allocates an additional $1.25B to the Shuttered Venue Grant Program to support the many struggling entertainment venues that sit empty due to the virus. These are beloved cultural institutions, and this bill will help ensure they are still in our communities after this crisis. Finally, the bill provides SBA with $1.5B for administrative expenses. This funding will give SBA the resources they need to efficiently administer these programs and get relief to small business owners as soon as possible.
“This crisis is far from over, and our nation’s small businesses are still struggling. But this bill will provide entrepreneurs with the support they need to make it to the other side of this crisis. I urge my colleagues in the Senate to take quick action on this bill to send it to President Biden’s desk.“
For a factsheet on the small business provisions in the bill, click here.
