WASHINGTON, D.C. – Today, U.S. Senator Jacky Rosen (D-NV), a member of the Senate Committee on Small Business & Entrepreneurship, released the following statement recognizing National Small Business Week, observed this year from September 20th through 26th:
“In Nevada, small businesses are the engine that runs our communities,” said Senator Rosen. “Small businesses make up over 99% of all businesses in Nevada, and they employ just over a third of our state’s private workforce. However, our small businesses have hit hard times due to the pandemic, and the impact of this economic crisis has been felt here and across the nation. I have made it my priority to support our small businesses and ensure they have the resources they need to weather this economic storm. I will continue working to lift up Nevada’s small business community, and keep fighting for small business owners, workers, and all Nevadans who need support during this difficult time.”
BACKGROUND: Nevada is home to more than 250,000 small businesses. Senator Rosen has introduced and co-sponsored numerous bipartisan bills to help small businesses during the COVID-19 pandemic.
In September, Senator Rosen co-sponsored the RESTAURANTS Act (S. 4012), bipartisan legislation that would create a $120 billion revitalization fund at the U.S. Department of the Treasury to provide grants to restaurants, food stands, food trucks, food carts, caterers, saloons, inns, taverns, bars, lounges, or other similar businesses of 20 employees or less to help with expenses such as payroll, benefits, mortgage, rent, utilities, maintenance, supplies, food, and debt obligations to suppliers.
Also in September, Senator Rosen co-sponsored the Save our Stages Act or the SOS Act (S. 4258), bipartisan legislation that would make U.S. Small Business Administration (SBA) grants available to eligible live venue operators, producers, promoters, or talent representatives to address the economic effects of the COVID-19 pandemic on certain live venues.
In July, Senator Rosen introduced the bipartisan Ensuring Increased Disaster Loans (EIDL) for Small Businesses Act (S.4227) with Senator John Cornyn (R-TX). This legislation would assist the nation’s small businesses impacted by the coronavirus pandemic by providing an additional $180 billion for the Economic Injury Disaster Loan (EIDL) and EIDL Advance programs. The bill would also prohibit the Small Business Administration (SBA) from arbitrarily capping EIDL loans below $2 million – the threshold set by Congress – and require SBA to provide $10,000 EIDL Advance grants to all eligible small businesses, regardless of size, as intended by the CARES Act.
Also in July:
- Senator Rosen helped introduce and pass bipartisan legislation to extend the U.S. Small Business Administration’s authority to approve Paycheck Protection Program (PPP) loans to small businesses through August 8, 2020. Without action from Congress, PPP would have expired on June 30th.
- Senator Rosen co-sponsored the RESTART Act (S. 3814), bipartisan legislation that would create loans that cover 6 months of payroll and other operating expenses for businesses and nonprofits with 5,000 or fewer employees and with a decline in revenues of at least 25 percent. Additionally, the bill would provide businesses or nonprofits experiencing revenue decline of at least 80 percent with an extended 12-month forgiveness period.
In May, Senator Rosen co-sponsored the Small Business Expense Protection Act (S.3612). This bipartisan legislation, introduced by Senator John Cornyn (R-TX), would clarify that ordinary business expenses paid for using funding obtained through the Small Business Administration’s Paycheck Protection Program (PPP) are tax-deductible.
In April, Senator Rosen introduced the Equal Access to COVID-19 Relief Act, a bipartisan, bicameral bill that would allow legal gaming small businesses full access to SBA loan and grant programs created by the CARES Act and prior coronavirus relief legislation.
Last year, Senator Rosen introduced the Small Business Child Care Investment Act (S.2549) with Senator Joni Ernst (R-IA). This bipartisan legislation would make non-profit child care providers eligible to participate in all loan programs available through the Small Business Administration (SBA). It recently passed the Senate as part of the FY2021 National Defense Authorization Act, via a bipartisan amendment from Senator Rosen.
Small businesses that are experiencing difficulties navigating federal assistance can send their inquiries and questions to SmallBusiness@Rosen.Senate.gov, and a team of dedicated professionals will respond to provide assistance.
Senator Rosen’s office is working around the clock to ensure Nevadans stay up to date on the latest news regarding the coronavirus, as well as provide a list of resources to assist Nevadans.