WASHINGTON, D.C. – Today, U.S. Senator Jacky Rosen (D-NV), a member of the Senate Committee on Small Business and Entrepreneurship, addressed the Vegas Chamber’s Eggs and Issues virtual event to provide an update on her work in Congress to support Nevada small businesses and employees during the COVID-19 pandemic.
“Over the past several months, I’ve been able to partner with this chamber and others, up and down the state, to help the Nevada small business community navigate the economic impacts of COVID-19,” said Senator Rosen. “During today’s event, I had the chance to share the work I’ve been doing to support our state’s small businesses, workers, and economy. As we navigate the difficult economic storm brought on by COVID-19, know that I will not stop fighting to support Nevadans in all corners of our state.”
BACKGROUND: Nevada is home to more than 280,000 small businesses. Senator Rosen has introduced and co-sponsored numerous bipartisan bills to help small businesses during the COVID-19 pandemic.
Senator Rosen has partnered with local Chambers of Commerce in Nevada to provide updates on the federal government’s response to the COVID-19 crisis.
In May, Senator Rosen co-sponsored the Small Business Expense Protection Act (S.3612) introduced by Senator John Cornyn (R-TX). This bipartisan legislation 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 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 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.
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.