S.3742 - RELIEF for Main Street Act116th Congress (2019-2020)
|Sponsor:||Sen. Booker, Cory A. [D-NJ] (Introduced 05/14/2020)|
|Committees:||Senate - Small Business and Entrepreneurship|
|Committee Meetings:||07/23/20 10:00AM|
|Latest Action:||Senate - 07/23/2020 Committee on Small Business and Entrepreneurship. Hearings held. (All Actions)|
This bill has the status Introduced
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Summary: S.3742 — 116th Congress (2019-2020)All Information (Except Text)
Introduced in Senate (05/14/2020)
Recharge and Empower Local Innovation and Entrepreneurs Fund for Main Street Act or the RELIEF for Main Street Act
This bill establishes for one year the Small Business Local Relief Program, which shall allocate resources to states, local governments, and Native American tribes for providing assistance to certain small businesses and nonprofits that have lost revenue due to COVID-19 (i.e., coronavirus disease 2019).
Specifically, the bill provides $50.5 billion for such assistance, of which (1) $35 billion shall be distributed based on the Community Development Block Grant formula (70% allocated to larger cities and counties and 30% to rural communities), (2) $15 billion shall be allocated to provide financing exclusively to businesses in rural areas, and (3) $500 million shall be for Native American Tribes.
These amounts shall be used to start or scale a local small business emergency fund or to support organizations that provide technical assistance to small businesses or nonprofits. Such local funds or organizations may then use the amounts to assist small businesses (including sole proprietorships, independent contractors, and self-employed individuals) and nonprofits that (1) employ no more than 20 full-time employees (50 if the recipient is located in a low-income community), (2) has experienced a loss of revenue because of COVID-19, and (3) satisfies any additional requirements imposed by the administrator of the fund.
A state, local government, or Native American tribe that receives funds under the bill must report specified demographic and disbursement information.