Summary: S.4047 — 116th Congress (2019-2020)All Information (Except Text)

There is one summary for S.4047. Bill summaries are authored by CRS.

Shown Here:
Introduced in Senate (06/23/2020)

Saving Our Street Act

This bill establishes and provides funding for the Microbusiness Assistance Fund through which the Department of the Treasury must provide grants to specified small entities.

Specifically, the bill provides $125 billion for grants to entities such as community small businesses and nonprofits that have suffered a drop in revenue of over 20% during the COVID-19 (i.e., coronavirus disease 2019) pandemic. Such a grant shall not exceed $250,000 and may only be used for certain purposes, including (1) rehiring or hiring furloughed employees; (2) payment of compensation, rent or mortgage, utilities, or insurance; and (3) providing health care and benefits to employees.

Treasury is prohibited from denying a grant on the basis of any criminal history or involvement with the criminal legal system. Further, Treasury must give priority to people of color, veterans, women-owned community businesses, and socially and economically disadvantaged individuals, and 75% of appropriated amounts shall be provided to businesses or nonprofits owned or controlled by one or more socially and economically disadvantaged individuals.