Small Business Comeback Act (H.R.7671)

PRESS RELEASE: CONGRESSMAN VELA AND GOODEN UNVEIL LEGISLATION TO CREATE RECOVERY FUND FOR AMERICA’S SMALL BUSINESSES

Washington, DC – Congressmen Filemon Vela (D-TX) and Lance Gooden (R-TX) announced the introduction of the Small Business Comeback Act, bipartisan legislation that would create a recovery fund to provide businesses with the support they need to see it through the coronavirus national emergency. 

The Comeback Act would complement business assistance provided under the CARES Act, and provide streamlined and tailored federal support for small businesses most impacted by COVID-19. Relief is targeted to help establishments retain and rehire employees, maintain worker benefits, and continue or resume economic activity. The Comeback Act includes strong anti-abuse protections, and would prioritize support for businesses that serve low and moderate income communities and women- and minority-owned businesses. 

“Small businesses in the 34th District of Texas and across the nation are struggling to keep their doors open,” said Congressman Filemon Vela. “This bill seeks to fill the gaps of previous legislation by providing immediate relief in the form of flexible grants to establishments in need. As the uncertainty of this public health crisis continues to grow, I remain committed to ensuring businesses in my community and across the nation have access to the resources they need to see it through these difficult times, the Small Business Comeback Act helps accomplish that.”

"This legislation will deliver a massive win for small businesses, workers, and consumers all across America. It improves upon the framework used in the Paycheck Protection Program because it is designed to provide freedom and flexibility to the businesses who were harmed by mandated closures,” said Congressman Lance Gooden. “We wanted to reduce restrictions on how they could use the money. We’re not helping anyone if we cover them in red tape and new regulations just as they’re trying to get back on their feet. With this legislation, we can take a strong step toward seeing our economy through one of the greatest challenges it’s faced in a century.”

“We applaud Congressmen Vela and Gooden for outstanding leadership in advancing the Small Business Comeback Act, which is the type of broad-based policy solution needed to stabilize the U.S. economy. As our nation continues to combat the virus, the Comeback Act would provide the capital needed for businesses, including small shopping center owners and their tenants, to survive, recover and drive employment growth,” said ICSC President and CEO, Tom McGee. “Shopping centers are an integral part of local communities and provide hundreds of billions of dollars in state and local tax revenues, as well as one in four jobs. Without the Comeback Act, the entire industry is at risk resulting in empty storefronts and vacant shopping centers placing an indelible strain on communities across our country.”

“It is clear that economic recovery is going to require a long-term and wide-ranging solution. This legislation will help America’s franchise businesses replace historic losses in revenue, staving off what could be massive numbers of small businesses’ bankruptcies and layoffs,” said Matt Haller, IFA Senior Vice President of Government Relations and Public Affairs. “COVID-19 has affected small businesses of all types, and importantly, this bill doesn’t pick winners and losers by business type, sector, or size. American businesses across the board are hurting. This is the bold solution we need to get through to the other side of this crisis. IFA and America’s 733,000 franchise businesses thank Congressmen Vela and Gooden for their leadership.” 

“We wholeheartedly endorse and support the legislation introduced by Representatives Vela and Gooden to establish the Small Business Comeback Act,” said Trevor Hanger, ARFC Research Director. “In this bill, we finally have a vehicle to cultivate a sustainable economic recovery. By prioritizing the hardest-hit businesses and with greater flexibility in how the money can be used, the Comeback Act will help fill the gaps left by earlier programs and give business owners the immediate relief and certainty needed to keep their doors open. As repeated shutdowns and rollbacks of reopening plans continue to disrupt the economy, this legislation will provide the stability that Main Streets across America so desperately need. We thank Representatives Vela and Gooden and call on Congress to pass the Small Business Comeback Act now. The longer we wait, the more costly – and perilous – inaction becomes.”

The Small Business Comeback Act would: 

• Offset operating expenses for small businesses most impacted by COVID-19, supporting their ability to retain and rehire employees, with benefits, and provide resources to help businesses stay open or reopen operations. 
• Establish eligibility requirements that encourage businesses to retain employees exposed or ill from COVID-19, at full compensation and benefits. 
• Complement business assistance provided under the CARES Act. 
• Prioritize compensation payment for businesses operating in low- and moderate-income communities, minority- and women-owned businesses, and businesses most impaired by COVID-19.
• Create a streamlined relief fund operated by a Special Administrator appointed by the Secretary of the Treasury. 
• Establish a robust process for filing an application, determining adequate compensation, payment, and auditing. 
• Provide strong oversight and auditing by the Treasury Secretary and a Special Inspector General, with accountability to a Congressional Oversight Board. 

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Reps. Lance Gooden (R-TX) & Filemon Vela (D-TX) Introduce the Small Business Comeback Act

WASHINGTON, D.C. - Congressmen Lance Gooden (R-TX) and Filemon Vela (D-TX) have teamed up to provide much-needed relief to businesses and workers impacted by the coronavirus pandemic. The Small Business Comeback Act, which the lawmakers introduced Monday, is tailored to the needs of main street.
 
The legislation will complement the CARES Act and Paycheck Protection Program by simplifying the application process and reducing restrictions on how funds can be used. It is aimed at providing continued relief to businesses and employees most impacted by COVID-19: small businesses, including independently-owned franchises and businesses operating in rural and underserved areas.

Congressman Lance Gooden (R-TX) - "This legislation will deliver a massive win for small businesses, workers, and consumers all across America. It improves upon the framework used in the Paycheck Protection Program because it is designed to provide freedom and flexibility to the businesses who were harmed by mandated closures.
 
We wanted to reduce restrictions on how they could use the money. We’re not helping anyone if we cover them in red tape and new regulations just as they’re trying to get back on their feet. With this legislation, we can take a strong step toward seeing our economy through one of the greatest challenges it’s faced in a century.”

Congressman Filemon Vela (D-TX) - “Small businesses in the 34th District of Texas and across the nation are struggling to keep their doors open. This bill seeks to fill the gaps of previous legislation by providing immediate relief in the form of flexible grants to establishments in need. As the uncertainty of this public health crisis continues to grow, I remain committed to ensuring businesses in my community and across the nation have access to the resources they need to see it through these difficult times, the Small Business Comeback Act helps accomplish that.”