COVID Relief Bill IntroducedJuly 6, 2022
Legislation was recently introduced by Chair of the Senate Committee on Small Business and Entrepreneurship Ben Cardin (D-Md.), the Hard-Hit Small Business Relief Fund (S. 4471). For hard-hit small businesses demonstrating substantial losses in 2020 and 2021 due to the pandemic, this bill would establish a $6 billion fund to make grants to eligible small businesses.
S. 4471 is organized to be financed by the remaining funds from the U.S. Small Business Administration’s (SBA) COVID relief programs, providing authority to the SBA to define eligibility, but expanding it specifically for sole proprietorships, independent contractors, self-employed individuals and tribally-owned small businesses. With a busy session scheduled for Congress once it returns from its mid-summer July break, particularly ahead of its annual August recess, as well as the slated District work periods for October ahead of the midterms this November, it is unclear when S.4471 will receive consideration in committee or on the Senate and House Floor.