Policy News – March 11, 2021

Yesterday, The House took a final vote on the $1.9 trillion American Rescue Plan, where it was passed. After the bill is signed by President Biden, this will bring United States Coronavirus response funding to a total of $5.5 trillion. This fact sheet was released by the SBA on changes to the PPP to increase equitable relief. Early indications of the program include:

  • Minority-owned businesses up by 20%, or an additional 1,000 businesses accessing relief each day
  • Women-owned businesses up by 14%, or an additional 600 businesses accessing relief each day
  • Small businesses in rural areas up by 12%, an additional 1,000 businesses accessing relief each day

 

Targeted outreach to underserved communities during the exclusivity period included:

 

Happening on the Hill

The House Committee on Financial Services will hold a virtual hearing on How Diversity Data Can Measure Commitment to Diversity, Equity and Inclusion on Thursday, March 18 at 12:00 PM.

The House Committee on Appropriations will hold a virtual hearing on Domestic Manufacturing for a Clean Energy Future on Wednesday, March 17 at 1:00 PM.

The House Committee on Ways and Means Subcommittee on Select Revenue Measures will hold a virtual hearing on Tax Tools to Help Local Governments Today at 2:00 PM.

The Senate Committee on Banking, Housing, and Urban Affairs will hold a virtual hearing on the State of Housing in America on Tuesday, March 16 at 2:00 PM.

The Senate Committee on Health, Education, Labor, and Pensions will hold a virtual nominations hearing on the Nomination of Julie Su to serve as Deputy Secretary of Labor on Tuesday, March 16 at 10:00 AM. 

The Senate Committee on Finance will hold a virtual hearing on the Effect of the U.S. Tax Code on Domestic Manufacturing on Tuesday, March 16 at 10:00 AM.

The Senate Committee on the Judiciary Subcommittee on Competition Policy, Antitrust, and Consumer Rights will hold a virtual hearing on Competition Policy for the Twenty-First Century: The Case for Antitrust Reform Today at 10:00 AM.

 

Bills of Interest

  • Rep. Nydia Velazquez (D-NY-7) introduced a bill to amend chapter 11 of title 35, United States Code, to require the voluntary collection of demographic information for patent inventors.
  • Rep. Beth Van Duyne (R-TX-24)introduced a bill to require the Administrator of the Small Business Administration to report on small business recovery and the impact of an hourly Federal minimum wage increase.
  • Rep. Abigail Spanberger (D-VA-7) introduced a bill to require the Comptroller General of the United States to submit a report evaluating the process used by Federal Communications Commission for establishing, reviewing, and updating upload and download broadband internet access speed thresholds.
  • Rep. David Scott (D-GA-13) introduced a bill to amend the Consumer Financial Protection Act of 2010 to direct the Office of Community Affairs to identify causes leading to, and solutions for, under-banked, un-banked, and underserved consumers.
  • Rep. Carol Miller (R-WV-3) introduced a bill to promote exports of goods and services from and facilitation of business investment in rural areas of the United States.
  • Rep. Jerry McNerney (D-CA-9)introduced a bill to establish a broadband infrastructure finance and innovation program to make available loans, loan guarantees, and lines of credit for the construction and deployment of broadband infrastructure.
  • Rep. Al Green (D-TX-9) introduced a bill to amend the State Small Business Credit Initiative Act of 2010 to respond to the COVID-19 pandemic.

 

At the Agencies

U.S. Department of the Treasury

The Department of the Treasury released a statement from Secretary Janet L. Yellen at the National League of Cities Congressional City Conference.

 

U.S. Small Business Administration

The US Small Business Administration released a Fact Sheet on Changes to Paycheck Protection Program by Biden-Harris Administration Increase Equitable Access to Relief.