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:
- Black History Month webinars
- Women’s History Month Instagram Live
- Eight virtual SBA informational webinars about PPP changes
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.