It’s a rainy and unconventional Memorial Day Weekend, so I thought I’d check in with some good news. I just got word that we’re going to be voting on TWO of my bipartisan small business bills in the House on Wednesday. From the beginning of the COVID-19 pandemic, it has been clear to me that we need to do more to support our small businesses as they weather this economic storm. The relief programs that were hastily enacted back in March simply aren’t working as intended – and to make matters worse, there’s no accountability or transparency over how the Small Business Administration is spending that relief money (your tax dollars). Here’s how I have been working to fix that:
- Representation begins with listening, so I’ve been talking with countless small business owners in Minnesota and around the nation about their experiences accessing relief. Their feedback has driven every step that follows…
- Public advocacy builds support, so I petitioned Treasury Secretary Steve Mnuchin and the House Small Business Committee to fix our small business relief programs
- Bipartisan collaboration and action is what makes good ideas viable, so I teamed up with Rep. Chip Roy (R-TX) to write the Paycheck Protection Program Flexibility Act, which fixes the problems we’re hearing about from small businesses once and for all
- Voting turns policy ideas into law, so I went to bat for our small businesses and successfully secured a vote on TWO important, bipartisan reforms, the Paycheck Protection Program Flexibility Act and the TRUTH Act
There aren’t very many business owners in Congress, so I’m proud to have provided that perspective and secured action on small business relief. With a vote scheduled on Wednesday for these two game-changing bills, the help our small business owners have been asking for is finally on the way…
The Paycheck Protection Program Flexibility Act:
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This bipartisan legislation will make urgent changes to the Paycheck Protection Program (PPP), resulting in a more accessible and equitable relief program for vulnerable small businesses. The proposed reforms are the result of an outpouring of feedback from small business owners and restaurateurs, and include allowing forgiveness for expenses beyond the 8-week covered period, the removal of the 75/25 rule, the elimination of restrictions limiting the loan terms of two years and expanded forgiveness for businesses unable to rehire due to the continuing pandemic. I wrote this bill with Rep. Chip Roy (R-TX), because these crucial fixes should be a priority for Republicans AND Democrats – they may mean the difference between survival and closure for small businesses across the nation as they attempt to weather the economic storm caused by the COVID-19 pandemic.
The TRUTH Act:
The bipartisan TRUTH Act would direct the SBA to publicly disclose details on how small business relief dollars are flowing and where they are going. The legislation would require the SBA to provide details on loans made over $2,000,000 and justify policy decisions like the recent slashing of loan limits, ensuring transparency and accountability from the agency while protecting the privacy of recipients of smaller loans. We are experiencing the largest expenditure of taxpayer money in American history, and since the beginning of the coronavirus pandemic, I’ve been on a mission to inject transparency and oversight into the process.
With a vote on Wednesday, the week ahead will be a significant one for small businesses and restaurants across the country. Until then, I’m wishing you a meaningful Memorial Day – be kind, be grateful, and honor those who have served and those we have lost. Now and always, we’re in this together.
Keep the faith and keep in touch,
Dean Phillips
Member of Congress