Bill Clark / Contributor
- The House Small Businesses Committee proposed $50 billion in stimulus aid for small businesses.
- The bill includes $25 billion for restaurants, an additional $7.25 billion for the Paycheck Protection Program, and an additional $15 billion for Economic Injury Disaster Loans.
- 82% of Americans say they view small businesses aid as the most important part of any economic relief package.
- Visit the Business section of Insider for more stories.
The House Committee on Small Business unveiled its draft stimulus bill on Sunday, which includes $25 billion in restaurant aid and an additional $7.25 million allocated toward the Paycheck Protection Program.
House committees are in the midst of marking-up components of proposed stimulus provisions to be included in the final aid package, likely to be voted on at the end of February.
The House Small Business Committee’s bill, led by Chair Nydia Velázquez, created a $25 billion program for restaurants, of which $5 billion would be set aside for businesses with less than $500,000 of annual revenue in 2019. The bill also proposed an additional $7.25 billion to be allocated toward the Paycheck Protection Program, which would increase the program level from $806.4 billion to $813.7 billion.
The PPP reopened in January as a result of the funding Congress provided in the December stimulus package, and the additional proposed $7.25 billion would allow the program to be expanded to nonprofits and digital news outlets.
“In 2021, we must enact additional long-lasting relief measures under the Biden Administration,” Velázquez said in a statement following the December stimulus package. “America’s economic healing depends on the wellbeing of our small businesses and their employees. We will work until all small firms are taken care of and on the road to recovery.”
On top of added funding for the PPP, the bill also proposed an additional $15 billion for the Targeted Economic Injury Disaster Loan Advance program - $20 billion was allocated in the December package - which provides aid to businesses that suffered a revenue loss during the pandemic of at least 50%.
Insider previously reported that 82% of Americans view small business aid as the most important part of any new economic relief package, and measures introduced by other House committees, like extended unemployment benefits and an increase to the federal minimum wage, will also help small businesses revive from financial losses brought on by COVID-19.
Other elements of the bill included $175 million for a Community Navigator pilot program, which helps socially and economically disadvantaged businesses access COVID-19 relief funding, and an additional $1.25 billion for shuttered venue operators.