America’s small businesses having fewer than 20 workers would receive COVID-19 federal relief funds under new bipartisan legislation introduced by U.S. Sen. Steve Daines (R-MT).
“This bipartisan legislation is about taking the decision-making powers out of the hands of Washington, D.C., and putting it in the hands of our local communities who know their own needs best,” Sen. Daines said.
The senator on May 14 signed on as the lead original cosponsor of the Recharge and Empower Local Innovation and Entrepreneurs Fund (RELIEF) for Main Street Act, S. 3742, with bill sponsor U.S. Sen. Cory Booker (D-NJ) to create a new $50 billion fund operated by the U.S. Treasury Department that would provide direct allocations to cities, counties and states to seed and scale small business local relief funds, according to a bill summary provided by Sen. Daines’ office.
“We need more targeted action that strengthens local response and empowers our local economic development leaders to provide relief for our most vulnerable small and rural businesses in the wake of the COVID-19 outbreak,” said Sen. Daines.
Under S. 3742, funds must provide financing to very small businesses with fewer than 20 employees, minority-owned businesses, small businesses in low-income and rural communities, businesses outside the mainstream banking system, and tribal businesses, according to the bill summary, which noted that local funds also may offer flexible resources to complement other options offered under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
Stakeholders across Montana support S. 3742, including the Montana Chamber of Commerce, the Montana Association of Counties, Big Sky Economic Development, Snowy Mountain Development Corp., and Montana West Economic Development, among others.