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Point Roberts Small Business Fairness Act
12/30/2022, 5:32 PM
Summary of Bill HR 3760
Specifically, the bill includes provisions to streamline the permitting process for small businesses, making it easier for them to navigate the regulatory landscape. It also seeks to increase access to capital for small businesses in Point Roberts, helping them to grow and expand their operations.
Additionally, the bill includes measures to support workforce development and training programs for small businesses, ensuring that they have the resources they need to succeed in a competitive market. By providing these supports, the bill aims to level the playing field for small businesses in Point Roberts and help them thrive in the local economy. Overall, the Point Roberts Small Business Fairness Act is designed to create a more favorable environment for small businesses in the area, enabling them to grow, create jobs, and contribute to the economic prosperity of the community.
Congressional Summary of HR 3760
Point Roberts Small Business Fairness Act
This bill requires the Small Business Administration (SBA) to establish a program to make forgivable loans to certain small businesses that are impacted by border closures due to COVID-19 (i.e., coronavirus disease 2019).
Eligible small businesses must (1) have experienced a loss in revenue that is greater than 50% during the second, third, or fourth quarter of 2020 compared with the same period in the previous year; and (2) show that the closure of the U.S.-Canada border directly resulted in a reduction in gross receipts or restricted the ability of American customers to access the location of such businesses.
The maximum loan amount shall be equal to 75% of the business's FY2019 revenue, and the SBA shall forgive 100% of the value of such loan, less the amount the borrower received from (1) any other loan forgiveness program, or (2) any emergency advance under the economic impact disaster loan program.
