S 4047 116th Congress Senate Commerce Appropriations Business investment and capital Cardiovascular and respiratory health Congressional oversight Emergency medical services and trauma care Employee benefits and pensions Employee hiring Employee leave Employment taxes Health care costs and insurance Health care coverage and access Infectious and parasitic diseases Minority and disadvantaged businesses Self-employed Small business Unemployment Veterans' education, employment, rehabilitation Wages and earnings Women in business

Saving Our Street Act

Introduced: June 23, 2020 See on congress.gov

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Jun 23, 2020

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Jun 23, 2020

Introduced in Senate

Plain-English summary Congressional Research Service

Saving Our Street Act

This bill establishes and provides funding for the Microbusiness Assistance Fund through which the Department of the Treasury must provide grants to specified small entities.

Specifically, the bill provides $125 billion for grants to entities such as community small businesses and nonprofits that have suffered a drop in revenue of over 20% during the COVID-19 (i.e., coronavirus disease 2019) pandemic. Such a grant shall not exceed $250,000 and may only be used for certain purposes, including (1) rehiring or hiring furloughed employees; (2) payment of compensation, rent or mortgage, utilities, or insurance; and (3) providing health care and benefits to employees.

Treasury is prohibited from denying a grant on the basis of any criminal history or involvement with the criminal legal system. Further, Treasury must give priority to people of color, veterans, women-owned community businesses, and socially and economically disadvantaged individuals, and 75% of appropriated amounts shall be provided to businesses or nonprofits owned or controlled by one or more socially and economically disadvantaged individuals.

What's happening now June 23, 2020

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Committees of jurisdiction 1