“Our communities have regained a hard-earned sense of normalcy after the worst of COVID-19, but for many small businesses, the nightmare continues,” says Senate Committee on Small Business & Entrepreneurship Chair Ben Cardin. “American small businesses are still struggling under unsustainable debt, ongoing supply chain delays, and workforce challenges that inhibit their ability to operate and grow their businesses. The Hard-Hit Small Business Relief Fund Act would make the approximately $6 billion in unused federal COVID-19 small business aid available to the small businesses that need help the most.”

Recently, Senator Cardin introduced legislation to provide grants to small businesses that continue to struggle with the effects of the pandemic and can demonstrate significant losses in 2020 and 2021. The Hard-Hit Small Business Relief Fund Act was read twice in front of the Senate and referred to the Committee on Small Business and Entrepreneurship almost two weeks ago.

The bill would transfer the remaining funds from the U.S. Small Business Administration’s COVID-19 relief programs to make grants available to eligible small businesses as defined by the SBA. The SBA is given authority to define eligibility, but the bill states that sole proprietorships, independent contractors, self-employed individuals, and tribally-owned small businesses are eligible. As an additional requirement of the bill, the SBA must track and report all grants publicly and establish an auditing process to ensure that the SBA administered the program with transparency.

This legislation follows a previous package that Cardin worked on which requested much more money and did not have the needed support in the Senate. With the downsized version of the package, the bill has a higher likelihood to garner support within the Senate.

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About the U.S. Small Business Administration
The U.S. Small Business Administration makes the American dream of business ownership a reality. As the only go-to resource and voice for small businesses backed by the strength of the Federal Government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.