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Dear Friend,
Thank you for subscribing to my small business newsletter! I remember my days as a small business owner. I felt a sense of pride in serving my community and creating job opportunities for my neighbors. I want entrepreneurs across South Carolina and the rest of the nation to feel that same sense of pride and fulfillment. My team and I have been working hard to make sure that small businesses have the resources they need to succeed. I want to partner with you on this effort! A survey will be included in each newsletter for you to share your thoughts. Your answers and ideas will be incorporated into future updates and legislation!
You can sign up for my weekly update and other issue-specific newsletters here.
Please remember to follow me on Facebook, Twitter, Instagram and YouTube for regular updates on how I am serving the people of South Carolina!
Supporting Small Businesses During COVID-19
The COVID-19 pandemic has taken its toll on small businesses in South Carolina and around the country. In fact, nearly 75% of small businesses are experiencing a negative impact from COVID-19. I know firsthand how many challenges entrepreneurs and job creators face on a daily basis, even during more conventional times, so I can only imagine how challenging it must be for small business owners to weather a public health emergency of this magnitude. It is of the utmost importance that I do all I can to help our businesses stay open and thrive.
Earlier this year, President Trump signed the Coronavirus Aid, Relief, and Economic Security (CARES) Act, a $2.2 trillion economic relief and recovery package, into law. I had the opportunity to participate in drafting and developing a number of CARES Act provisions aimed directly at supporting small businesses. My efforts led to the expansion of CARES Act eligibility for forgivable loans to non-profits to allow those organizations to utilize the lending program and maintain business continuity. This expansion also allowed churches to be eligible for these forgivable loans.
Additionally, I was able to secure a direct appropriation of $10 million in the CARES Act for the Department of Commerce’s Minority Business Development Agency (MBDA) to provide grants to minority business centers and minority chambers of commerce across the country in order to assist minority-owned businesses. My team and I were able to help streamline Payment Protection Program (PPP) and Economic Injury Disaster Loans (EIDL) applications and expedite the addition of new lenders. The provision included credit unions and FinTechs to make loans under the PPP.
I also introduced a bill with U.S. Senators Ted Cruz (R-Texas) and Marco Rubio (R-Fla.) to expand PPP eligibility to local chambers of commerce, which provide valuable resources to small businesses across the country, as well as to Destination Marketing Organizations (DMOs), which play an important role in creating a vibrant tourism industry, including in the Palmetto State.
I recently co-led a letter with U.S. Senator Chris Coons (D-DE), to SBA Administrator Jovita Carranza, requesting the SBA’s current and prospective plans and recommendations for encouraging entrepreneurial growth, particularly for minority-owned small businesses and businesses that serve communities of color.
My team and I continue to work to make sure our small businesses and entrepreneurs have the tools, support, and guidance needed to effectively rebuild, expand, and innovate. Currently, I am working with my colleagues on the Committee on Small Business and Entrepreneurship to make sure small businesses can get a second bite of the apple by replenishing PPP funding. I have voted several times for additional dollars for the PPP fund, and I will not stop fighting until this funding is secured.
New Generation of Main Street Entrepreneurs
Small businesses are the backbone of the American economy, and we need more of them! Today, I will introduce the Next Generation Entrepreneur Corps Act, along with U.S. Senator Chris Coons (D-Del.) and Representatives Jason Crow (D-Colo.) and Troy Balderson (R-Ohio). We are working to spur new business and job creation in underserved communities by starting a competitive fellowship for entrepreneurs. With a five-year investment of $368 million, the bill will identify talented entrepreneurs through a national competition and directly support the creation of more than 320 new businesses each year.
I created my Opportunity Agenda to help create opportunities in underserved communities, and the Next Generation Entrepreneur Corps Act is a great avenue to help encourage entrepreneurship in those communities.
Expanding Minority Business Support
I find it crucial that we deploy resources to our young people – especially in minority communities – to ensure that they have access to business opportunities. I recently introduced the Reaching America’s Rural Minority Businesses Act along with U.S. Senators Roger Wicker (R-MS), Tim Kaine (D-VA), Chris Coons (D-DE), and Thom Tillis (R-NC), to help provide education, training, and technical assistance to rural minority businesses. This important legislation would authorize the MBDA to establish up to 10 business centers at historically black colleges and universities (HBCUs) to serve rural and underserved communities.
Currently, MBDA’s Minority Business Centers are located in just 18 states. I am excited for this bill to be signed into law so that more areas across the country will have easy access to MBDA through HBCUs. HBCUs continue to provide undeniable value to our state and nation. If you want to hear more about my work around HBCUs and education, be sure to sign up for my education newsletter here.
Thank you for reading my first small business newsletter, and over the coming months, I’ll continue to stay in touch on what I am working on in the Senate, and what I am hearing from you!
Have a great week!
Sincerely,
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