II 

116TH CONGRESS 

2D SESSION S. 4047 

To permit the Secretary of the Treasury to provide direct funding to certain 

entities. 

IN THE SENATE OF THE UNITED STATES 

JUNE 23, 2020 

Ms. HARRIS (for herself, Mrs. GILLIBRAND, Mr. WYDEN, Mr. MARKEY, Ms. 

KLOBUCHAR, Ms. WARREN, Ms. DUCKWORTH, and Mr. REED) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs 

A BILL 

To permit the Secretary of the Treasury to provide direct 

funding to certain entities. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Saving Our Street 

5 Act’’. 

6 SEC. 2. GRANTS TO SMALL BUSINESSES. 

7 (a) DEFINITION.—In this section: 


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1 (1) COVERED PERIOD.—The term ‘‘covered pe2 riod’’ means the period beginning on February 15, 

3 2020 and ending on December 31, 2020. 

4 (2) ELIGIBLE ENTITY.—The term ‘‘eligible enti5 ty’’— 

6 (A) means an entity that— 

7 (i) is— 

8 (I) a community small business, 

9 including a self-employed worker, 

10 independent contractor, or sole propri11 etor, or a community nonprofit with 

12 less than— 

13 (aa) $1,000,000 in gross 

14 revenue; 

15 (bb) $500,000 in gross re16 ceipts for nonprofits; or 

17 (cc) 10 employees; or 

18 (II) a small business with— 

19 (aa) less than 20 employees 

20 in a low-income community; and 

21 (bb) not less than 50 per22 cent of employees who live in a 

23 low-income community; and 


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1 (ii) has suffered a drop in revenue of 

2 over 20 percent of gross revenue since 

3 February 15, 2020; and 

4 (B) does not include entities that are pub5 licly traded companies, private equity firms, or 

6 hedge funds. 

7 (3) EMPLOYEE.—The term ‘‘employee’’ in8 cludes— 

9 (A) individuals employed on a full-time, 

10 part-time, or other basis; 

11 (B) independent contractors; 

12 (C) any individual in a jurisdiction subject 

13 to a stay-at-home order, even if the employee 

14 has not physically returned to work. 

15 (4) LOW-INCOME COMMUNITY.—The term ‘‘low16 income community’’ means a census tract (or equiv17 alent geographic area defined by the United States 

18 Census Bureau) in which at least 50 percent of 

19 households have an income less than 60 percent of 

20 the area median gross income, as determined by the 

21 Secretary of Housing and Urban Development. 

22 (5) PAYROLL COSTS.—The term ‘‘payroll costs’’ 

23 means— 

24 (A) the sum of payments of any compensa25 tion that is a— 


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1 (i) salary, wage, commission, or simi2 lar compensation; 

3 (ii) payment of cash tip or equivalent; 

4 (iii) payment for vacation, parental, 

5 family, medical, or sick leave; 

6 (iv) allowance for dismissal or separa7 tion; 

8 (v) payment required for the provi9 sions of group healthcare benefits, includ10 ing insurance premiums; 

11 (vi) payment of any retirement ben12 efit; or 

13 (vii) payment of State or local tax as14 sessed on the compensation of employees 

15 or owners; 

16 (B) the sum of payments of any compensa17 tion to or income of a sole proprietor or inde18 pendent contractor— 

19 (i) that is a wage, commission, in20 come, net earnings from self-employment, 

21 or similar compensation; and 

22 (ii) in an amount that is not more 

23 than $100,000 in 1 year, as prorated for 

24 the covered period; 


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1 (C) the compensation of an individual em2 ployee in excess of an annual salary of 

3 $100,000, as prorated for the covered period; 

4 (D) qualified sick leave wages for which a 

5 credit is allowed under section 7001 of the 

6 Families First Coronavirus Response Act (Pub7 lic Law 116–127); or 

8 (E) qualified family leave wages for which 

9 a credit is allowed under section 7003 of the 

10 Families First Coronavirus Response Act (Pub11 lic Law 116–127). 

12 (6) SOCIALLY AND ECONOMICALLY DISADVAN13 TAGED INDIVIDUALS.—The term ‘‘socially and eco14 nomically disadvantaged individuals’’ means individ15 uals described in paragraphs (5) and (6) of section 

16 8(a) of the Small Business Act (15 U.S.C. 637(a)). 

17 (7) VETERANS ORGANIZATION.—The term ‘‘vet18 erans organization’’ means an organization that is 

19 described in section 501(c)(19) of the Internal Rev20 enue Code that is exempt from taxation under sec21 tion 501(a) of such Code. 

22 (b) GRANTS.— 

23 (1) IN GENERAL.—The Secretary of the Treas24 ury shall create the Microbusiness Assistance Fund 

25 which may provide a grant to an eligible entity in an 


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1 amount not greater than $250,000 to be used only 

2 for— 

3 (A) rehiring or hiring employees of the en4 tity who were furloughed or laid off after Feb5 ruary 15, 2020; 

6 (B) payment of, on or after the date de7 scribed in subparagraph (A), payroll, salaries, 

8 commissions, or similar compensations, payroll 

9 taxes, employer compensation, rent (including 

10 under a lease agreement) or mortgage, includ11 ing payments of interest on any mortgage obli12 gation (not including prepayment of or payment 

13 of principal on a mortgage obligation), utilities, 

14 or insurance; 

15 (C) providing healthcare and benefits to 

16 employees at the same or similar levels as the 

17 entity provided on the date described in sub18 paragraph (A), including continuation of group 

19 healthcare benefits during periods of paid sick, 

20 medical, or family leave, and insurance pre21 miums; and 

22 (D) debt obligations that were incurred be23 fore the covered period. 

24 (2) ELIGIBILITY.—No person shall be denied a 

25 grant under this subsection on the basis of— 


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1 (A) any criminal history or involvement 

2 with the criminal legal system; or 

3 (B) using an individual taxpayer identifica4 tion number issued pursuant to section 6109(i) 

5 of the Internal Revenue Code of 1986. 

6 (3) PRIORITY.— 

7 (A) IN GENERAL.—The Secretary shall 

8 give priority to people of color, veterans, 

9 women-owned community businesses, and so10 cially and economically disadvantaged individ11 uals as it pertains to historically underrep12 resented businesses. 

13 (B) HISTORICALLY UNDERREPRESENTED

14 BUSINESSES.—Of the amounts made available 

15 under this section, 75 percent shall be provided 

16 to businesses or nonprofits owned and con17 trolled by 1 or more socially and economically 

18 disadvantaged individuals. 

19 (4) OTHER ASSISTANCE.—An entity that re20 ceives a grant under this subsection shall be eligible 

21 to receive assistance under other Federal programs, 

22 including the paycheck protection program estab23 lished under section 7(a)(36) of the Small Business 

24 Act (15 U.S.C. 636(a)(36)) or an economic injury 

25 disaster loan made under section 7(b)(2) of the 


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1 Small Business Act (15 U.S.C. 636(b)(2)) if the 

2 funds are used for a purpose other than a purpose 

3 described in paragraph (1). 

4 (5) SENSE OF CONGRESS.—It is the sense of 

5 Congress that eligible entities should rehire employ6 ees described in paragraph (1)(A) after the date on 

7 which the national emergency under the National 

8 Emergencies Act (50 U.S.C. 1601 et seq.) with re9 spect to the coronavirus disease 2019 (COVID–19) 

10 terminates. 

11 (c) AMOUNTS.— 

12 (1) IN GENERAL.—Of the amounts made avail13 able under this Act— 

14 (A) $124,500,000,000 shall be used for 

15 grants made under subsection (b); 

16 (B) $400,000,000 shall be used to provide 

17 financial education training classes and for help 

18 applying for the grants and financial recovery 

19 for eligible entities, of which— 

20 (i) $50,000,000 shall be used to pro21 vide small businesses and women develop22 ment centers with technical assistance and 

23 online training and information, of 

24 which— 


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1 (I) $25,000,000 shall be made 

2 available for small businesses; and 

3 (II) $25,000,000 shall be made 

4 available for women development cen5 ters; 

6 (ii) $50,000,000 shall be used to pro7 vide minority business centers with tech8 nical assistance and online training and in9 formation; and 

10 (iii) $300,000,000 shall be used to 

11 provide nonprofit and community organiza12 tions with assistance to small business 

13 owners; and 

14 (C) $100,000,000 shall be made available 

15 for the Department of the Treasury and the In16 ternal Revenue Service to carry out this Act. 

17 (2) AVAILABILITY.—Funds made available 

18 under this Act shall be available until December 20, 

19 2020. 

20 (d) NEED.—An eligible entity shall attest in an appli21 cation for a grant under this section that the eligible enti22 ty— 

23 (1) was in business as of February 15, 2020; 

24 (2) has suffered a drop in sales of 20 percent 

25 or more; 


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1 (3) meets the criteria as an eligible entity; and 

2 (4) will use the grants for authorized expenses. 

3 (e) DOCUMENTATION.—An eligible self-employed in4 dividual, independent contractor, or sole proprietorship 

5 applying for a grant under this section shall submit such 

6 documentation as is necessary to establish such individual 

7 as eligible, including payroll tax filings reported to the In8 ternal Revenue Service, Forms 1099–MISC, and income 

9 and expenses from the sole proprietorship, as determined 

10 by the Administrator of the Small Business Administra11 tion and the Secretary of the Treasury. An applicant may 

12 submit to the Secretary of the Treasury a self-certification 

13 for employee labor expenses and payroll. 

14 (f) MATERIALS.—Any application or informational 

15 material related to the grant program provided by Depart16 ment of the Treasury or the Internal Revenue Service 

17 shall be made available in the 10 most used languages in 

18 the United States after English. 

19 (g) RECEIPT OF FUNDS.—Any eligible entity shall re20 ceive a grant made under subsection (b) not later than 

21 14 days after the date on which the entity submitted an 

22 application for the grant. 

23 (h) REPORTING.—The Secretary of the Treasury 

24 shall submit to the Committee on Banking, Housing, and 

25 Urban Affairs and the Committee on Small Business and 


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1 Entrepreneurship of the Senate and the Committee on Fi2 nancial Service, the Committee on Small Business, and 

3 the Committee on Oversight and Reform of the House of 

4 Representatives a report on the information about the eth5 nicity, race, industry, geographical demographics, and sex 

6 of applicants for grants made under this section. 

7 SEC. 3. DIRECT APPROPRIATION. 

8 (a) IN GENERAL.—There is appropriated, out of 

9 amounts in the Treasury not otherwise appropriated, to 

10 the Secretary of the Treasury $125,000,000,000 to carry 

11 out this Act. 

12 (b) EMERGENCY DESIGNATION.— 

13 (1) IN GENERAL.—The amounts provided under 

14 this Act are designated as an emergency require15 ment pursuant to section 4(g) of the Statutory Pay16 As-You-Go Act of 2010 (2 U.S.C. 933(g)). 

17 (2) DESIGNATION IN SENATE.—In the Senate, 

18 this Act is designated as an emergency requirement 

19 pursuant to section 4112(a) of H. Con. Res. 71 

20 (115th Congress), the concurrent resolution on the 

21 budget for fiscal year 2018. 

Æ 


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