Title: Saving Our Street Act
Policy area: Commerce

Summary:
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.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[S. 4047 Introduced in Senate (IS)]

<DOC>






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.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Saving Our Street Act''.

SEC. 2. GRANTS TO SMALL BUSINESSES.

    (a) Definition.--In this section:
            (1) Covered period.--The term ``covered period'' means the 
        period beginning on February 15, 2020 and ending on December 
        31, 2020.
            (2) Eligible entity.--The term ``eligible entity''--
                    (A) means an entity that--
                            (i) is--
                                    (I) a community small business, 
                                including a self-employed worker, 
                                independent contractor, or sole 
                                proprietor, or a community nonprofit 
                                with less than--
                                            (aa) $1,000,000 in gross 
                                        revenue;
                                            (bb) $500,000 in gross 
                                        receipts for nonprofits; or
                                            (cc) 10 employees; or
                                    (II) a small business with--
                                            (aa) less than 20 employees 
                                        in a low-income community; and
                                            (bb) not less than 50 
                                        percent of employees who live 
                                        in a low-income community; and
                            (ii) has suffered a drop in revenue of over 
                        20 percent of gross revenue since February 15, 
                        2020; and
                    (B) does not include entities that are publicly 
                traded companies, private equity firms, or hedge funds.
            (3) Employee.--The term ``employee'' includes--
                    (A) individuals employed on a full-time, part-time, 
                or other basis;
                    (B) independent contractors;
                    (C) any individual in a jurisdiction subject to a 
                stay-at-home order, even if the employee has not 
                physically returned to work.
            (4) Low-income community.--The term ``low-income 
        community'' means a census tract (or equivalent geographic area 
        defined by the United States Census Bureau) in which at least 
        50 percent of households have an income less than 60 percent of 
        the area median gross income, as determined by the Secretary of 
        Housing and Urban Development.
            (5) Payroll costs.--The term ``payroll costs'' means--
                    (A) the sum of payments of any compensation that is 
                a--
                            (i) salary, wage, commission, or similar 
                        compensation;
                            (ii) payment of cash tip or equivalent;
                            (iii) payment for vacation, parental, 
                        family, medical, or sick leave;
                            (iv) allowance for dismissal or separation;
                            (v) payment required for the provisions of 
                        group healthcare benefits, including insurance 
                        premiums;
                            (vi) payment of any retirement benefit; or
                            (vii) payment of State or local tax 
                        assessed on the compensation of employees or 
                        owners;
                    (B) the sum of payments of any compensation to or 
                income of a sole proprietor or independent contractor--
                            (i) that is a wage, commission, income, net 
                        earnings from self-employment, or similar 
                        compensation; and
                            (ii) in an amount that is not more than 
                        $100,000 in 1 year, as prorated for the covered 
                        period;
                    (C) the compensation of an individual employee in 
                excess of an annual salary of $100,000, as prorated for 
                the covered period;
                    (D) qualified sick leave wages for which a credit 
                is allowed under section 7001 of the Families First 
                Coronavirus Response Act (Public Law 116-127); or
                    (E) qualified family leave wages for which a credit 
                is allowed under section 7003 of the Families First 
                Coronavirus Response Act (Public Law 116-127).
            (6) Socially and economically disadvantaged individuals.--
        The term ``socially and economically disadvantaged 
        individuals'' means individuals described in paragraphs (5) and 
        (6) of section 8(a) of the Small Business Act (15 U.S.C. 
        637(a)).
            (7) Veterans organization.--The term ``veterans 
        organization'' means an organization that is described in 
        section 501(c)(19) of the Internal Revenue Code that is exempt 
        from taxation under section 501(a) of such Code.
    (b) Grants.--
            (1) In general.--The Secretary of the Treasury shall create 
        the Microbusiness Assistance Fund which may provide a grant to 
        an eligible entity in an amount not greater than $250,000 to be 
        used only for--
                    (A) rehiring or hiring employees of the entity who 
                were furloughed or laid off after February 15, 2020;
                    (B) payment of, on or after the date described in 
                subparagraph (A), payroll, salaries, commissions, or 
                similar compensations, payroll taxes, employer 
                compensation, rent (including under a lease agreement) 
                or mortgage, including payments of interest on any 
                mortgage obligation (not including prepayment of or 
                payment of principal on a mortgage obligation), 
                utilities, or insurance;
                    (C) providing healthcare and benefits to employees 
                at the same or similar levels as the entity provided on 
                the date described in subparagraph (A), including 
                continuation of group healthcare benefits during 
                periods of paid sick, medical, or family leave, and 
                insurance premiums; and
                    (D) debt obligations that were incurred before the 
                covered period.
            (2) Eligibility.--No person shall be denied a grant under 
        this subsection on the basis of--
                    (A) any criminal history or involvement with the 
                criminal legal system; or
                    (B) using an individual taxpayer identification 
                number issued pursuant to section 6109(i) of the 
                Internal Revenue Code of 1986.
            (3) Priority.--
                    (A) In general.--The Secretary shall give priority 
                to people of color, veterans, women-owned community 
                businesses, and socially and economically disadvantaged 
                individuals as it pertains to historically 
                underrepresented businesses.
                    (B) Historically underrepresented businesses.--Of 
                the amounts made available under this section, 75 
                percent shall be provided to businesses or nonprofits 
                owned and controlled by 1 or more socially and 
                economically disadvantaged individuals.
            (4) Other assistance.--An entity that receives a grant 
        under this subsection shall be eligible to receive assistance 
        under other Federal programs, including the paycheck protection 
        program established under section 7(a)(36) of the Small 
        Business Act (15 U.S.C. 636(a)(36)) or an economic injury 
        disaster loan made under section 7(b)(2) of the Small Business 
        Act (15 U.S.C. 636(b)(2)) if the funds are used for a purpose 
        other than a purpose described in paragraph (1).
            (5) Sense of congress.--It is the sense of Congress that 
        eligible entities should rehire employees described in 
        paragraph (1)(A) after the date on which the national emergency 
        under the National Emergencies Act (50 U.S.C. 1601 et seq.) 
        with respect to the coronavirus disease 2019 (COVID-19) 
        terminates.
    (c) Amounts.--
            (1) In general.--Of the amounts made available under this 
        Act--
                    (A) $124,500,000,000 shall be used for grants made 
                under subsection (b);
                    (B) $400,000,000 shall be used to provide financial 
                education training classes and for help applying for 
                the grants and financial recovery for eligible 
                entities, of which--
                            (i) $50,000,000 shall be used to provide 
                        small businesses and women development centers 
                        with technical assistance and online training 
                        and information, of which--
                                    (I) $25,000,000 shall be made 
                                available for small businesses; and
                                    (II) $25,000,000 shall be made 
                                available for women development 
                                centers;
                            (ii) $50,000,000 shall be used to provide 
                        minority business centers with technical 
                        assistance and online training and information; 
                        and
                            (iii) $300,000,000 shall be used to provide 
                        nonprofit and community organizations with 
                        assistance to small business owners; and
                    (C) $100,000,000 shall be made available for the 
                Department of the Treasury and the Internal Revenue 
                Service to carry out this Act.
            (2) Availability.--Funds made available under this Act 
        shall be available until December 20, 2020.
    (d) Need.--An eligible entity shall attest in an application for a 
grant under this section that the eligible entity--
            (1) was in business as of February 15, 2020;
            (2) has suffered a drop in sales of 20 percent or more;
            (3) meets the criteria as an eligible entity; and
            (4) will use the grants for authorized expenses.
    (e) Documentation.--An eligible self-employed individual, 
independent contractor, or sole proprietorship applying for a grant 
under this section shall submit such documentation as is necessary to 
establish such individual as eligible, including payroll tax filings 
reported to the Internal Revenue Service, Forms 1099-MISC, and income 
and expenses from the sole proprietorship, as determined by the 
Administrator of the Small Business Administration and the Secretary of 
the Treasury. An applicant may submit to the Secretary of the Treasury 
a self-certification for employee labor expenses and payroll.
    (f) Materials.--Any application or informational material related 
to the grant program provided by Department of the Treasury or the 
Internal Revenue Service shall be made available in the 10 most used 
languages in the United States after English.
    (g) Receipt of Funds.--Any eligible entity shall receive a grant 
made under subsection (b) not later than 14 days after the date on 
which the entity submitted an application for the grant.
    (h) Reporting.--The Secretary of the Treasury shall submit to the 
Committee on Banking, Housing, and Urban Affairs and the Committee on 
Small Business and Entrepreneurship of the Senate and the Committee on 
Financial Service, the Committee on Small Business, and the Committee 
on Oversight and Reform of the House of Representatives a report on the 
information about the ethnicity, race, industry, geographical 
demographics, and sex of applicants for grants made under this section.

SEC. 3. DIRECT APPROPRIATION.

    (a) In General.--There is appropriated, out of amounts in the 
Treasury not otherwise appropriated, to the Secretary of the Treasury 
$125,000,000,000 to carry out this Act.
    (b) Emergency Designation.--
            (1) In general.--The amounts provided under this Act are 
        designated as an emergency requirement pursuant to section 4(g) 
        of the Statutory Pay-As-You-Go Act of 2010 (2 U.S.C. 933(g)).
            (2) Designation in senate.--In the Senate, this Act is 
        designated as an emergency requirement pursuant to section 
        4112(a) of H. Con. Res. 71 (115th Congress), the concurrent 
        resolution on the budget for fiscal year 2018.
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