Last Friday U.S. Representatives Derek Kilmer (WA-06) and Madeleine Dean (PA-04) introduced the Restore America’s Main Street Act to deliver immediate and unrestricted relief to America’s small businesses through a first-ever small business rebate check.
“Employers on Main Streets across our region – and all over America – are hurting as we work to contain the spread of the coronavirus. While new programs like the Paycheck Protection Program and the Economic Injury Disaster Loans are providing significant assistance to millions of small businesses, many others are struggling to gain access,” said Rep. Kilmer. “This rebate will help our nation’s small businesses to retain employees, pay critical bills, and keep the lights on.”
“I speak with small businesses in Montgomery and Berks counties on a daily basis. Most of these folks have found it near impossible to access PPP and many are running out of time,” Rep. Dean said. “Getting relief to the smallest of businesses is of the utmost importance right now – and I am relieved that we have introduced the Restore America’s Main Street Act to assist the smallest businesses through direct cash assistance.”
The rebate will provide qualified small businesses with equal to 30% of the gross receipts reported in a previous year (up to $120,000).
Under the Restore America’s Main Street Act, small businesses with $1.5 million or less in gross receipts and 50 or fewer employees would receive a rebate check equal to 30% of the gross receipts reported in the previous year (up to $120,000). Self-employed individuals and certain charitable organizations would also be eligible for the rebate. Main Street rebates would not count as taxable income and never have to be repaid.
“SEED SPOT is excited to endorse this bill as it helps ensure a level playing field for small businesses that are struggling as a result of COVID-19. With access to capital, disbursed in an equitable way, together we can overcome these dark hours for small businesses,” said C’pher Gresham, CEO of SEED SPOT.
“Etsy strongly supports the Restore America’s Main Street Act, which would provide much needed support to our community of creative entrepreneurs, the vast majority of whom are women-owned businesses of one. Unfortunately, as self-employed microbusinesses, many of our sellers have been unable to access the relief programs provided by the CARES Act, including PPP and EIDL loans, as well as Pandemic Unemployment Assistance. The Restore America’s Main Street Act would fill that gap and provide our most vulnerable entrepreneurs the support they need to weather this unprecedented crisis,” said Althea Erickson, VP Global Policy & Impact, Etsy, Inc.Print This Post