SIL20590

S.L.C.

116TH CONGRESS
2D SESSION

S. ll

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

IN THE SENATE OF THE UNITED STATES
Ms. HARRIS

llllllllll
introduced the following bill; which was read twice and referred
to the Committee on llllllllll

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 Representa-

2 tives of the United States of America in Congress assembled,
3
4

SECTION 1. SHORT TITLE.

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

5 Act’’.
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SEC. 2. GRANTS TO SMALL BUSINESSES.

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(a) DEFINITION.—In this section:

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9
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(1) COVERED

PERIOD.—The

term ‘‘covered pe-

riod’’ means the period beginning on February 15,
2020 and ending on December 31, 2020.
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(2) ELIGIBLE

ENTITY.—The

term ‘‘eligible enti-

ty’’—

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(A) means an entity that—

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(i) is—

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(I) a community small business,

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including

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independent contractor, or sole propri-

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etor, or a community nonprofit with

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less than—

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a

self-employed

worker,

(aa) $1,000,000 in gross

11

revenue;

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(bb) $500,000 in gross re-

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ceipts for nonprofits; or

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(cc) 10 employees; or

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(II) a small business with—

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(aa) less than 20 employees

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in a low-income community; and

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(bb) not less than 50 per-

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cent of employees who live in a

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low-income community; and

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(ii) has suffered a drop in revenue of

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over 20 percent of gross revenue since

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February 15, 2020; and

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(B) does not include entities that are pub-

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licly traded companies, private equity firms, or

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hedge funds.

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(3) EMPLOYEE.—The term ‘‘employee’’ in-

5

cludes—

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7

(A) individuals employed on a full-time,
part-time, or other basis;

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(B) independent contractors;

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(C) any individual in a jurisdiction subject

10

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

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has not physically returned to work.

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(4) LOW-INCOME

COMMUNITY.—The

term ‘‘low-

13

income community’’ means a census tract (or equiv-

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alent geographic area defined by the United States

15

Census Bureau) in which at least 50 percent of

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households have an income less than 60 percent of

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the area median gross income, as determined by the

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Secretary of Housing and Urban Development.

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20

(5) PAYROLL

term ‘‘payroll costs’’

means—

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22

COSTS.—The

(A) the sum of payments of any compensation that is a—

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(i) salary, wage, commission, or simi-

24

lar compensation;

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(ii) payment of cash tip or equivalent;

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(iii) payment for vacation, parental,

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family, medical, or sick leave;

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(iv) allowance for dismissal or separa-

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tion;

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(v) payment required for the provi-

6

sions of group health care benefits, includ-

7

ing insurance premiums;

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(vi) payment of any retirement ben-

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efit; or

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(vii) payment of State or local tax as-

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sessed on the compensation of employees

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or owners;

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(B) the sum of payments of any compensa-

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tion to or income of a sole proprietor or inde-

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pendent contractor—

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(i) that is a wage, commission, in-

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come, net earnings from self-employment,

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or similar compensation; and

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(ii) in an amount that is not more

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

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the covered period;

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(C) the compensation of an individual em-

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ployee in excess of an annual salary of

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

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(D) qualified sick leave wages for which a

2

credit is allowed under section 7001 of the

3

Families First Coronavirus Response Act (Pub-

4

lic Law 116– 127); or

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(E) qualified family leave wages for which

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a credit is allowed under section 7003 of the

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Families First Coronavirus Response Act (Pub-

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lic Law 116–127).

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(6) SOCIALLY

AND ECONOMICALLY DISADVAN-

10

TAGED INDIVIDUALS.—The

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nomically disadvantaged individuals’’ means individ-

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uals described in paragraphs (5) and (6) of section

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

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(7) VETERANS

term ‘‘socially and eco-

ORGANIZATION.—The

term ‘‘vet-

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erans organization’’ means an organization that is

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described in section 501(c)(19) of the Internal Rev-

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enue Code that is exempt from taxation under sec-

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tion 501(a) of such Code.

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(b) GRANTS.—

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(1) IN

GENERAL.—The

Secretary of the Treas-

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ury shall create the Microbusiness Assistance Fund

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which may provide a grant to an eligible entity in an

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

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for—

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(A) rehiring or hiring employees of the en-

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tity who were furloughed or laid off after Feb-

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ruary 15, 2020;

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(B) payment of, on or after the date de-

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scribed in subparagraph (A), payroll, salaries,

6

commissions, or similar compensations, payroll

7

taxes, employer compensation, rent (including

8

under a lease agreement) or mortgage, includ-

9

ing payments of interest on any mortgage obli-

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gation (not including prepayment of or payment

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of principal on a mortgage obligation), utilities,

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or insurance;

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(C) providing healthcare and benefits to

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employees at the same or similar levels as the

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entity provided on the date described in sub-

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paragraph (A), including continuation of group

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healthcare benefits during periods of paid sick,

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medical, or family leave, and insurance pre-

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miums; and

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(D) debt obligations that were incurred be-

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fore the covered period.

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

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grant under this subsection on the basis of—

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(A) any criminal history or involvement
with the criminal legal system; or

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(B) using an individual taxpayer identifica-

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tion number issued pursuant to section 6109(i)

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of the Internal Revenue Code of 1986.

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(3) PRIORITY.—

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(A) IN

GENERAL.—The

Secretary shall

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give priority to people of color, veterans,

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women-owned community businesses, and so-

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cially and economically disadvantaged individ-

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uals as it pertains to historically underrep-

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resented businesses.

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(B) HISTORICALLY

UNDERREPRESENTED

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BUSINESSES.—Of

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under this section, 75 percent shall be provided

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to businesses or nonprofits owned and con-

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trolled by 1 or more socially and economically

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disadvantaged individuals.

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(4) OTHER

the amounts made available

ASSISTANCE.—An

entity that re-

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ceives a grant under this subsection shall be eligible

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to receive assistance under other Federal programs,

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including the paycheck protection program estab-

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lished under section 7(a)(36) of the Small Business

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

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

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

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funds are used for a purpose other than a purpose

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described in paragraph (1).

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(5) SENSE

OF CONGRESS.—It

is the sense of

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Congress that eligible entities should rehire employ-

5

ees described in paragraph (1)(A) after the date on

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which the national emergency under the National

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Emergencies Act (50 U.S.C. 1601 et seq.) with re-

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spect to the coronavirus disease 2019 (COVID–19)

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terminates.

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(c) AMOUNTS.—

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(1) IN

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the amounts made avail-

able under this Act—

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GENERAL.—Of

(A) $124,500,000,000 shall be used for
grants made under subsection (b);

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

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financial education training classes and for help

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applying for the grants and financial recovery

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for eligible entities, of which—

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(i) $50,000,000 shall be used to pro-

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vide small businesses and women develop-

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ment centers with technical assistance and

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online

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which—

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training

and

information,

of

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

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available for small businesses; and

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

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available for women development cen-

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ters;

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(ii) $50,000,000 shall be used to pro-

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vide minority business centers with tech-

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nical assistance and online training and in-

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formation; and

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

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provide nonprofit and community organiza-

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tions with assistance to small business

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owners; and

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

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for the Department of the Treasury and the In-

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ternal Revenue Service to carry out this Act.

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(2)

AVAILABILITY.—Funds

made

available

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under this Act shall be available until December 20,

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2020.

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(d) NEED.—An eligible entity shall attest in an appli-

19 cation for a grant under this section that the eligible enti20 ty—
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(1) was in business as of Feb 15, 2020;

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

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or more;

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

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(4) will use the grants for authorized expenses.

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(e) DOCUMENTATION.—An eligible self-employed in-

2 dividual, independent contractor, or sole proprietorship
3 applying for a grant under this section shall submit such
4 documentation as is necessary to establish such individual
5 as eligible, including payroll tax filings reported to the In6 ternal Revenue Service, Forms 1099–MISC, and income
7 and expenses from the sole proprietorship, as determined
8 by the Administrator of the Small Business Administra9 tion and the Secretary of the Treasury. An applicant may
10 submit to the Secretary of the Treasury a self-certification
11 for employee labor expenses and payroll.
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(f) MATERIALS.—Any application or informational

13 material related to the grant program provided by Depart14 ment of the Treasury or the Internal Revenue Service
15 shall be made available in the 10 most used languages in
16 the United States after English.
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(g) RECEIPT OF FUNDS.—Any eligible entity shall re-

18 ceive a grant made under subsection (b) not later than
19 14 days after the date on which the entity submitted an
20 application for the grant.
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(h) REPORTING.—The Secretary of the Treasury

22 shall submit to the Committee on Banking, Housing, and
23 Urban Affairs and the Committee on Small Business and
24 Entrepreneurship of the Senate and the Committee on Fi25 nancial Service, the Committee on Small Business, and

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1 the Committee on Oversight and Reform of the House of
2 Representatives a report on the information about the eth3 nicity, race, industry, geographical demographics, and sex
4 of applicants for grants made under this section.
5
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SEC. 3. DIRECT APPROPRIATION.

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

7 amounts in the Treasury not otherwise appropriated, to
8 the Secretary of the Treasury $125,000,000,000 to carry
9 out this Act.
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(b) EMERGENCY DESIGNATION.—
(1) IN

GENERAL.—The

amounts provided under

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this Act are designated as an emergency require-

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ment pursuant to section 4(g) of the Statutory Pay-

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As-You-Go Act of 2010 (2 U.S.C. 933(g)).

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(2) DESIGNATION

IN SENATE.—In

the Senate,

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this Act is designated as an emergency requirement

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

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(115th Congress), the concurrent resolution on the

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budget for fiscal year 2018.

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