Small Business
Small firms are the backbone of the American economy, and nowhere is that more clear than in New York City. More than 200,000 small businesses throughout the Big Apple produce $4.5 billion per year in revenue, helping to make our city the vibrant and diverse place that it is.
As Chairwoman of the House Committee on Small Business, Congresswoman Velázquez is dedicated to helping entrepreneurs. She supports initiatives to limit the impact that rising energy costs and regulatory and tax burdens have on small businesses. Small firms also need assistance from Congress to secure better financing for capital purchases, obtain world-class training and development programs, and open doors to sell their products and services around the globe. Assisting small firms secure affordable health insurance for themselves and their employees is another top priority.
Our nation has always relied on the proven innovation and flexibility that comes with a small business economy. Entrepreneurs count on Congresswoman Velázquez as an unyielding advocate of their rights and needs, and can be certain that she will continue her efforts to provide them with the tools needed to succeed.
More on Small Business
Washington, D.C. –Today, Rep. Nydia M. Velázquez, the Chairwoman of the House Small Business Committee, and Senator Robert Menendez (D-NJ) introduced the bicameral Small Business Lending Disclosure Act. This bill aims to protect small business borrowers from predatory lenders and loans carrying unfair terms and conditions and would ensure safeguards already required in consumer lending, through the Truth in Lending Act.
Washington, D.C. – Rep. Nydia M. Velázquez (D-NY) has invited local New York City restaurant chef and owner Amanda Cohen to be her virtual guest to tonight's presidential address. Cohen is the chef and owner of Dirt Candy, a fine dining vegetarian restaurant in Velázquez's district. In July of 2020, Cohen testified in front of the House Small Business Committee, which Velázquez chairs, on how receiving early relief during the pandemic helped her business survive.
Washington, DC –Today, the House Financial Services Committee passed a key measure authored by Rep. Nydia M. Velázquez (D-NY) to restrict the use of predatory contract clauses called “confessions of judgment,” which are often used in small business loans.
Washington, DC – After a significant portion of Chinatown’s business district was arbitrarily excluded from critical assistance due to their zip code, Rep. Nydia M. Velázquez (D-NY) has addressed a letter to Commissioner Jonnel Doris of the New York City Department of Small Business Services (SBS) asking the Department to qualifying the area’s businesses for loans. The SBS’ Low-to-Moderate Income (LMI) storefront program offers financial assistance to businesses suffering from a lack of revenue due to the coronavirus pandemic.
Washington, D.C.— Today, Rep. Nydia M. Velázquez (D-NY), Chairwoman of the House Small Business Committee, released data showing that small businesses in NY-7 have received over $1.6 billion in federal aid since the onset of the COVID-19 crisis. District businesses obtained funding through the Paycheck Protection Program (PPP) and COVID-19 Economic Injury Disaster Loan (EIDL) program. Congress established both programs under the CARES Act to give small businesses the necessary capital to pay salaries and avoid closure.
Velázquez Announces Small Business Loan Data for Chinatown
Area Businesses Secured Nearly $125 Million in COVID-19 Aid
Washington, DC –Rep. Nydia M. Velázquez (D-NY), the Chairwoman of the House Small Business Committee, announced today that restaurants, retailers and other local businesses in New York City’s Chinatown have obtained almost $125 million in federal aid thanks to legislation Congress passed in response to the coronavirus pandemic.
Washington, DC – As food insecurity increases, Rep. Nydia M. Velázquez (D-NY) has introduced new legislation that would allow recipients of the Supplemental Nutrition Assistance Program (SNAP) to use their benefits for prepared food at area restaurants, helping tamp down hunger and providing more options for those in need.
Measure Would Extend Disclosure, Transparency Requirements to Many Commercial Loans
Washington, DC - Rep. Nydia M. Velázquez (D-NY) has written Governor Cuomo urging him to officially designate damage from recent looting of small businesses a disaster. Doing so would allow impacted New York City small businesses to apply for federal disaster loans through the Small Business Administration.
Congress has taken a number of steps to help small businesses weather the economic hardship brought on by the COVID-19 pandemic.
For the latest information about relief programs available through the American Rescue Plan, click here.
For a summary of the small business provisions of the American Rescue Plan, click here.
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