U.S. Sen. Catherine Cortez Masto (D-NV) introduced legislation last week that would help small businesses across the country access funding from the Small Business Administration (SBA).
During National Small Business Month, Cortiz Masto introduced the legislation as a way to support American small businesses. The legislation, the Microbusiness Support Act, would allow the SBA to issue loans of up to $100,000 to microbusinesses. U.S. Sen. Angela Alsobrooks (D-MD) co-sponsored the legislation which would help small and family-owned businesses with no or just a few employees access capital that may be too small for traditional lenders to worry about.
“Nevada’s small businesses are the heartbeat of our communities – we must do everything we can to support them,” Cortez Masto said. “That’s why I’m introducing this package of bills this National Small Business Month. Passing these bills would enable the Small Business Administration to better fulfill its mission, whether it’s helping a small two-person tax preparation shop or the ice cream stand that was affected by wildfire smoke.”
Cortez Masto also introduced the Small Business Wildfire Smoke Recovery Act to allow small businesses to take out loans to repair damages that are a result of wildfire smoke. Currently, wildfire smoke is not considered an eligible disaster for small business disaster loans.
Cortez Masto said intense wildfire smoke often impacts Nevada during the summer months which keeps families and tourists inside. If passed, the legislation would help small businesses that rely on outdoor activity – like restaurants that rely on foot traffic or outdoor dining, waterparks, and outdoor malls – with getting federal support until they have recovered.