On July 9, ABC sent a letter to House and Senate leadership in support of the Recharge and Empower Local Innovation and Entrepreneurs Fund for Main Street Act (S. 3742/H.R. 6907). The RELIEF for Main Street Act, a bipartisan, bicameral bill introduced by Sens. Steve Daines (R-Mont.) and Cory Booker (D-N.J.) and Reps. Kildee (D-Mich.) and Fred Upton (R-Mich.), would provide $50 billion in direct funding to states, cities and counties to help small and minority-owned businesses.
This much-needed funding is intended to ensure that minority-owned small businesses and small businesses in underserved communities have the resources they need to continue operations during the health and economic crisis caused by COVID-19. While the Paycheck Protection Program has served as a critical lifeline for many small businesses in the construction industry, ABC remains concerned that efforts to provide funding through the traditional banking system to many of our minority contractors has fallen short, and it is clear that a different approach is needed to assist these impacted businesses in our communities.