Congresswoman Luria Votes to Support Small Businesses in COVID-19 Relief Package
WASHINGTON, D.C. – Today, Congresswoman Elaine Luria highlighted several small business wins within the Consolidated Appropriations Act, 2021 and Emergency Coronavirus Relief package, which the President recently signed into law.
“I am glad the COVID relief package included significant aid for small businesses and our workforce during this challenging time,” said Congresswoman Luria. “Small businesses are the engines of our local economy, and they continue to experience catastrophic losses. This package will provide a lifeline to small business owners and help workers stay employed across Coastal Virginia and our nation.”
This bipartisan, bicameral deal provides important funding and provisions for small businesses, including:
- $284 billion for a second round of the Paycheck Protection Program (PPP) through March 31, 2021;
- $20 billion for emergency Economic Injury Disaster Loan grants and extension of the covered period for emergency EIDL grants to December 31, 2021;
- $15 billion in grants for eligible live event venue operators, an industry that has lost nearly 90% of their revenue;
- Expansion of expense eligibility under the PPP to include personal protective equipment and supplier costs;
- Clarification that forgiven PPP expenses like rent and payroll are tax-deductible; and,
- Modifications to the Employee Retention Tax Credit by increasing the credit rate from 50%-70%.
As a former small business owner, Congresswoman Elaine Luria has been a staunch advocate for locally owned small businesses during this economic crisis. Previously, she voted for the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which established the Paycheck Protection Program (PPP). Although the PPP was a necessary step to assist small business owners, it was not perfect, which is why the Congresswoman advocated for bipartisan initiatives to allow business owners to use PPP loans over longer time periods, to provide flexibility for businesses struggling to meet the SBA’s requirement that 75% of loan proceeds go toward payroll costs, and to increase the SBA’s transparency.
Congresswoman Elaine Luria represents Virginia’s 2nd Congressional District. She serves on the House Armed Services Committee, where she is the Vice Chair of the Seapower and Projection Forces Subcommittee, and the House Committee on Veterans’ Affairs, where she serves as Chair of the Disability Assistance and Memorial Affairs Subcommittee.