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Small Business, Jobs and the Economy

We must reignite the American Dream by providing a ladder of opportunity for every American to climb, so that everyone who works hard and plays by the rules is able to achieve their dreams. And I believe small business is the key. Small businesses create 2 out of every 3 new jobs in our country, and it is my mission as a member of the Small Business Committee to help them do what they do best: create good-paying jobs, drive innovation, and strengthen the middle class.

My top priorities on the committee include: promoting the growth of small businesses; creating a competitive workforce through education and training; supporting entrepreneurs; overseeing the Small Business Administration (SBA); and rebuilding America’s crumbling infrastructure to create jobs today.

Small Business Development Centers

Getting an idea off the ground isn’t always easy. Having access to local resources like advice on how to develop and grow a small businesses can make all the difference.

That is why I’m proud to have brought the first two Small Business Development Centers (SBDCs) to the San Gabriel Valley: the SBDC hosted by Pasadena City College and the SBDC hosted by University of La Verne. SBDCs are partnerships between the SBA and local colleges and universities that provide free, confidential services to small business owners. At SBDCs, any person who wants to start or expand their small business can get help developing a business plan, learning how to market, or accessing financing. 

Expanding Access to Capital

Financial capital is critical for small businesses—it allows them to invest in new equipment and grow their payrolls. But that capital can be hard to come by and hard to afford. That’s why I successfully fought to pass the Commercial Real Estate and Economic Development (CREED) Act into law in 2015. It authorized the SBA’s 504 loan refinance program, allowing qualified small businesses to lock in low-cost, long-term, government-backed financing so they can protect and create new jobs.

The CREED Act is completely funded by SBA fees, which means this law helps boost the economy without costing the taxpayers a dime. Since its passage, small businesses have been able to refinance qualified loans at low interest rates, helping them increase their capital and succeed.

Investing in Main Street and Supporting Entrepreneurs

A shocking 73% of small businesses are turned away for conventional loans by banks. This is why we rely on loans guaranteed by the SBA to help fill this gap in access to capital. The Small Business Investment Companies Program, or SBIC, is an investment program with an SBA guarantee that increases access to capital for high-growth start-up businesses. Already, SBIC funding has helped companies like Costco, Apple, and Intel get off the ground when they were considered small businesses. But a 60 year-old law—the Small Business Investment Act of 1958—put a cap on the amount banks or federal savings associations can invest in SBICs. My bill, the Investing in Main Street Act, would amend that outdated law to triple the percentage of capital and surplus that a bank or federal savings association may invest in SBICs. This bill was already passed by the House of Representatives, and I am working towards getting it through the Senate and signed into law.

Protecting Small Businesses During the COVID-19 Pandemic and Beyond

Small businesses were some of the first and hardest hit by the COVID-19 pandemic. I worked quickly in a bipartisan manner on the House Small Business Committee to extend the Economic Injury Disaster Loan (EIDL) program to businesses hurt by COVID, and create brand new relief programs like the Paycheck Protection Program (PPP) to help businesses keep employees on payroll and stay afloat. I helped ensure pandemic aid was distributed equitably by creating a special $60 billion set-aside specifically for the community financial institutions and small lenders more likely to have relationships with the smallest businesses. In 2021, I worked with Democrats in Congress to pass the American Rescue Plan Act, an historic economic relief package that made more entities eligible for PPP and created two historic new grant programs, the Restaurant Revitalization Fund (RRF) and Hard Hit Industries Award Program. I am thrilled to say these programs were a tremendous success, saving thousands of small businesses and supporting jobs all across the country.

JOBS AND THE ECONOMY

I have worked hard to support our economy by investing in our communities and creating new, good-paying jobs. That is why I worked hard in Congress to pass the Infrastructure Investment and Jobs Act, or the Bipartisan Infrastructure Law, which was signed into law by President Biden in 2021. This law represents an historic $1.2 trillion investment in America’s roads, bridges, public transit, high-speed internet, clean drinking water, environmental justice, and under-resourced communities and will create two million new, good-paying jobs over the next 10 years. I’m excited to say that this law has already delivered billions in investments for California.

I also worked with my bipartisan colleagues and President Biden to pass into law the bipartisan CHIPS and Science Act in August 2022. The law provides critical funding to expand domestic manufacturing, invest in research and development, strengthen our supply chains, and create high-paying jobs right here at home. Ultimately, it will ensure that America has a robust, domestic supply chain for semiconductors and remains a global leader in science and technology. With world-class research institutions like Caltech in our district, I was proud to have voted for a bill that supports our local jobs and maintains our region’s leadership in research and development.

On the Ways and Means Committee, I joined with my Democratic colleagues to pass the Inflation Reduction Act, the nation’s single largest investment in clean energy technology. This law, which was signed by President Biden in August 2022, is incentivizing the creation of new jobs, creating a surge in domestic manufacturing, and strengthening our energy supply chain—all while addressing climate change.