Small Business, Jobs and the Economy
Congresswoman Judy Chu at the construction of the iconic 210 bridge for L.A. Metro's Gold Line.
As a member of the Small Business Committee, and Chairwoman of the Subcommittee on Investigations, Oversight and Regulations, my top economic priorities include promoting the growth of small businesses; creating a competitive workforce through education and training; and rebuilding America’s crumbling infrastructure to create jobs today. Since small businesses create 2 out of every 3 new jobs, I believe helping entrepreneurs succeed is the key.
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 (SBDC) to the San Gabriel Valley. Small Business Development Centers are Small Business Administration (SBA) administered partnerships, typically with local colleges and universities that provide free, confidential services to small business owners. Any person who wants to start or expand their small business can get a business plan or a feasibility study. They can get help in marketing and most importantly in finding financing.
Where once the closest SBDC was in Long Beach, I am proud to say that thanks to all of our efforts, we now have two fully operational SBDCs – one at Pasadena City College and the other at the University of La Verne. These small business development centers have already helped many entrepreneurs get their ideas off the ground, and they can be of service to you too, so don’t hesitate to contact them for free advice and support.
Pasadena City College SBDC
Foothill Campus
3035 E. Foothill Blvd., Room 122
Pasadena, CA 91107
Phone: (626) 585-3106
Email: SBDC@pasadena.edu
SBDC hosted by University of La Verne
College of Business and Public Management
2180 Third Street
La Verne, CA 917507
Phone: (909) 448-1556
Email: ssnider@laverne.edu
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.
That’s why I successfully fought to pass the Commercial Real Estate and Economic Development (CREED) Act into law. It extends the Small Business Administration’s (SBA) 504 loan refinance program for 5 years, allowing qualified small businesses to lock in long-term, stable financing, and enabling access to working capital to 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.
A shocking 73% of small businesses are turned away for conventional loans by banks. This is why we rely on loans guaranteed by the Small Business Administration (SBA) to seek sources of capital. I introduced the Investing in Main Street Act to address this very problem. 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 Tesla, Apple, and Intel get off the ground when they were considered to be small businesses. But a 60 year-old law – the Small Business Investment Act of 1958 - put a cap on how much banks or federal savings associations may invest in SBICs. The Investing in Main Street Act amends that outdated law to increase the percentage of capital and surplus that a bank or federal savings association may invest in SBICs.
This bill was passed unanimously by the House of Representatives in 2019. I am working towards getting it through the Senate and signed into law.
More on Small Business, Jobs and the Economy
Washington, DC — Today, at the conclusion of National Wildfire Awareness Month, Representatives Judy Chu (CA-27) and John Katko (NY-24) introduced the Filing Relief for Natural Disasters Act. Under current law, the IRS has the authority to postpone certain filing deadlines in the event of a presidentially declared disaster. However, that declaration often comes days or weeks after a state-level emergency is declared, which delays the IRS’s ability to provide federal tax relief to impacted businesses and disaster victims.
Washington, D.C. – Rep. Judy Chu (CA-27), a member of the House Small Business Committee, has sent a letter to the Small Business Administration and the Department of the Treasury urging immediate action to address racial disparities in the administration of the Paycheck Protection Program (PPP).
The House Committee on Transportation and Infrastructure (T&I) plans to advance surface transportation authorization legislation later this spring, building on H.R. 2, the Moving Forward Act, from the 116th Congress. Chair Peter DeFazio announced that the T&I Committee will formally accept requests for projects from House Members.
WASHINGTON – Rep. Judy Chu (CA-27) today introduced the Providing Real Opportunities for Growth to Rising Entrepreneurs for Sustained Success (PROGRESS) Act to help female entrepreneurs access the capital needed to start their businesses. A companion bill was introduced in the Senate by Senators Ron Wyden (D-OR), Maggie Hassan (D-NH), Ben Cardin (D-MD), and Catherine Cortez Masto (D-NV).
WASHINGTON, DC - Today, the House of Representatives passed the American Rescue Plan, a $1.9 trillion economic recovery package to support families, workers, businesses, and health care providers through the Coronavirus crisis. Rep. Judy Chu (CA-27), who helped craft this bill as a member of the House Small Business, Ways and Means, and Budget Committees, issued the following statement:
WASHINGTON, DC – Today, the House of Representatives passed HR. 133, an omnibus bill to fund the government through fiscal year 2021 and provide additional COVID-19 relief to the country. Rep. Judy Chu (CA-27) voted for the bill and issued the following statement:
WASHINGTON, DC – Following reports that Katherine Tai, Chief Trade Counsel for the House Ways and Means Committee, has been nominated by President-elect Joe Biden to serve as United States Trade Representative, Reps. Judy Chu (CA-27), a member of the House Ways and Means Committee and Chair of the Congressional Asian Pacific American Caucus (CAPAC), and Rep. Suzanne Bonamici (OR-01), a member of the USMCA Working Group, issued the following statements praising the nomination:
WASHINGTON, DC - U.S. Reps. Judy Chu (CA-27), a member of the House Ways and Means Subcommittee on Oversight, and Bill Pascrell, Jr. (NJ-09), the Chairman of the House Ways and Means Subcommittee on Oversight, led 25 House members in a letter to House Speaker Nancy Pelosi, Senate Majority Leader Mitch McConnell, and House and Senate Appropriations leaders calling on them to retain the House-passed funding level of $12.1 billion for the Internal Revenue Service (IRS), including $5.2 billion for enforcement activities.
WASHINGTON, DC - U.S. Reps. Judy Chu (CA-27), a member of the House Ways and Means Subcommittee on Oversight, and Bill Pascrell, Jr. (NJ-09), the Chairman of the House Ways and Means Subcommittee on Oversight, led 25 House members in a letter to House Speaker Nancy Pelosi, Senate Majority Leader Mitch McConnell, and House and Senate Appropriations leaders calling on them to retain the House-passed funding level of $12.1 billion for the Internal Revenue Service (IRS), including $5.2 billion for enforcement activities.
Washington, D.C.— Today, Rep. Nydia M. Velázquez (D-NY), Chairwoman of the House Small Business Committee, and Rep. Judy Chu (D-CA), Chairwoman of the Subcommittee on Investigations, Oversight, and Regulations penned a letter to Small Business Administration (SBA) Administrator Jovita Carranza, seeking more information on the status of the SBA’s Economic Injury Disaster Loan (EIDL) program.