Bill focuses on small, rural businesses

As the CARES Act was introduced by Congress to help provide financial aid during the early weeks of the pandemic, many small businesses continue to struggle due to the impacts of COVID-19.

A bipartisan bill introduced by Montana Senator Steve Daines and Democratic Senator Corey Booker is tailored towards providing relief for small and rural businesses in Montana.

The Small Business Relief Fund was created in order to provide economic relief for business with fewer than 20 workers during the COVID-19 pandemic.

“We need more targeted action that strengthens local response and empowers our local economic development leaders to provide relief for our most vulnerable small and rural businesses in the wake of the COVID-19 outbreak,” Daines stated in a press release on May 18.

Danies introduced the bipartisan bill after working with Montana communities as they came together to start economic relief funds for businesses struggling during the pandemic, the press release said.

The Small Business Local Relief Fund would provide a targeted $50 billion in economic relief to “seed and scale” small business relief at a city or county level.

The bipartisan proposed bill is directed towards businesses with 20 employees, or businesses with less than 50 employees in low income areas. The bill states the assistance may take the form of grants, loans, or professional support to respond to the challenges caused by the coronavirus.

Within the $50 billion there is $15 billion that is referred to as a “rural bonus,” which will be allocated to the states to provide financing exclusively to businesses in rural areas.

Ninety percent of small businesses in Montana employ fewer than 20 workers, and make up 50% of the employment in the state.