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COVID-19 Relief Assistance to Small Businesses: Issues and Policy Options [Updated April 23, 2021]
From the Summary: "The U.S. Small Business Administration (SBA) administers several types of programs to support small businesses, including direct disaster loan programs for businesses, homeowners, and renters; loan guaranty and venture capital programs; management and technical assistance training programs; and contracting programs. Congressional interest in these programs has become especially acute in the wake of the Coronavirus Disease 2019 (COVID-19) pandemic's widespread adverse economic impact on the national economy. This report provides a brief description of the SBA's programs and examines congressional action to assist small businesses during and immediately following the Great Recession (2007- 2009) and during the COVID-19 pandemic[.]"
Library of Congress. Congressional Research Service
Dilger, Robert Jay, 1954-; Lowry, Sean; Lindsay, Bruce R.
2021-04-23
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SBA Shuttered Venue Operators Grant Program (SVOG) [Updated April 26, 2021]
From the Introduction: "Congressional interest in the Small Business Administration (SBA) has become especially acute in the wake of the Coronavirus Disease 2019 (COVID-19) pandemic's widespread adverse economic impact on the U.S. economy, including productivity losses, supply chain disruptions, major labor dislocation, and significant financial pressure on both businesses and households. During the 116th Congress, in an effort to assist small businesses adversely affected by COVID-19, Congress approved legislation that provided the SBA $1.088 trillion in appropriations, a 35,282% increase over the $3.075 billion the SBA received during the 115th Congress. Most of the SBA's funding during the 116th Congress was provided through supplemental appropriations for new and expanded programs, including the Paycheck Protection Program (PPP; $806.45 billion), Economic Injury Disaster Loans (EIDL; $50.02 billion), Emergency EIDL advance (grant) payments ($20 billion), and Targeted EIDL advance (grant) payments ($20 billion). In addition, Congress appropriated $15 billion for a new, Shuttered Venue Operators Grant (SVOG) program. [...] This report examines the SVOG's legislative origins, implementation, eligibility requirements, grant amounts, statutory requirements prioritizing the grant awards to qualified applicants who have suffered the greatest economic loss, allowable use of proceeds, and recordkeeping requirements. It also discusses issues of likely interest to Congress, including oversight of the program's implementation and ways to measure program performance."
Library of Congress. Congressional Research Service
Dilger, Robert Jay, 1954-; Lowry, Sean
2021-04-26
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COVID-19-Related Loan Assistance for Agricultural Enterprises [Updated May 4, 2021]
From the Document: "The Coronavirus Aid, Relief, and Economic Security Act (CARES Act; P.L. 116-136) created the Small Business Administration's (SBA's) Paycheck Protection Program [hyperlink] (PPP), expanded eligibility for Emergency Economic Injury Disaster Loans (EIDLs), and established Emergency [hyperlink] EIDL grants to provide short-term, economic relief to certain small businesses and nonprofits [hyperlink]. The CARES Act also made certain agricultural enterprises eligible for COVID-19 [coronavirus disease 2019] relief."
Library of Congress. Congressional Research Service
Dilger, Robert Jay, 1954-; Lowry, Sean; Lindsay, Bruce R.
2021-05-04
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SBA Restaurant Revitalization Fund Grants [April 28, 2021]
From the Document: "The Small Business Administration's (SBA's) $28.6 billion Restaurant Revitalization Fund Program (RRF) was authorized by P.L. 117-2, the American Rescue Plan Act of 2021. The RRF provides grants of up to $5 million per permanent physical business location (not to exceed $10 million per applicant and any affiliated businesses) to restaurants and other similar places of business 'in which the public or patrons assemble for the primary purpose of being served food or drink' and which have experienced COVID-19 [coronavirus disease 2019]-related revenue loss. Unlike most other SBA programs, there is no limit on the number of employees for businesses to qualify for a RRF grant. This Insight summarizes the statutory provisions enacted by P.L. 117-2 and SBA-issued guidance on the RRF. For more information, see the SBA's 'Restaurant Revitalization Funding Program Guide.'"
Library of Congress. Congressional Research Service
Dilger, Robert Jay, 1954-; Lowry, Sean
2021-04-28
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Tax Deductions for Individuals: A Summary [December 20, 2012]
"Every tax filer has the option to claim deductions when filing their income tax return. Deductions serve four main purposes in the tax code: (1) to account for large, unusual, and necessary personal expenditures, such as extraordinary medical expenses; (2) to encourage certain types of activities, such as homeownership and charitable contributions; (3) to ease the burden of taxes paid to state and local governments; and (4) to adjust for the expenses of earning income, such as unreimbursed employee expenses. Some tax deductions can be taken by individuals even if they do not itemize. These deductions are commonly referred to as above-the-line deductions, because they reduce a tax filer's adjusted gross income (AGI, or the line). In contrast, itemized and standard deductions are referred to as below-the-line deductions, because they are applied after AGI is calculated to arrive at taxable income."
Library of Congress. Congressional Research Service
Lowry, Sean
2012-12-20
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Tax Deductions for Individuals: A Summary [January 10, 2013]
"This report provides an overview of income tax deductions for individuals. A tax deduction reduces the amount of a tax filer's income that is subject to taxation, ultimately reducing the tax filer's tax liability. Every tax filer has the option to claim deductions when filing their income tax return. However, some tax filers and policymakers may not have detailed knowledge of tax deductions, including future changes in the requirements to claim certain deductions. In addition, tax deductions may be of interest to Congress from a budgetary perspective, as some deductions are classified as tax expenditures, and result in losses in federal revenue. This report first describes what tax deductions are, how they vary in their effects on reducing taxable income, and how they differ from other provisions (e.g., exclusions or credits). Next, it discusses the rationale for deductions as part of the tax code. The final section includes tables that summarize each individual tax deduction, under current law. This report focuses on the standard treatment of tax deductions for individuals under the individual income tax code."
Library of Congress. Congressional Research Service
Lowry, Sean
2013-01-10
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SBA Veterans Assistance Programs: An Analysis of Contemporary Issues [Updated April 1, 2021]
From the Summary: "This report opens with an examination of the economic circumstances of veteran-owned businesses. It then provides a brief overview of veterans' employment experiences, comparing unemployment and labor force participation rates for veterans, veterans who have left the military since September 2001, and nonveterans. The report also describes employment assistance programs offered by several federal agencies to assist veterans in their transition from the military to the civilian labor force and examines, in greater detail, the SBA's [Small Business Administration] veteran business development programs, the SBA's efforts to assist veterans' access to capital, and the SBA's veteran contracting programs. It also discusses the SBA's Military Reservist Economic Injury Disaster Loan program and P.L. 114-38, the Veterans Entrepreneurship Act of 2015, which authorized and made permanent, under specified circumstances, the SBA's recent practice of waiving the SBAExpress loan program's one time, up-front loan guarantee fee for veterans (and their spouse)."
Library of Congress. Congressional Research Service
Dilger, Robert Jay, 1954-; Lowry, Sean
2021-04-01
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COVID-19 Relief Assistance to Small Businesses: Issues and Policy Options [Updated February 23, 2021]
From the Summary: "The U.S. Small Business Administration (SBA) administers several types of programs to support small businesses, including direct disaster loan programs for businesses, homeowners, and renters; loan guaranty and venture capital programs; management and technical assistance training programs; and contracting programs. Congressional interest in these programs has always been high, primarily because small businesses are viewed as a means to stimulate economic activity and create jobs, but it has become especially acute in the wake of the Coronavirus Disease 2019 (COVID-19) pandemic's widespread adverse economic impact on the national economy. This report provides a brief description of the SBA's programs and examines congressional action to assist small businesses during and immediately following the Great Recession (2007- 2009) and during the COVID-19 pandemic."
Library of Congress. Congressional Research Service
Dilger, Robert Jay, 1954-; Lindsay, Bruce R.; Lowry, Sean
2021-02-23
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Tax Deductions for Individuals: A Summary [January 8, 2014]
"Every tax filer has the option to claim deductions when filing their income tax return. Deductions serve four main purposes in the tax code: (1) to account for large, unusual, and necessary personal expenditures, such as extraordinary medical expenses; (2) to encourage certain types of activities, such as homeownership and charitable contributions; (3) to ease the burden of taxes paid to state and local governments; and (4) to adjust for the expenses of earning income, such as unreimbursed employee expenses. Some tax deductions can be taken by individuals even if they do not itemize. These deductions are commonly referred to as above-the-line deductions, because they reduce a tax filer's adjusted gross income (AGI, or the line). In contrast, itemized and standard deductions are referred to as below-the-line deductions, because they are applied after AGI is calculated to arrive at taxable income. Tax filers have the option to claim either a standard deduction or to itemize certain deductions. The standard deduction, which is based on filing status, is, among other things, intended to reduce the complexity of paying taxes, as it requires no additional documentation. Alternatively, tax filers claiming itemized deductions must list each item separately on their tax return and be able to provide documentation that the expenditures being deducted have been made. Only tax filers with deductions that can be itemized in excess of the standard deduction find it worthwhile to itemize. Whichever deduction the tax filer claims--standard or itemized--the amount is subtracted from AGI."
Library of Congress. Congressional Research Service
Lowry, Sean
2014-01-08
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Potential Policy Implications of the House Reconciliation Bill (H.R. 3762) [November 13, 2015]
"The FY2016 budget resolution (S.Con.Res. 11) established the congressional budget for the federal government for FY2016 and set forth budgetary levels for FY2017-FY2025. It also included reconciliation instructions for House and Senate committees to submit changes in laws to reduce the federal deficit to their respective budget committees. On October 23, 2015, the House Budget Committee marked up a reconciliation bill containing provisions submitted by three committees--Ways and Means, Energy and Commerce, and Education and the Workforce--pursuant to the reconciliation instructions included in the FY2016 budget resolution. The House reconciliation bill--H.R. 3762, the Restoring Americans' Healthcare Freedom Reconciliation Act of 2015--would repeal several provisions of the Patient Protection and Affordable Care Act (ACA; P.L. 111-148, as amended). These provisions are as follows: [1] the individual mandate; [2] the employer mandate; [3] the excise tax on high-cost employer-sponsored coverage (the Cadillac tax); [4] the medical device tax; [5] the Independent Payment Advisory Board (IPAB); [6] the auto-enrollment requirement for large employers; and [7] the Prevention and Public Health Fund (PPHF). […] The Congressional Budget Office (CBO) and the Joint Committee on Taxation (JCT) estimate that the House reconciliation bill would reduce federal deficits by $78.1 billion over the 2016-2025 period. This report provides background on the reconciliation process and summarizes the provisions in H.R. 3762, including their projected budgetary impact. It then briefly examines some of the bill's policy implications. The report will be updated as necessary to reflect key legislative developments."
Library of Congress. Congressional Research Service
Mach, Annie L.; Heisler, Elayne J., 1976-; Lister, Sarah A. . . .
2015-11-13
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Potential Policy Implications of the House Reconciliation Bill (H.R. 3762) [November 10, 2015]
From the Introduction: "On October 23, 2015, the House passed a reconciliation bill containing provisions submitted by three committees--Ways and Means, Energy and Commerce, and Education and Workforce--pursuant to reconciliation instructions included in the FY2016 budget resolution (S.Con.Res. 11). The bill, the Restoring Americans' Healthcare Freedom Reconciliation Act of 2015 (H.R. 3762), would repeal several provisions of the Patient Protection and Affordable Care Act (ACA; P.L. 111-148, as amended). It would also restrict federal funding for the Planned Parenthood Federation of America (PPFA) and its affiliates and clinics for a period of one year. This report provides background on the reconciliation process and summarizes the provisions in H.R. 3762, including their projected budgetary impact. It then briefly examines the bill's policy implications. The report will be updated as necessary to reflect key legislative developments."
Library of Congress. Congressional Research Service
Mach, Annie L.; Heisler, Elayne J., 1976-; Lister, Sarah A. . . .
2015-11-10
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SBA Shuttered Venue Operators Grant Program (SVOG) [Updated April 12, 2021]
From the Summary: "Most of the SBA's [Small Business Administration's] funding during the 116th Congress was provided through supplemental appropriations for new and expanded programs, including the Paycheck Protection Program ($806.45 billion), Economic Injury Disaster Loans ($50.02 billion), Emergency Economic Injury Disaster Loan advance (grant) payments ($20 billion), Targeted Economic Injury Disaster Loan advance (grant) payments ($20 billion), and the Shuttered Venue Operators Grant (SVOG) program ($15 billion). This report focuses on the new $16.25 billion SVOG program--authorized by P.L. [public law] 116-260, the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (Division N, Title III of the Consolidated Appropriations Act, 2021), provided an additional $1.25 billion by P.L. 117-2, the American Rescue Plan Act of 2021, and administered by the SBA's Office of Disaster Assistance--which provides grants to shuttered venues affected by the COVID-19 [coronavirus disease 2019] pandemic."
Library of Congress. Congressional Research Service
Dilger, Robert Jay, 1954-; Lowry, Sean
2021-04-12
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SBA Veterans Assistance Programs: An Analysis of Contemporary Issues [September 4, 2012]
"Several federal agencies, including the Small Business Administration (SBA), provide training and other assistance to veterans seeking civilian employment. For example, the Department of Labor, in cooperation with the Department of Defense and the Department of Veterans Affairs, operates the Transition Assistance Program (TAP) and the Disabled Transition Assistance Program (DTAP). Both programs provide employment information and training to service members within 180 days of their separation from military service, or retirement, to assist them in transitioning from the military to the civilian labor force. […] This report opens with an examination of the current economic circumstances of veteran-owned businesses drawn from the Bureau of the Census 2007 Survey of Business Owners, which was administered in 2008 and 2009, and released on the Internet on May 17, 2011. It then provides a brief overview of veteran employment experiences, comparing unemployment and labor force participation rates for veterans, veterans who have left the military since September 2001, and non-veterans. The report then describes the employment assistance programs offered by several federal agencies to assist veterans in their transition from the military to the civilian labor force, and examines, in greater detail, the SBA's veteran business development programs, the SBA's Patriot Express loan guarantee program, and veteran contracting programs. The SBA's Military Reservist Economic Injury Disaster Loan program is also discussed."
Library of Congress. Congressional Research Service
Dilger, Robert Jay, 1954-; Lowry, Sean
2012-09-04
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Marijuana Policy Gap and the Path Forward [March 10, 2017]
From the Document: "Marijuana is the most commonly used illicit drug in the United States. It is a psychoactive drug that generally consists of leaves and flowers of the cannabis sativa plant. Its history dates back thousands of years, but in the United States, it became popular as a recreational drug in the early 20th century. The THC [Tetrahydrocannabinol] content of marijuana is dependent on both the variety of the cannabis plant and the part used. Under federal law, cannabis and its derivatives are classified as Schedule I controlled substances-thus prohibiting their possession, cultivation, or distribution-under the Controlled Substances Act (CSA), regardless of its THC content, unless specifically exempted or listed in another schedule (see 'Controlled Substances Act'). […] This report provides a background on federal marijuana policy and an overview of state trends with respect to marijuana decriminalization and legalization-for both medical and recreational uses. It then analyzes relevant issues for federal law enforcement and the implications of state marijuana legalization. The report also outlines a number of related policy questions that Congress may confront, including legalization in the District of Columbia, financial services for marijuana businesses, the medical nature of marijuana, oversight of federal law enforcement, and evaluation of marijuana as a Schedule I drug."
Library of Congress. Congressional Research Service
Sacco, Lisa N.; Bagalman, Erin; Finklea, Kristin M. . . .
2017-03-10
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COVID-19 Relief Assistance to Small Businesses: Issues and Policy Options [Updated May 4, 2020]
From the Summary: "The U.S. Small Business Administration (SBA) administers several types of programs to support small businesses, including direct disaster loan programs for businesses, homeowners, and renters to assist their recovery from natural disasters; loan guaranty and venture capital programs to enhance small business access to capital; small business management and technical assistance training programs to assist business formation and expansion; and contracting programs to increase small business opportunities in federal contracting. Congressional interest in these programs has always been high, primarily because small businesses are viewed as a means to stimulate economic activity and create jobs, but it has become especially acute in the wake of the Coronavirus Disease 2019 (COVID-19) pandemic's widespread adverse economic impact on the national economy, including productivity losses, supply chain disruptions, major labor dislocation, and significant financial pressure on both businesses and households. This report provides a brief description of the SBA's programs, examines congressional action to assist small businesses during and immediately following the Great Recession (2007-2009), and discusses legislation to assist small businesses adversely affected by the COVID-19 pandemic."
Library of Congress. Congressional Research Service
Dilger, Robert Jay, 1954-; Lindsay, Bruce R.; Lowry, Sean
2020-05-04
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COVID-19 Relief Assistance to Small Businesses: Issues and Policy Options [Updated April 27, 2020]
From the Summary: "The U.S. Small Business Administration (SBA) administers several types of programs to support small businesses, including direct disaster loan programs for businesses, homeowners, and renters to assist their recovery from natural disasters; loan guaranty and venture capital programs to enhance small business access to capital; small business management and technical assistance training programs to assist business formation and expansion; and contracting programs to increase small business opportunities in federal contracting. Congressional interest in these programs has always been high, primarily because small businesses are viewed as a means to stimulate economic activity and create jobs, but it has become especially acute in the wake of the Coronavirus Disease 2019 (COVID-19) pandemic's widespread adverse economic impact on the national economy, including productivity losses, supply chain disruptions, major labor dislocation, and significant financial pressure on both businesses and households."
Library of Congress. Congressional Research Service
Dilger, Robert Jay, 1954-; Lindsay, Bruce R.; Lowry, Sean
2020-04-27
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COVID-19 Stimulus Assistance to Small Businesses: Issues and Policy Options [Updated April 6, 2020]
From the Summary: "The U.S. Small Business Administration (SBA) administers several types of programs to support small businesses, including direct disaster loan programs for businesses, homeowners, and renters to assist their recovery from natural disasters; loan guaranty and venture capital programs to enhance small business access to capital; small business management and technical assistance training programs to assist business formation and expansion; and contracting programs to increase small business opportunities in federal contracting. Congressional interest in these programs has always been high, primarily because small businesses are viewed as a means to stimulate economic activity and create jobs, but it has become especially acute in the wake of the Coronavirus Disease 2019 (COVID-19) pandemic's widespread adverse economic impact on the national economy, including productivity losses, supply chain disruptions, major labor dislocation, and significant financial pressure on both businesses and households."
Library of Congress. Congressional Research Service
Dilger, Robert Jay, 1954-; Lindsay, Bruce R.; Lowry, Sean
2020-04-06
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CARES Act Assistance for Employers and Employees--The Paycheck Protection Program, Employee Retention Tax Credit, and Unemployment Insurance Benefits: Assessment of Alternatives (Part 2) [Updated April 21, 2020]
From the Document: "The Coronavirus Aid, Relief, and Economic Security (CARES) Act (P.L. 116-136) includes numerous provisions to assist employers and employees during the COVID-19 [coronavirus disease 2019] economic downturn. This Insight compares (1) the Small Business Administration's (SBA's) Paycheck Protection Program (PPP); (2) the Employee Retention Tax Credit (ERTC); and (3) Unemployment Insurance (UI). Firms that receive a PPP loan cannot also claim the ERTC. Additionally, when employees are retained due to a firm's receiving a PPP loan or claiming an ERTC, employees are generally ineligible for UI during the period of retention. This Insight highlights factors employers might consider in choosing which program offers them the best support. The optimal choice from the firm's perspective may not necessarily be what is optimal from their employees' perspective."
Library of Congress. Congressional Research Service
Sherlock, Molly F.; Gravelle, Jane; Isaacs, Katelin P., 1980- . . .
2020-04-21
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CARES Act Assistance for Employers and Employees--The Paycheck Protection Program, Employee Retention Tax Credit, and Unemployment Insurance Benefits: Overview (Part 1) [Updated April 21, 2020]
From the document: "The Coronavirus Aid, Relief, and Economic Security (CARES) Act (P.L. 116-136) includes numerous provisions to assist employers and employees during the COVID-19 [coronavirus disease 2019] economic downturn. This Insight compares (1) SBA's [Small Business Administration] Paycheck Protection Program; (2) the employee retention tax credit; and (3) Unemployment Insurance. A companion Insight, CRS [Congressional Research Service] Insight IN11329, 'CARES Act Assistance for Employers and Employees--The Paycheck Protection Program, Employee Retention Tax Credit, and Unemployment Insurance Benefits: Assessment of Alternatives (Part 2),' coordinated by Molly F. Sherlock, highlights factors employers might consider in choosing which program offers them the best support."
Library of Congress. Congressional Research Service
Sherlock, Molly F.; Gravelle, Jane; Isaacs, Katelin P., 1980- . . .
2020-04-21
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CARES Act Assistance for Employers and Employees--The Paycheck Protection Program, Employee Retention Tax Credit, and Unemployment Insurance Benefits: Overview (Part 1) [Updated April 10, 2020]
From the Document: "The Coronavirus Aid, Relief, and Economic Security (CARES) Act (P.L. 116-136) includes numerous provisions to assist employers and employees during the COVID-19 [coronavirus disease 2019] economic downturn. This Insight compares (1) SBA's [Small Business Administration] Paycheck Protection Program; (2) the employee retention tax credit; and (3) Unemployment Insurance."
Library of Congress. Congressional Research Service
Sherlock, Molly F.; Gravelle, Jane; Isaacs, Katelin P., 1980- . . .
2020-04-10
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Paycheck Protection Program (PPP) Lending Set Asides for Community Development Financial Institutions (CDFIs) [Updated April 27, 2020]
From the Document: "The Coronavirus Aid, Relief, and Economic Security Act (CARES Act; P.L. 116-136) created the Small Business Administration's (SBA's) Paycheck Protection Program (PPP). On April 16, 2020, the SBA reported that it had exhausted all funding provided by the CARES Act for the PPP. On April 24, 2020, President Trump signed the Paycheck Protection Program and Health Care Enhancement Act (P.L. 116-139), which contains lending set asides for smaller lenders. These set asides appear to be motivated by media coverage claiming that some big banks benefited from issuing large volumes of PPP loans and tended to favor existing clients or larger clients. P.L. 116-139 increases the total lending authority in the PPP to $659 billion, an increase of $310 billion over the $349 billion authorized under the CARES Act."
Library of Congress. Congressional Research Service
Lowry, Sean
2020-04-27
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Are Start-Ups Eligible for the SBA's New Paycheck Protection Program (PPP) Loans? [Updated April 6, 2020]
From the Document: "The Coronavirus Aid, Relief, and Economic Security Act (CARES Act; P.L. 116-136), among other provisions, created the Paycheck Protection Program (PPP). Under the PPP, a lender may provide 'covered loans' to assist 'small businesses' (defined as either businesses that have 500 or fewer employees or that meet the general size standards under the Small Business Act), small 501(c)(3) nonprofit organizations, and small 501(c)(19) veterans organizations that have been adversely affected by COVID-19 [coronavirus disease 2019]. These covered loans--also known as PPP loans--have [1] a 100% Small Business Administration (SBA) loan guarantee; [2] a maximum term of 10 years; [3] no associated fees; and [4] an interest rate not to exceed 4%."
Library of Congress. Congressional Research Service
Lowry, Sean
2020-04-06
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COVID-19-Related Loan Assistance for Agricultural Enterprises [Updated April 29, 2020]
From the Document: "The Coronavirus Aid, Relief, and Economic Security Act (CARES Act; P.L. 116-136) created the Small Business Administration's (SBA's) Paycheck Protection Program (PPP) and Emergency Economic Injury Disaster Loan (EIDL) grants to provide short-term, economic relief to certain small businesses and nonprofits."
Library of Congress. Congressional Research Service
Dilger, Robert Jay, 1954-; Lindsay, Bruce R.; Lowry, Sean
2020-04-29
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COVID-19 Relief Assistance to Small Businesses: Issues and Policy Options [Updated June 16, 2020]
From the Summary: "The U.S. Small Business Administration (SBA) administers several types of programs to support small businesses, including direct disaster loan programs for businesses, homeowners, and renters to assist their recovery from natural disasters; loan guaranty and venture capital programs to enhance small business access to capital; small business management and technical assistance training programs to assist business formation and expansion; and contracting programs to increase small business opportunities in federal contracting. Congressional interest in these programs has always been high, primarily because small businesses are viewed as a means to stimulate economic activity and create jobs, but it has become especially acute in the wake of the Coronavirus Disease 2019 (COVID-19) pandemic's widespread adverse economic impact on the national economy, including productivity losses, supply chain disruptions, major labor dislocation, and significant financial pressure on both businesses and households."
Library of Congress. Congressional Research Service
Dilger, Robert Jay, 1954-; Lindsay, Bruce R.; Lowry, Sean
2020-06-16
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COVID-19 Relief Assistance to Small Businesses: Issues and Policy Options [Updated June 22, 2020]
From the Document: "The U.S. Small Business Administration (SBA) administers several types of programs to support small businesses, including direct disaster loan programs for businesses, homeowners, and renters to assist their recovery from natural disasters; loan guaranty and venture capital programs to enhance small business access to capital; small business management and technical assistance training programs to assist business formation and expansion; and contracting programs to increase small business opportunities in federal contracting. [...] This report provides a brief description of the SBA's programs, examines congressional action to assist small businesses during and immediately following the Great Recession (2007-2009), and discusses legislation to assist small businesses adversely affected by the COVID-19 pandemic[.]"
Library of Congress. Congressional Research Service
Dilger, Robert Jay, 1954-; Lowry, Sean; Lindsay, Bruce R.
2020-06-22
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COVID-19 Relief Assistance to Small Businesses: Issues and Policy Options [Updated May 28, 2020]
From the Summary: "The U.S. Small Business Administration (SBA) administers several types of programs to support small businesses, including direct disaster loan programs for businesses, homeowners, and renters to assist their recovery from natural disasters; loan guaranty and venture capital programs to enhance small business access to capital; small business management and technical assistance training programs to assist business formation and expansion; and contracting programs to increase small business opportunities in federal contracting. Congressional interest in these programs has always been high, primarily because small businesses are viewed as a means to stimulate economic activity and create jobs, but it has become especially acute in the wake of the Coronavirus Disease 2019 (COVID-19) pandemic's widespread adverse economic impact on the national economy, including productivity losses, supply chain disruptions, major labor dislocation, and significant financial pressure on both businesses and households."
Library of Congress. Congressional Research Service
Dilger, Robert Jay, 1954-; Lindsay, Bruce R.; Lowry, Sean
2020-05-28
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Small Business Administration: A Primer on Programs and Funding [Updated May 4, 2020]
From the Summary: "The Small Business Administration (SBA) administers several types of programs to support small businesses, including loan guaranty and venture capital programs to enhance small business access to capital; contracting programs to increase small business opportunities in federal contracting; direct loan programs for businesses, homeowners, and renters to assist their recovery from natural disasters; and small business management and technical assistance training programs to assist business formation and expansion. Congressional interest in the SBA's loan, venture capital, training, and contracting programs has increased in recent years, primarily because small businesses are viewed as a means to stimulate economic activity and create jobs."
Library of Congress. Congressional Research Service
Dilger, Robert Jay, 1954-; Lowry, Sean
2020-05-04
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SBA Paycheck Protection Program (PPP) Loan Forgiveness: In Brief [June 5, 2020]
From the Document: "The Coronavirus Aid, Relief, and Economic Security Act (CARES Act; P.L. 116-136) created the Small Business Administration (SBA) Paycheck Protection Program (PPP) to provide short-term loans to certain small business and nonprofits. [...] This In Brief report discusses statutes, regulations, and agency guidance relevant to the PPP loan forgiveness process and determination. A summary of the Paycheck Protection Program Flexibility Act (H.R. 7010) is also provided. H.R. 7010 was passed by the House on May 28, 2020, and the Senate on June 3, 2020, and is to be presented to the President."
Library of Congress. Congressional Research Service
Lowry, Sean
2020-06-05
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IRS Guidance Says No Deduction is Allowed for Business Expenses Paid with Forgiven PPP Loans [Updated June 5, 2020]
From the Document: "The Coronavirus Aid, Relief, and Economic Security Act (CARES Act; P.L. 116-136) created Small Business Administration (SBA) Paycheck Protection Program (PPP) loans to provide short-term, economic relief to certain small businesses and nonprofits. PPP loans can be used to cover payroll expenses and other enumerated operating costs (e.g., rent, utilities) and can be forgiven if the borrower meets certain payroll and employment retention criteria. The loans are capped at $10 million per borrower. The initial authorization of $349 billion for PPP loans was exhausted by April 16, 2020. Congress authorized another $310 billion ($659 billion total) for PPP loans in the Paycheck Protection Program and Health Care Enhancement Act (P.L. 116-139). On April 30, 2020, IRS issued Notice 2020-32, which clarifies the IRS position, under Internal Revenue Code (IRC) Section 265(a)(1), that PPP-recipients cannot claim a deduction for expenses funded from the forgiven PPP loans. IRS's guidance could reduce the perceived economic benefit of PPP loans, and require some taxpayers to alter how they compute their taxes for 2020 compared to previous years. With this said, many businesses could still find that the economic benefits of PPP loans outweigh the potential costs."
Library of Congress. Congressional Research Service
Lowry, Sean; Gravelle, Jane
2020-06-05
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IRS Guidance Says No Deduction is Allowed for Business Expenses Paid with Forgiven PPP Loans [Updated May 13, 2020]
From the Document: "The Coronavirus Aid, Relief, and Economic Security Act (CARES Act; P.L. 116-136) created Small Business Administration (SBA) Paycheck Protection Program (PPP) loans to provide short-term, economic relief to certain small businesses and nonprofits. [...] The initial authorization of $349 billion for PPP loans was exhausted by April 16, 2020. Congress authorized another $310 billion ($659 billion total) for PPP loans in the Paycheck Protection Program and Health Care Enhancement Act (P.L. 116-139). On April 30, 2020, IRS issued Notice 2020-32, which clarifies the IRS position, under Internal Revenue Code (IRC) Section 265(a)(1), that PPP-recipients cannot claim a deduction for expenses funded from the forgiven PPP loans. IRS's guidance could reduce the perceived economic benefit of PPP loans, and require some taxpayers to alter how they compute their taxes for 2020 compared to previous years. With this said, many businesses could still find that the economic benefits of PPP loans outweigh the potential costs."
Library of Congress. Congressional Research Service
Lowry, Sean; Gravelle, Jane
2020-05-13
