Legislation aims to jumpstart decades-long declining entrepreneurship
Washington, D.C. – Today, U.S. Senators Catherine Cortez Masto (D-Nev.) and Jerry Moran (R-Kan.) introduced the Supporting NEW BUSINESSES Act, legislation to make it easier to start and grow a new business. This bipartisan bill will require the Small Business Administration (SBA) to provide annual awards that would encourage states and localities to reduce red tape and streamline the process for starting a new business.
“Nevada’s small businesses shouldn’t be burdened by excess red tape when trying to get their businesses off the ground, and my bipartisan legislation will encourage cities and states across the country to make it easier to start and grow a new business,” said Senator Cortez Masto. “I’ll keep working to jumpstart American entrepreneurship and provide our small businesses with every tool they need to succeed.”
“Every business counts – to the community and to the state,” said Senator Moran. “Celebrating cities and states that implement innovative solutions to cut red tape, reduce bureaucracy and make it easier for entrepreneurs to build successful businesses will encourage communities to enact policies that promote economic growth.”
Full text of the bill is available here.
Under the Supporting NEW BUSINESSES Act, the SBA would recognize communities across the country that are making it easier for small businesses to get off the ground. These federal awards would allow communities to market themselves as award winning, business friendly areas and help them attract additional capital and business opportunities.
Senator Cortez Masto has been a strong advocate for small businesses in the Senate. Last week, the senator unveiled her Spanish-language Small Business Guide to help Latino small business owners access federal resources. In March, the administration answered her call to extend the deferment period for small businesses to repay loans to the Economic Injury Disaster Loan (EIDL) program. She has led legislation to streamline the EIDL program and combat fraud. She’s also introduced legislation to protect small businesses from expensive data breaches and cyberattacks and to help small businesses partner with institutions of higher education to conduct research and development. Throughout the pandemic, she worked to pass COVID relief legislation to provide economic relief for small businesses.