Conaway Introduces Bill to Aid Small Businesses During a Government Shutdown

Washington, D.C.-Today, Congressman Herb Conaway Jr., MD introduced the Funding Small Businesses During Shutdowns Act which would ensure the continuation of key Small Business Administration (SBA) programs in the event of a government shutdown.

"Trump and Congressional Republicans have repeatedly shown that they don't care if the American people suffer as a result of their actions," said Congressman Conaway. "Democrats do not want a government shutdown, which would disrupt operations, delay access to capital, and create economic instability. Democrats are ready to negotiate with Republicans to find a solution that keeps government open and lowers health care costs. But if a shutdown does occur, our communities and small businesses must have every available resource. I'm proud to introduce legislation that will keep critical small business programs operating during a Republican shutdown. We must ensure uninterrupted support for the small businesses that are the backbone of our economy."

The bill provides funding to maintain operations for a 30-day period, including:

• $500,000 for loans under Section 7(m) of the Small Business Act, which includes the Microloan Program. This program offers small, short-term loans to small businesses and certain non-profit childcare centers.

• $2,916,666,667 for loans under Section 7(a) of the Small Business Act. The 7(a) Loan Program is the SBA's primary loan program, offering loan guarantees to help small business access capital-especially those that may not qualify for traditional financing.

• $1,250,000,000 for loans under Title V of the Small Business Investment Act of 1958, which funds the SBA's Small Business Investment Company (SBIC) Program. This program facilitates access to venture capital and private equity for small businesses.

• $13,775,000 for administrative expenses necessary to operate the 7(m) (Microloan) Program, which is specifically designed to support women, low-income, veteran, and minority entrepreneurs.

The Funding Small Businesses During Shutdowns Act is co-sponsored by Representatives: Lateefah Simon (CA-12), Joaquin Castro (TX-20), Kelly Morrison (MN-03), and Johnny Olszewski (MD-02).

For a copy of the bill click here.