The Senate Community, Economic and Recreational Development Committee recently heard testimony from entrepreneurs and economic experts on a proposed Small Business Assistance Package.
Senate Bills 983 and 984, introduced by state Sen. Ryan Aument (R-Lancaster County), would establish a $500 million Business Loan Bond Fund and an associated tax credit.
The Business Loan Bond Fund would facilitate loans to small businesses rebounding from the effects of the COVID-19 pandemic. A long-term bond would fund the temporary loan program.
Businesses that have done well during the pandemic could donate to the new Small Business Grant Assistance Program. Donating businesses would receive a tax credit.
The committee is reviewing both bills. It heard testimony from statewide business panelists and representatives from the PA Licensed Beverage and Tavern Association, the PA Restaurant and Lodging Association, and the National Federation of Independent Businesses, all of whom support the bill package.
“As each new COVID-19 variant hits Pennsylvania, the small businesses that are the heart of our communities must brace for more and more economic turbulence,” state Sen. John Yudichak (I-Carbon County), committee chairman, said. “A robust economic recovery lifts all ships — our businesses, our schools, our health care system, and every citizen in Pennsylvania who is fighting through inflation, high energy bills, and rising retail prices.”