Main Street Parity Act

Floor Speech

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Ms. SIMON. Madam Speaker, I thank Representative Velazquez for her support, particularly for freshman members from the Democratic side on the Small Business Committee and to Representative Williams for his collaboration on this bill.

Madam Speaker, I am extremely proud to lead the Main Street Parity Act with Chair Williams. As members of the Small Business Committee, one of the most bipartisan committees in the 119th Congress, we hear the same messages repeated every single day: Small businesses don't need special treatment. In fact, they are just asking for a fair shot in this economy.

The SBA's 504 loan program is designed to provide that fair shot through basic good policy and affordable, long-term financing. The financing helps small businesses buy buildings, buy property, expand operations, and employ Main Street neighbors throughout our community.

Under the current law, not all small businesses are treated the same. Owners of so-called small purpose properties are required to put up significantly more cash up front, often 5 to 10 percent more than standard property owners. These include places like bowling alleys, car washes, marinas, funeral homes, and recreation centers. These are the kinds of small businesses that serve local families, create jobs, and keep our communities vibrant.

For many entrepreneurs, the higher equity requirement is the difference between jumping in headfirst and creating new economic opportunities for their communities and families or walking away entirely.

This way of doing business just doesn't reflect our current economic or technological realities. This bill offers a new opportunity for Americans across the country to step forward.

The Main Street Parity Act is common sense. It is a clear fix that brings these loans in line with the 504 standardization programs by setting an equity requirement at 10 percent.

Madam Speaker, I encourage Members from both sides of the aisle to put small business owners and their employees first by supporting this bill.

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