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Small Business

Small firms are the backbone of the American economy, and nowhere is that more clear than in New York City. More than 200,000 small businesses throughout the Big Apple produce $4.5 billion per year in revenue, helping to make our city the vibrant and diverse place that it is.

As Chairwoman of the House Committee on Small Business, Congresswoman Velázquez is dedicated to helping entrepreneurs. She supports initiatives to limit the impact that rising energy costs and regulatory and tax burdens have on small businesses. Small firms also need assistance from Congress to secure better financing for capital purchases, obtain world-class training and development programs, and open doors to sell their products and services around the globe. Assisting small firms secure affordable health insurance for themselves and their employees is another top priority.

Our nation has always relied on the proven innovation and flexibility that comes with a small business economy. Entrepreneurs count on Congresswoman Velázquez as an unyielding advocate of their rights and needs, and can be certain that she will continue her efforts to provide them with the tools needed to succeed.

More on Small Business

March 27, 2020 Press Release
Washington, DC – Rep. Nydia M. Velázquez (D-NY) released the following statement today regarding passage of the Coronavirus Aid, Relief, and Economic Security (CARE) Act:
 
“The legislation we passed today will offer an economic lifeline to millions of working families and small businesses in New York and throughout the nation. This bill is not perfect. However, with the economy in freefall and the pandemic paralyzing our nation, the American people need and deserve swift, meaningful action and this legislation delivers. 
 
March 24, 2020 Press Release

As the COVID19 epidemic continues, it is important that New Yorkers have access to reliable information.

Please utilize the following information to prepare yourselves and address any problems or pressing concerns you may have.

 * *IMPORTANT FOR SMALL BUSINESSES* *

If you are a small business owner who needs assistance during this outbreak I encourage you to take action immediately.

First, read this SBA fact sheet.

March 19, 2020 Press Release

On March 18th, Congresswoman Nydia M. Velázquez hosted a telephone townhall with local, state and federal experts to answer questions from New Yorkers. 

Audio of that discussion is available by clicking here.  

 

 

March 4, 2020 Press Release
Bill Includes Small Business Loans Based on Velázquez Bill
 
March 2, 2020 Press Release

SBA Disaster Loans Would be Made Available for Virus-Impacted Firms

Washington, D.C. – Rep. Nydia M. Velázquez (D-NY), the Chairwoman of the House Small Business Committee, Rep. Judy Chu (D-CA), the Chairwoman of the Congressional Asian Pacific American Caucus (CAPAC), and Rep. Grace Meng (D-NY), First Vice Chair of CAPAC, have introduced legislation aimed at assisting small businesses that suffer economic harm from the coronavirus outbreak.  

February 5, 2020 Press Release
Washington, D.C. –Rep. Nydia M. Velázquez (D-NY) released the following statement regarding the President’s State of the Union Address: 
 
November 15, 2019 Press Release

Washington, DC –The U.S. House of Representatives has approved legislation authored by Rep. Nydia M. Velázquez (D-NY) that would help companies operating in Puerto Rico and the other U.S. territories to export their products abroad.  Velázquez’s legislation, the Office of Territorial Exporting Act, passed as part of H.R. 4863, House Democrats’ larger bill to reauthorize the Export-Import Bank. 

November 14, 2019 Press Release

Washington, DC –The House Financial Services Committee has approved legislation authored by Rep. Nydia M. Velázquez (D-NY) that would end a predatory commercial lending practice. The bill, H.R. 3490, the “Small Business Lending Fairness Act,” would amend the Truth in Lending Act (TILA) to restrict the use of predatory contract clauses called “confessions of judgment,” which are often used in small business loans.   

November 14, 2019 Press Release

Small Business Lending Fairness Act Would End “Confessions of Judgment” in Commercial Lending

Unfair Loan Terms Have Been Linked to Taxi Medallion Crisis

July 29, 2019 Press Release

Washington, DC – Rep. Nydia M. Velázquez (D-NY) and Rep. Steve Stivers (R-OH) have introduced H.R. 4074, the Clarifying Law Around Insurance Marijuana (CLAIM) Act, which would help businesses operating in the rapidly growing cannabis sector to obtain insurance products.

"Due to discrepancies in federal and state law, insurers are understandably reluctant to provide coverage to legitimate, cannabis-based businesses," said Velázquez. "Without casualty, property and title insurance coverage, the growth of this industry will be impeded if not blocked entirely."