Small Business

Small business owner and paying customer

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

Velazquez Hails Passage of Coronavirus Funding
March 4, 2020
Press Release
Bill Includes Small Business Loans Based on Velázquez Bill
Washington, DC – The U.S. House of Representatives has passed bipartisan legislation (H.R. 6074) providing additional federal funds to address the coronavirus outbreak. The bill includes emergency loans to assist small businesses that suffer economic damage from the virus' spread. Those measures, which would allow $7 billion in Small Business Administration (SBA) loans, are based on legislation Rep. Nydia M. Velázquez (D-NY) introduced last week with Reps.
Issues: Economy Healthcare Small Business
Velazquez, Chu, Meng Bill Would Assist Small Businesses Harmed by Coronavirus
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.

Issues: Healthcare Small Business
Velazquez on State of the Union
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:
"The President offered little new tonight. He spent significant time distorting economic figures in an attempt to burnish his record. In particular, the President's lies about rising incomes and manufacturing expansion painted a rosy and wholly nonfactual picture.
Issues: Climate Change and Environment Economy Healthcare Housing Puerto Rico Small Business
House Passes Velázquez Export Proposal
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.

Issues: Economy Puerto Rico Small Business
Committee Advances Velázquez Bill to Stop Predatory Small Business Loans
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.

Issues: Economy Small Business
Committee Advances Velazquez Bill to Stop Predatory 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

Issues: Economy Small Business
Velazquez Bill Would Help Cannabis Firms Secure Insurance
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."

Issues: Small Business
Lawmakers Seek to End Predatory Small Business Loans
June 25, 2019
Press Release

Washington, D.C. – Two Members of the U.S. House of Representatives have introduced legislation aimed at ending a predatory commercial lending practice that, according to media reports, has harmed many small businesses in recent years.

Issues: Small Business
Velazquez Salutes BK Small Business Week Awardees
May 7, 2019
Press Release

Two Small Navy Yard Firms Receive

National Small Business Week Recognition

Washington, D.C.—As the nation celebrates National Small Business Week, House Small Business Committee Chairwoman Nydia M. Velázquez (D-NY) is saluting two small businesses located in New York's 7th Congressional district that have been recognized as National Small Business Week Awardees by the Small Business Administration (SBA).

Issues: Small Business
Velazquez on End of Government Shutdown
January 25, 2019
Press Release
Washington, DC – Rep. Nydia M. Velázquez (D-NY) released the following statement regarding news that a deal has been reached to end the government shutdown:
"I'm pleased the President and Congressional Republicans have come to their senses and, finally, agreed to put an end to the longest government shutdown in history. Unfortunately, this type of solution could and should have been reached weeks ago, avoiding hardship for 800,000 federal employees, thousands of subcontractors and countless other Americans.
Issues: Economy Small Business