Congressman Steven Horsford Reintroduces Legislation to Help Small and Medium-Sized Businesses Stay Afloat During COVID-19

Press Release

This week, Congressman Steven Horsford joined Rep. Mike Thompson (CA-05) and Rep. Jimmy Panetta (CA-20) to introduce the Keeping the Lights on Act. This bill, which was first introduced in the 116th Congress, would provide federal support to small and medium-sized businesses to cover essential fixed costs during the coronavirus pandemic.

"The devastating impact of the COVID-19 pandemic has left many of Nevada's small and medium-sized businesses struggling to pay their bills. These mom-and-pop shops and community institutions are the engine of Nevada's economy, and they deserve our help," said Horsford. "While federal coronavirus relief packages have helped cover payroll and some operational costs, there is still more Congress needs to do. The Keeping the Lights on Act will provide much-needed federal support for rent, utility, and mortgage payments to keep businesses afloat and support the unwavering determination of American business owners during this challenging time."

"Our local small businesses have been hit hard by the economic impact of the Coronavirus pandemic and it's essential we continue providing support so they can stay open. They need help not just to make payroll, but to pay fixed costs, like rent or mortgage payments, to stay afloat," said Thompson. "That's why I am proud to reintroduce the Keeping the Lights on Act, a bipartisan bill to use the tax code to support our local small businesses. This is a simple tax credit that can make the difference not just for small companies, but for the workers they employ, and the local job markets they support. I will push to get this bill passed as soon as we can."

"As we near one year of enduring this pandemic, small businesses across the Central Coast are continuing to struggle to pay expenses," said Panetta. "The Keeping the Lights on Act will help employers and employees by providing tax credits to help cover the cost of rent, mortgage payments, and utilities. This legislation will not only help those small businesses survive, it will allow them to remain an important part of our communities."

The Keeping the Lights on Act would allow small and medium-sized businesses and tax-exempt organizations to claim a payroll tax credit equal to 50 percent of fixed costs. Qualified expenses include mortgage, rent, or utility payments.

In order to qualify for relief under the Keeping the Lights on Act, a business must have carried on a trade or business in 2020 which had no more than 1,500 full-time employees or not more than $41.5 million in gross receipts in 2019. A business must have been suspended in a calendar quarter due to COVID-19 and have experienced a significant decline in gross receipts due to that pandemic.

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