Van Duyne Introduces Legislation Prioritizing U.S. Based Small Businesses
I will introduce the Bringing Back Main Street Act to better understand the allocation of small business assistance funds going to businesses based outside of the U.S. This bill will require the Comptroller General of the United States to conduct a study on the amount of small business assistance going to small business concerns based in foreign countries.
The Small Business Administration has overseen nearly $1 trillion in financial assistance during this pandemic. This enormous responsibility should be matched with strong oversight on where this taxpayer money is going. Unfortunately, we don't currently have an understanding of how much small business assistance is going to businesses based in other countries.
"Our small businesses – the backbone of our economy – have gone through enough in the past year," I said. "After having their livelihoods shutdown and dreams crushed, we must ensure the money set aside by Congress for them is going into their pockets, not those of foreign businesses. It is my hope this bill will prioritize Main Street America and expose how much taxpayer dollars are evading mom and pop shops across America."
In my bill, I have defined foreign-based businesses as being:
- One in which a foreign-based small business concern is headquartered;
- Under the laws of which an entity owning or holding, directly or indirectly, not less than 25 percent of the economic interest of a foreign-based small business concern is organized; or
- Of which a person owning or holding, directly or indirectly, not less than 25 percent of the economic interest of a foreign-based small business concern is a citizen.