Nydia Velázquez

Ms. VELAZQUEZ

Ms. VELAZQUEZ. Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, I am pleased to be here today as we debate the first set of Committee on Small Business bills. Our committee has a long tradition of putting politics aside to deliver for our Nation's small business employers. Small businesses employ roughly half of the private workforce, create the majority of new jobs, drive innovation, and generate almost half of our Nation's economic activity. They are the heart and soul of our communities. Whether it is a neighborhood childcare center, or a bakery on Main Street, they are creating neighborhood jobs and reinvesting in the local economies. More than 21 million small businesses were launched during the previous administration, with a vast majority of the applications being filed by women, including women of color. This is a clear indicator of positive growth and strong entrepreneurial activity, but more work needs to be done. Today, we are considering seven bipartisan bills that will create additional opportunities for entrepreneurs. Mr. Speaker, my hope is that we can work together to conduct oversight of the Trump administration's policies. I have been particularly troubled by the pauses in Federal funding to small businesses, inflationary tariffs, and Elon Musk's access to the SBA's HR, contract, and payment systems. I welcome the opportunity to look into these matters in a bipartisan way. Mr. Speaker, turning to our first bill, H.R. 825 will prohibit anyone convicted of defrauding the government during the COVID-19 pandemic from receiving an SBA loan. The Small Business Administration disbursed approximately $1.2 trillion in economic aid during the pandemic. The vast majority of this aid served as a lifeline, helping to keep small businesses afloat during troubling and uncertain economic times. Unfortunately, bad actors took advantage of the program early in the pandemic when SBA removed or weakened internal controls. Upon taking office, the Biden administration reinstituted longstanding antifraud controls and put new safeguards into place to curb the flow of pandemic dollars to fraudsters. Before issuing a loan, the SBA would screen applicants on the government's Do Not Pay list and then check its internal database for fraudulent flags or holds. Borrowers had an opportunity to clear their names, but the SBA did not move forward until the holds were cleared. The bill we are considering today has the same effect as the actions taken by the Biden administration, and it sends a strong message that SBA will not do business with anyone who defrauded the government. Mr. Speaker, the single most important action that Congress can take to recover fraudulent pandemic funds is to fully fund the inspector general and give the office the resources it needs to go after the bad actors. Former Representative Luetkemeyer and I sponsored two bills, which became law, to extend the statute of limitations for fraud in the PPP and the EIDL program to 10 years. Without additional resources, the OIG will not be able to capitalize on these new laws, and American taxpayers will lose out. In closing, I appreciate the bipartisan work of Chairman Williams, and Representatives Simon and Mfume. Mr. Speaker, I urge my colleagues to support the legislation, and I reserve the balance of my time.

Ms. VELAZQUEZ. Mr. Speaker, I yield 3 minutes to the gentlewoman from California (Ms. Simon).

Ms. VELAZQUEZ. Mr. Speaker, I yield an additional 30 seconds to the gentlewoman from California.

Ms. VELAZQUEZ. Mr. Speaker, I yield 2 minutes to the gentleman from Maryland (Mr. Olszewski).

Ms. VELAZQUEZ. Mr. Speaker, I gladly rise in support of this legislation, and I yield back the balance of my time.

Ms. VELAZQUEZ

Ms. VELAZQUEZ. Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, I rise in support of H.R. 832, the Small Business Advocacy Improvements Act of 2025. The Office of Advocacy was established in 1976 to be an independent voice for small businesses within the Federal Government and is tasked with representing the views of small businesses before Congress, the White House, and other Federal agencies. The office has regional advocates on the ground that provide outreach to small businesses, local chambers of commerce, and other associations to hear firsthand the concerns of small businesses. It works closely with Federal agencies to elevate these concerns throughout the rulemaking process. Over the years, their work has saved small businesses billions in regulatory costs while still accomplishing the important goals of the regulations. However, their charter does not specifically state that they have the authority to represent the views and interests of small businesses before foreign governments and international entities. As our economy has become increasingly more interconnected and more small businesses are tapping into international markets, it makes sense to give the office the authority to advocate on behalf of small businesses overseas. The Office of Advocacy has proven to be a strong proponent for small businesses in the Federal Government and is well-poised to promote their views in the international regulatory arena. Mr. Speaker, I thank Mr. Williams, Mr. Tran, Mr. Van Drew, and Ms. Goodlander for their bipartisan work on this bill. Mr. Speaker, I reserve the balance of my time.

Ms. VELAZQUEZ. Mr. Speaker, I yield 2 minutes to the gentleman from California (Mr. Tran).

Ms. VELAZQUEZ. Mr. Speaker, I yield 3 minutes to the gentlewoman from New Hampshire (Ms. Goodlander).

Ms. VELAZQUEZ. Mr. Speaker, I urge my colleagues to vote ``yes'' on H.R. 832, and I yield back the balance of my time.

Ms. VELAZQUEZ

Ms. VELAZQUEZ. Mr. Speaker, I yield 2 minutes to the gentleman from California (Mr. Cisneros).

Ms. VELAZQUEZ. Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, I commend Representatives Stauber and Cisneros for their work to bring this important bipartisan legislation to the floor today. Mr. Speaker, Congress and the executive branch have carefully crafted fair and deliberate policies to ensure that small businesses can compete for Federal contracts. These policies, including and especially the small business procurement goals and set-aside authorities, have leveled the playing field for small businesses and enabled their participation in the Federal marketplace. They have a proven record of success. Federal agencies award a record amount of contracting dollars to small businesses each year. However, many other factors, complexities, and policies, like category management and overly strict past performance requirements, are countering the impact of these programs. As a result, the government has over 40 percent fewer small businesses in its ecosystem than it did just a decade ago. These trends mean that fewer small businesses are getting larger contracts and that contracts are becoming out of reach for many small businesses, especially those that are not already government contractors. This legislation is a productive step that will help break that cycle. The SPUR Act will require SBA to take into account new small business government contractors when grading a Federal agency's performance toward meeting its small business goal. Mr. Speaker, I urge my colleagues to support this bill, and I reserve the balance of my time.

Ms. VELAZQUEZ. Mr. Speaker, I appreciate the work of my colleagues on this bill, and I urge its adoption. I yield back the balance of my time.

Ms. VELAZQUEZ

Ms. VELAZQUEZ. Mr. Speaker, I yield myself such time as I may consume. I rise today in support of H.R. 788, the DOE and SBA Research Act. This legislation would allow SBA and the Department of Energy to enter into an MOU to formalize the research and development activities that are currently underway. The Department of Energy has 17 national labs that play a crucial role in fostering innovation and driving small business growth. The labs form partnerships with small businesses so that they can leverage the expertise of DOE's scientists and also gain access to world-class labs to test new products. They also foster networking opportunities that enable small businesses to connect, collaborate, and expand their base. These types of partnerships are critical to increasing small business innovation, providing high-paying jobs for Americans, and ensuring our country remains competitive. I applaud Mr. LaLota, Dr. Morrison, and Mr. Thanedar for their bipartisan work. Mr. Speaker, I reserve the balance of my time.

Ms. VELAZQUEZ. Mr. Speaker, I yield 2 minutes to the gentlewoman from Minnesota (Ms. Morrison).

Ms. VELAZQUEZ. Mr. Speaker, I yield 2 minutes to the gentleman from Michigan (Mr. Thanedar).

Ms. VELAZQUEZ. Mr. Speaker, I thank the sponsors of the bill, and I yield back the balance of my time.

Ms. VELAZQUEZ

Ms. VELAZQUEZ. Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, I rise in support of the bill before us today, H.R. 754, the Investing in Main Street Act of 2025. SBA's Small Business Investment Company program is a multibillion- dollar investment program designed to bridge the gap between a small business owner's need for capital and traditional sources of financing. It achieves this purpose by partnering private and public investments in early-stage startup businesses. It also gives America's small, high- growth companies an opportunity to fund and grow their innovative ideas and create jobs. The success of this program can be seen with companies like Apple, Intel, and FedEx, which all receive early-stage financing from SBICs. Today, there are 319 SBIC-licensed funds participating in an array of private investment and private credit strategies. In 2023 alone, SBIC-licensed funds financed approximately $7.2 billion to 1,142 small businesses and startups across the country, creating or sustaining more than 130,000 jobs. Importantly, financing provided by SBIC-licensed funds to women-owned, minority-owned, and veteran-owned small businesses totaled almost $670 million in 2023, a 25.7 percent increase from 2022. Yet, we must do more to ensure the program continues to meet demand. The Investing in Main Street Act of 2025 introduced by my colleagues, Representatives Chu, Finstad, and McIver, will strengthen and grow the SBIC program by allowing banks and Federal savings associations to invest up to 15 percent of their capital and surplus into SBICs. This change will correct a discrepancy caused by a historical drafting oversight and bring the Small Business Investment Act of 1958 in line with the Office of the Comptroller of the Currency's national bank charter percentage requirements. No bank laws or regulations will be changed or affected by this bill. It will increase investment capital available to SBICs and allow them to invest more in small businesses. Mr. Speaker, I applaud Ms. Chu, Mr. Finstad, and Mrs. McIver's work on this issue and this bill. I ask my colleagues to support it, and I reserve the balance of my time.

Ms. VELAZQUEZ. Mr. Speaker, I yield 2 minutes to the gentlewoman from New Jersey (Mrs. McIver).

Ms. VELAZQUEZ. Mr. Speaker, I applaud Representatives Chu, Finstad, and McIver for their bipartisan work on this bill. I encourage all my colleagues to vote ``yes,'' and I yield back the balance of my time.

Ms. VELAZQUEZ

Ms. VELAZQUEZ. Mr. Speaker, I yield 2 minutes to the gentleman from Maryland (Mr. Olszewski).

Ms. VELAZQUEZ. Mr. Speaker, I urge Members to support this bill, and I yield back the balance of my time.

Ms. VELAZQUEZ

Ms. VELAZQUEZ. Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, I am pleased to support H.R. 828, the Successful Entrepreneurship for Reservists and Veterans Act, also known as the SERV Act. Veteran entrepreneurs are powerful economic engines and job creators. More than 1.6 million veteran businessowners employ nearly 3.3 million Americans and make approximately $983.9 billion in sales. With that said, one of the biggest challenges facing veteran-owned small businesses is access to capital. Servicemembers report that it can be difficult to build credit while serving overseas. Studies have shown that a higher percentage of veterans are turned down for loans. The uncertainty underscores the need for investment in veteran-owned small businesses. The bill we are considering today would require the Government Accountability Office, GAO, to conduct a study on the availability of credit to veteran, service-disabled, and reserve-owned small businesses. I commend Representatives Davids, Alford, and Conaway for their bipartisan work on this bill that will identify barriers and improve SBA's outreach to veterans. Mr. Speaker, I reserve the balance of my time.

Ms. VELAZQUEZ. Mr. Speaker, I yield 2 minutes to the gentlewoman from Kansas (Ms. Davids), the main sponsor of the bill.

Ms. VELAZQUEZ. Mr. Speaker, I yield 2 minutes to the gentleman from New Jersey (Mr. Conaway).

Ms. VELAZQUEZ. Mr. Speaker, I applaud Ms. Davids, Mr. Alford, and Mr. Conaway for their commitment to our Nation's veterans. I urge my colleagues to support H.R. 828, and I yield back the balance of my time.