Congresswoman Simon Celebrates House Passage of Bipartisan Bill to Level the Playing Field for Small Businesses and Support Local Job Creation
Washington, D.C. – Today, the House passed Congresswoman Lateefah Simon (D-CA-12) and Small Business Committee Chairman Rep. Roger Williams’ (R-TX-25) bill, the “Main Street Parity Act.” This bipartisan bill will give small businesses in “special purpose” buildings like bowling alleys, car washes, marinas, funeral homes, and recreation centers, that currently face unfair loan borrowing rules, the same access to capital as any other commercial property; this legislation will support local jobs that make our communities stronger and more vibrant.
“The Main Street Parity Act is a simple solution to modernize small business loan requirements and support a broad range of small businesses, not just ones with standard commercial properties.
“Small businesses are the backbone of the East Bay and districts across the country. They serve families, create jobs, and keep our communities vibrant. I’m focused on promoting fair, inclusive economic growth, while prioritizing support for community spaces – and this bill does just that. I am hopeful the Senate will act quickly to pass this bill so small business owners and communities in my congressional district and across the country can benefit.”
Right now, businesses that operate “special purpose properties” are being penalized for having unique construction and building needs. When Congress defined these properties as “special-purpose” in 1996, their narrow functions made them hard to repurpose and risky to finance. Today, almost thirty years later, advancements in construction and rehabilitation technologies have made these properties far more adaptable, useful, and marketable. This legislation lowers the equity requirement for “special purpose property” loans under the Small Business Administration’s 504/Certified Development Company loan program to 10 percent, matching the standard loan requirement. This legislation opens the door for entrepreneurs to set their ideas in motion, support local economies and jobs, and create more spaces for communities to gather and connect.
As a member of the Small Business Committee, Congresswoman Simon is dedicated to promoting equity and ensuring fairness in business and loaning practices. Since coming to Congress in January 2025, she has passed three small business related-bills through the House of Representatives, including the “Assisting Small Businesses, Not Fraudsters Act” and the “ThinkDIFFERENTLY About Disability Employment Act.”
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