Swalwell Announces Economic Development Bill
Congressman Eric Swalwell (D-Dublin) announced a new economic development bill Friday afternoon that would help businesses in distressed neighborhoods.
With an empty downtown Hayward storefront as his backdrop, Swalwell, who was joined by local business and community leaders, laid out plans for his Main Street Revival Act. The bill stems from the congressman's pledge to voters that his first bill in Congress once elected would focus on stimulating small businesses and local economies.
"The Great Recession dealt a devastating blow to cities and towns across the country, and we were not exempt here in the East Bay. While economic recovery has begun, our growth remains fragile," Swalwell said Friday. "My bill, the Main Street Recovery Act, aims to speed up our economic recovery by relieving small businesses of an expense in their initial start-up period. When small businesses can get off the ground and succeed, the whole community benefits, and the economy grows."
Under the bill, HR 952, qualifying small businesses could elect to defer payment on payroll taxes during their first year of operation. Those taxes would then be paid in installments over the next four years. Only businesses that plan to hire no more than 25 employees in their first year and are located in a Historically Underutilized Business Zone can qualify for the deferment.
According to press release from Swalwell's office, HUBZones are low-income census tracts in metropolitan areas and non-metropolitan counties. They are identified by the Small Business Association. There are six in the 15th Congressional District, including Hayward.
"The loss of local economic development aid has been a setback to towns across the state, including Hayward. We need to get our main streets to be real Main Streets again, with vibrant businesses," Swalwell said.