Rep. Swalwell Visits Hayward to Announce Economic Development Bill

HAYWARD, CA – Congressman Eric Swalwell (CA-15) today visited Hayward to announce H.R. 952, the Main Street Revival Act, which aims to help businesses start and grow in targeted, distressed neighborhoods. Swalwell announced the bill in front of an empty storefront to highlight an area that would benefit from the legislation. The Main Street Revival Act originated from Swalwell's pledge that if elected his first bill in Congress would focus on local economic development and energizing small businesses.

H.R. 952 allows certain small businesses to elect, if they so choose, to defer paying payroll taxes during their first year in operation. The deferred taxes would then be paid in installments over the subsequent four years. The option is limited to businesses expecting to hire no more than 25 people in their first year, and located in Historically Underutilized Business Zones, known as HUBZones, as identified by the Small Business Administration.

"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," said Swalwell. "My bill, the Main Street Revival 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."

The HUBZones included in the bill are low-income census tracts in metropolitan areas and low-income non-metropolitan counties. There are six such census tracts in Swalwell's 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. H.R. 952 is a common sense way for the federal government to help localities like Hayward rebuild and grow through sustainable business development."

Swalwell was joined by local business and community leaders at the event including Elizabeth Echols, Regional Administrator of the Small Business Association; Kim Huggett, Hayward Chamber of Commerce President & CEO; Assemblymember Bill Quirk; and Hayward Council Members Barbara Halliday, Greg Jones and Al Mendall.

"Anything we can do to help our small businesses succeed can and should be bipartisan. I look forward to working with my Democratic and Republican colleagues to give our small businesses the relief they need to grow and keep our economy on the path forward," added Swalwell.