Rep. Steve King Introduces Legislation to Aid Small Business Owners Hurt by Flood
|
For Immediate Release |
Representative Steve King 5th Congressional District of Iowa |
||
 |
July 29, 2008 | |
|
|
|||
|
Rep. Steve King Introduces Legislation to Aid Small Business Owners Hurt by Flood
|
|||
|
|||
|
|||
| Washington, D.C.—Rep. Steve King (IA-5) started his own small business, King Construction, in 1975 and built the business from the ground up from one bulldozer. As a small business owner he was flooded by the Floods of ’93 and understands the problems that flooded entrepreneurs face.
“I owned and operated my own construction business for 28 years, before coming to Congress. During the Floods of ‘93, all four of my major projects were simultaneously under water. I know first hand the challenges small business owners face in recovering from natural disasters. My legislation would put small business owners on the same footing as flooded home owners, so that FEMA can help them get back on their feet,” said King.
The legislation King introduced today would provide emergency assistance grants for small businesses. The grants would be made in the same way that grants are made to individuals and households under the Stafford Act and would be subject to the same limitations:
• To qualify, Small Businesses must employ 25 employees or less
• The total amount of assistance provided to a Small Businesses under the program could not exceed $28,800, which will be adjusted annually for inflation.
• The Federal share of assistance cannot exceed 75% of the eligible costs, with the state assistance making up the other 25%
The entire House delegation from Iowa has joined King as original cosponsors of the legislation.
As a small business owner for 28 years, in Congress he brings his knowledge to bear on the Small Business Committee.
|
|||
