Introduction of the Business Uninterrupted Monetary Program Act

Floor Speech

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Mr. CORREA. Mr. Speaker, I rise today to introduce the Business Uninterrupted Monetary Program Act of 2023 (BUMP Act). This crucial piece of legislation provides essential funding to businesses and nonprofits that have been directly and measurably fInancially impacted by major transportation projects, with the goal of keeping them solvent.

With major transit and highway projects planned across the country, the livelihoods and survival of some local businesses may be at risk because of construction disruptions that impede customers' access to their store fronts. In my own district, on the heels of closures caused by the COVID pandemic, a major transit project prevented customers from accessing stores in downtown Santa Ana, CA for months. Many of those businesses struggled to pay their rent and utility bills, pay for their inventory, and some had to close permanently as a result. Efforts to help the businesses, such as signage, failed. What they needed were financial resources. What happened in my district can happen anywhere in America, in any downtown. We can and need to do more to minimize the economic damage inflicted on local businesses from projects that receive federal transportation monies.

The legislation will require local sponsors to create a BUMP fund that provides financial assistance for local entities that will experience a measurable interruption causing negative financial impact from the project. The fund can cover utilities, insurance, rent or mortgage, payroll, loss of income, and any other expense that the sponsor determines is needed for the impacted businesses. Importantly, the local sponsors who know the local community and best understand the impacts of the project create and manage the BUMP fund. The local sponsor further determines how much to contribute to the fund, how the fund is structured, which entities are eligible for funding, and what type of expenses should be covered.

The requirement to create a BUMP fund only applies to highway projects with a total cost equal or greater than $50 million and transit projects with a total cost equal or greater to $100 million with measurable negative financial impacts on local businesses and nonprofits. The bill also creates a one-time grant opportunity for businesses and nonprofits that are currently struggling financially from an interruption created by a major transportation project.

It is important to America's economy that local businesses can continue to serve our communities after completion of transportation projects. I am introducing this legislation to make sure no other business is forced to face financial turmoil or close due to an interruption caused by a major transportation project. I hope my colleagues will join me in supporting this crucial initiative, allowing our Nation's vibrant local economies to stay afloat during the construction of major infrastructure projects and reap the benefits of these transit and highway projects upon their completion.

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