Small Business Restoring Equity for Local Importers through Economic Fairness Act; Small Business RELIEF Act
Summary
The Small Business Restoring Equity for Local Importers through Economic Fairness Act, or Small Business RELIEF Act, aims to exempt small businesses from duties imposed under a national emergency declared on April 2, 2025. It also seeks to refund any such duties already paid by small businesses. The bill defines 'small business concern' as per section 3 of the Small Business Act.
Expected Effects
If enacted, this bill would reduce the financial burden on small businesses that import goods. This could lead to increased profitability and potentially stimulate economic activity within the small business sector. The refunds would provide immediate financial relief.
Potential Benefits
- Reduced financial burden on small businesses due to tariff exemptions.
- Refunds of previously paid duties, providing immediate financial relief.
- Increased competitiveness for small businesses in the import market.
- Potential for job creation and economic growth within the small business sector.
- Simplification of trade regulations for small businesses.
Most Benefited Areas:
Potential Disadvantages
- Potential reduction in government revenue due to tariff exemptions and refunds.
- Possible administrative costs associated with processing refunds.
- May create a loophole for larger businesses to exploit the 'small business' definition.
- Could lead to unfair competition if larger businesses are not subject to the same exemptions.
- Potential for increased imports, which could negatively impact domestic industries.
Most Disadvantaged Areas:
Constitutional Alignment
The bill appears to align with the Commerce Clause (Article I, Section 8, Clause 3) by regulating international trade. Congress has the power to regulate commerce with foreign nations. The bill also aligns with the general welfare clause as it aims to support small businesses, which can contribute to the overall economic health of the nation.
Impact Assessment: Things You Care About ⓘ
This action has been evaluated across 19 key areas that matter to you. Scores range from 1 (highly disadvantageous) to 5 (highly beneficial).