S. 2777: Small Business Restoring Equity for Local Importers through Economic Fairness Act (119th Congress) Bill Summary

The bill, titled the Small Business Restoring Equity for Local Importers through Economic Fairness Act or the Small Business RELIEF Act, aims to provide financial relief to small businesses that import goods. It is designed to exempt these small businesses from certain tariffs or duties that were imposed under a national emergency declared by the President on April 2, 2025.

Key Provisions

Exemption from Duties: The bill stipulates that duties imposed by Executive Order 14257 will not apply to goods imported by or for small businesses. This means that small businesses, which meet the definition provided in the Small Business Act, would not have to pay these additional tariffs on their imported goods.
Refund of Paid Duties: For small businesses that have already paid duties under the aforementioned Executive Order, the bill mandates that the President must refund these payments. This refund must occur within 90 days of the bill's enactment, ensuring that small businesses are reimbursed promptly.
Definition of Small Business: The term "small business concern" is defined according to section 3 of the Small Business Act, which outlines what constitutes a small business for the purposes of eligibility under this bill.

Purpose and Goals

The primary goal of this legislation is to relieve the financial burden on small businesses that are negatively impacted by the duties related to the national emergency. By exempting these businesses from tariffs and providing refunds, the bill seeks to enhance their competitiveness and support local economies. Overall, the Small Business RELIEF Act aims to create a fairer economic environment for small businesses by alleviating the additional costs imposed by tariffs during a national emergency.