{"id":1155,"date":"2020-04-29T21:19:02","date_gmt":"2020-04-29T21:19:02","guid":{"rendered":"https:\/\/rosen-testing.senate.gov\/2020\/04\/29\/rosen-leads-colleagues-in-bipartisan-call-for-sba-to-expedite-improve-economic-injury-disaster-loan-eidl-and-eidl-advance-program-for-nevada-small-businesses\/"},"modified":"2022-07-13T20:24:01","modified_gmt":"2022-07-13T20:24:01","slug":"rosen-leads-colleagues-in-bipartisan-call-for-sba-to-expedite-improve-economic-injury-disaster-loan-eidl-and-eidl-advance-program-for-nevada-small-businesses","status":"publish","type":"post","link":"https:\/\/www.rosen.senate.gov\/es\/2020\/04\/29\/rosen-leads-colleagues-in-bipartisan-call-for-sba-to-expedite-improve-economic-injury-disaster-loan-eidl-and-eidl-advance-program-for-nevada-small-businesses\/","title":{"rendered":"Rosen Leads Colleagues in Bipartisan Call for SBA to Expedite, Improve Economic Injury Disaster Loan (EIDL) and EIDL Advance Program for Nevada Small Businesses"},"content":{"rendered":"<p class=\"MsoNormal\"><b><span style=\"font-size:14.0pt;font-family:&quot;Times New Roman&quot;,serif;color:black;mso-themecolor:text1\">WASHINGTON, D.C. \u2013&nbsp;<\/span><\/b><span style=\"font-size:14.0pt;font-family:&quot;Times New Roman&quot;,serif;color:black;mso-themecolor:text1\">U.S. Senator Jacky Rosen (D-NV) and&nbsp;Senator John Cornyn (R-TX) led a bipartisan group of&nbsp;27 of their Senate colleagues in a letter to U.S. Small Business Administration (SBA) Administrator Jovita Carranza, urging the agency to comply with Congressional intent for the Economic Injury Disaster Loan (EIDL) and EIDL Advance programs by providing the $10,000 advances within three days as required by the CARES Act, removing the per-employee cap on advance grants, and restoring the maximum loan amount to $2 million.<\/span><u1_p><\/u1_p><span style=\"color:black;mso-themecolor:text1\"><o_p><\/o_p><\/span><\/p>\n<p class=\"MsoNormal\"><span style=\"background-position:initial initial;background-repeat:initial initial\"><span style=\"font-size:14.0pt;font-family:&quot;Times New Roman&quot;,serif;color:black;mso-themecolor:text1;background:white\">\u201cWe understand the Administration has had to make difficult decisions to extend limited resources in the EIDL and Paycheck Protection Program (PPP) accounts,\u201d&nbsp;<b>wrote the Senators.&nbsp;<\/b>\u201cHowever, instituting a per-employee cap on EIDL advance grants and reducing the maximum loan amount from $2 million to $15,000 has left many business owners without sufficient support.&nbsp; We have each heard from frustrated constituents unable to keep their businesses open or employees on payroll while waiting on cash advances under the EIDL program.\u201d<\/span><\/span><u1_p><\/u1_p><span style=\"color:black;mso-themecolor:text1\"><o_p><\/o_p><\/span><\/p>\n<p class=\"MsoNormal\"><span style=\"background-position:initial initial;background-repeat:initial initial\"><span style=\"font-size:14.0pt;font-family:&quot;Times New Roman&quot;,serif;color:black;mso-themecolor:text1;background:white\">\u201cUnfortunately, entrepreneurs are having to make difficult decisions every day about the viability of their businesses, and most cannot wait 2-3 weeks for assistance.&nbsp;We ask that you and your staff work to approve and disburse these grants as quickly as possible.\u201d&nbsp;<b>the Senators concluded<\/b>.<\/span><\/span><u1_p><\/u1_p><span style=\"color:black;mso-themecolor:text1\"><o_p><\/o_p><\/span><\/p>\n<p class=\"MsoNormal\"><b><span style=\"font-size:14.0pt;font-family:&quot;Times New Roman&quot;,serif;color:black;mso-themecolor:text1\">The Senator\u2019s full letter can be found&nbsp;<\/span><\/b><b><span style=\"font-size:14.0pt;font-family:&quot;Times New Roman&quot;,serif;color:black\"><a href=\"http:\/\/www.rosen.senate.gov\/es\/sites\/default\/files\/2020-04\/EIDL%20Letter.pdf\/\">aqu\u00ed<\/a> <\/span><\/b><b><span style=\"font-size:14.0pt;font-family:&quot;Times New Roman&quot;,serif;color:black;mso-themecolor:text1\">and below.<\/span><\/b><u1_p><\/u1_p><span style=\"color:black;mso-themecolor:text1\"><o_p><\/o_p><\/span><\/p>\n<p class=\"MsoNormal\"><i><span style=\"font-size:14.0pt;font-family:&quot;Times New Roman&quot;,serif;color:black;mso-themecolor:text1\">Dear Administrator Carranza:<\/span><\/i><u1_p><\/u1_p><span style=\"color:black;mso-themecolor:text1\"><o_p><\/o_p><\/span><\/p>\n<p class=\"MsoNormal\"><i><span style=\"font-size:14.0pt;font-family:&quot;Times New Roman&quot;,serif;color:black;mso-themecolor:text1\">We wish to thank you and your respective staff for working to implement the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).&nbsp; The programs established by the CARES Act are helping to support America\u2019s small businesses as they work to maintain operations during the COVID-19 pandemic.&nbsp;<\/span><\/i><u1_p><\/u1_p><span style=\"color:black;mso-themecolor:text1\"><o_p><\/o_p><\/span><\/p>\n<p class=\"MsoNormal\"><i><span style=\"font-size:14.0pt;font-family:&quot;Times New Roman&quot;,serif;color:black;mso-themecolor:text1\">The CARES Act, and the Economic Injury Disaster Loan (EIDL) program in particular, was designed to provide support to small businesses across the country.&nbsp; American small business owners are facing significant challenges maintaining payroll, retaining employees, and covering daily expenses during the COVID-19 pandemic.&nbsp; The program\u2019s mission is to expedite access to $10 billion in capital&nbsp;by allowing small businesses who have applied for an EIDL loan to receive an emergency advance of up to $10,000 within three days.<\/span><\/i><u1_p><\/u1_p><span style=\"color:black;mso-themecolor:text1\"><o_p><\/o_p><\/span><\/p>\n<p class=\"MsoNormal\"><i><span style=\"font-size:14.0pt;font-family:&quot;Times New Roman&quot;,serif;color:black;mso-themecolor:text1\">We understand the Administration has had to make difficult decisions to extend limited resources in the EIDL and Paycheck Protection Program (PPP) accounts. However, instituting a per-employee cap on EIDL advance grants and reducing the maximum loan amount from $2 million to $15,000 has left many business owners without sufficient support.&nbsp; We have each heard from frustrated constituents unable to keep their businesses open or employees on payroll while waiting on cash advances under the EIDL program.&nbsp; Additionally, most would have looked to other loan programs if they had known the cap was lowered.<\/span><\/i><u1_p><\/u1_p><span style=\"color:black;mso-themecolor:text1\"><o_p><\/o_p><\/span><\/p>\n<p class=\"MsoNormal\"><i><span style=\"font-size:14.0pt;font-family:&quot;Times New Roman&quot;,serif;color:black;mso-themecolor:text1\">Unfortunately, entrepreneurs are having to make difficult decisions every day about the viability of their businesses, and most cannot wait 2-3 weeks for assistance.&nbsp; We ask that you and your staff work to approve and disburse these grants as quickly as possible. &nbsp;It is also critical that the administration keep open lines of communication with the finance and business communities when making substantive changes to the terms of the EIDL program.&nbsp; Now that Congress has provided additional funding for the EIDL and PPP accounts, we urge the Administration to return the loan and grant formulas to their pre-existing levels.&nbsp; We stand ready to provide any and all resources you need to efficiently distribute assistance to America\u2019s small businesses.&nbsp;&nbsp;<\/span><\/i><u1_p><\/u1_p><span style=\"color:black;mso-themecolor:text1\"><o_p><\/o_p><\/span><\/p>\n<p class=\"MsoNormal\"><i><span style=\"font-size:14.0pt;font-family:&quot;Times New Roman&quot;,serif;color:black;mso-themecolor:text1\">We appreciate your attention to this matter and look forward to working with you to fully implement the CARES Act in a timely manner. &nbsp;Please do not hesitate to contact our staff if we can be of any assistance during this difficult time.&nbsp;<\/span><\/i><u1_p><\/u1_p><span style=\"color:black;mso-themecolor:text1\"><o_p><\/o_p><\/span><\/p>\n<p class=\"MsoNormal\"><i><span style=\"font-size:14.0pt;font-family:&quot;Times New Roman&quot;,serif;color:black;mso-themecolor:text1\">Sincerely,<\/span><\/i><u1_p><\/u1_p><span style=\"color:black;mso-themecolor:text1\"><o_p><\/o_p><\/span><\/p>\n<p class=\"MsoNormal text-align-center\"><i><span style=\"font-size:14.0pt;font-family:&quot;Times New Roman&quot;,serif;color:black;mso-themecolor:text1\">###&nbsp;<\/span><\/i><u1_p><\/u1_p><span style=\"color:black;mso-themecolor:text1\"><o_p><\/o_p><\/span><\/p>\n<p class=\"MsoNormal\"><u1_p><\/u1_p><o_p><\/o_p><\/p>","protected":false},"excerpt":{"rendered":"<p>WASHINGTON, D.C. \u2013&nbsp;U.S. Senator Jacky Rosen (D-NV) and&nbsp;Senator John Cornyn (R-TX) led a bipartisan group of&nbsp;27 of their Senate colleagues in a letter to U.S. Small Business Administration (SBA) Administrator Jovita Carranza, urging the agency to comply with Congressional intent for the Economic Injury Disaster Loan (EIDL) and EIDL Advance programs by providing the $10,000 [&hellip;]<\/p>","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[31],"class_list":["post-1155","post","type-post","status-publish","format-standard","hentry","category-press_release","tag-covid-19"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.9 - 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