{"id":1238,"date":"2020-06-10T19:06:22","date_gmt":"2020-06-10T19:06:22","guid":{"rendered":"https:\/\/rosen-testing.senate.gov\/2020\/06\/10\/during-small-business-hearing-rosen-questions-treasury-secretary-mnuchin-sba-administrator-carranza-on-caps-on-economic-injury-disaster-loans-and-grants-to-small-businesses\/"},"modified":"2022-07-13T20:23:47","modified_gmt":"2022-07-13T20:23:47","slug":"during-small-business-hearing-rosen-questions-treasury-secretary-mnuchin-sba-administrator-carranza-on-caps-on-economic-injury-disaster-loans-and-grants-to-small-businesses","status":"publish","type":"post","link":"https:\/\/www.rosen.senate.gov\/es\/2020\/06\/10\/during-small-business-hearing-rosen-questions-treasury-secretary-mnuchin-sba-administrator-carranza-on-caps-on-economic-injury-disaster-loans-and-grants-to-small-businesses\/","title":{"rendered":"During Small Business Hearing, Rosen Questions Treasury Secretary Mnuchin, SBA Administrator Carranza on Caps on Economic Injury Disaster Loans and Grants to Small Businesses"},"content":{"rendered":"<p align=\"center\" class=\"MsoNormal\" style=\"text-align:center\"><b><span style=\"font-size:14.0pt;font-family:&quot;Times New Roman&quot;,serif\">Watch Senator<span class=\"apple-converted-space\">&nbsp;<\/span>Rosen\u2019s full remarks<span class=\"apple-converted-space\">&nbsp;<\/span><a href=\"https:\/\/youtu.be\/noUJnf53YWk\"><span style=\"color:purple\">aqu\u00ed<\/span><\/a>.<\/span><\/b><u1_p><\/u1_p><o_p><\/o_p><\/p>\n<p class=\"MsoNormal\"><b><span style=\"font-size:14.0pt;font-family:&quot;Times New Roman&quot;,serif;color:black\">WASHINGTON, D.C.<\/span><\/b><span style=\"font-size:14.0pt;font-family:&quot;Times New Roman&quot;,serif;color:black\">&nbsp;\u2013<span class=\"apple-converted-space\">&nbsp;Today, during a&nbsp;hearing&nbsp;of the Senate Committee on Small Business and Entrepreneurship focused on&nbsp;<\/span>examining the implementation of the COVID-19 small business relief programs<span class=\"apple-converted-space\">, Senator Jacky&nbsp;Rosen&nbsp;(D-NV) questioned<\/span><\/span><span class=\"apple-converted-space\"><span style=\"font-size:14.0pt;font-family:&quot;Times New Roman&quot;,serif\">&nbsp;U.S. Treasury Secretary Steve Mnuchin and U.S. Small Business Administration (SBA)&nbsp;<\/span><\/span><span style=\"font-size:14.0pt;font-family:&quot;Times New Roman&quot;,serif;color:black\">Administrator Jovita Carranza<span class=\"apple-converted-space\">&nbsp;on the SBA\u2019s borrower caps on&nbsp;<\/span>Economic Injury Disaster Loans (<span class=\"apple-converted-space\">EIDL)&nbsp;<\/span><\/span><span style=\"font-size:14.0pt;font-family:&quot;Times New Roman&quot;,serif\">&nbsp;and EIDL Advance Grants, which were created to bring relief to small businesses in Nevada and across the country.<\/span><u1_p><\/u1_p><o_p><\/o_p><\/p>\n<p class=\"MsoNormal\"><span style=\"font-size:14.0pt;font-family:&quot;Times New Roman&quot;,serif\">\u201cOver the past few months, the coronavirus pandemic has devastated small businesses. In Nevada, 99 percent of our business is small business. In Nevada, we also have, unfortunately, the highest unemployment rate [in the nation] at over 28 percent, up 24 percentage points from last year. It is clear that the steep unemployment rate is a reflection of the overall state that the pandemic has had on small business,\u201d<span class=\"apple-converted-space\">&nbsp;<\/span><b>said Senator<span class=\"apple-converted-space\">&nbsp;<\/span>Rosen.<\/b><span class=\"apple-converted-space\">&nbsp;\u201c<\/span><span style=\"color:black\">My office has directly helped more than 560 of these small businesses with their questions about the CARES Act; but one common complaint we have received repeatedly is about the SBA\u2019s $1,000-per-employee cap on EIDL Advance grants and its $150,000 cap on EIDL loans; that\u2019s a 93 percent reduction from the $2 million level authorized in the CARES Act<\/span>.\u201d<span class=\"apple-converted-space\">&nbsp;<\/span><\/span><u1_p><\/u1_p><o_p><\/o_p><\/p>\n<p class=\"MsoNormal\"><span style=\"font-size:14.0pt;font-family:&quot;Times New Roman&quot;,serif\">\u201c<span style=\"color:black\">Many Nevada businesses have contacted my office telling me that the $150,000 just isn\u2019t enough, it doesn\u2019t provide enough support, and they will likely have to close their businesses<\/span>,\u201d<span class=\"apple-converted-space\">&nbsp;<\/span><b>Senator<span class=\"apple-converted-space\">&nbsp;<\/span>Rosa<span class=\"apple-converted-space\">&nbsp;<\/span>continued.<\/b><span class=\"apple-converted-space\">&nbsp;<\/span>\u201c<span style=\"color:black\">These borrowing caps were not the intent of Congress when we passed the CARES Act. They weren\u2019t part of any deal for that small business owners thought when they applied for their EIDL support<\/span>.\u201d<\/span><u1_p><\/u1_p><o_p><\/o_p><\/p>\n<p class=\"MsoNormal\"><span style=\"font-size:14.0pt;font-family:&quot;Times New Roman&quot;,serif;color:black\">\u201cWhy has SBA placed that $150,000 borrowing limit on EIDL loans and how did SBA come up with this number?\u201d<span class=\"apple-converted-space\">&nbsp;<\/span><b>asked Senator<span class=\"apple-converted-space\">&nbsp;<\/span>Rosen.<\/b><\/span><u1_p><\/u1_p><o_p><\/o_p><\/p>\n<p class=\"MsoNormal\"><b><u><span style=\"font-size:14.0pt;font-family:&quot;Times New Roman&quot;,serif\">BACKGROUND<\/span><\/u><\/b><span style=\"font-size:14.0pt;font-family:&quot;Times New Roman&quot;,serif\">:<span class=\"apple-converted-space\">&nbsp;<\/span><a href=\"https:\/\/www.rosen.senate.gov\/es\/node\/981\/\"><span style=\"color:#0563C1\">Earlier this year<\/span><\/a>, Senator Rosen led a bipartisan group of nearly 30 Senators in a letter to U.S. Small Business Administrator Jovita Carranza urging SBA to comply with Congressional intent for the Economic Injury Disaster Loan and EIDL Advance programs by providing the $10,000 advance 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><\/p>\n<p class=\"MsoNormal text-align-center\" style=\"margin-bottom:12.0pt\"><span style=\"color: black; font-family: &quot;Times New Roman&quot;, serif; font-size: 14pt;\">###<\/span><\/p>","protected":false},"excerpt":{"rendered":"<p>Watch Senator&nbsp;Rosen\u2019s full remarks&nbsp;here. WASHINGTON, D.C.&nbsp;\u2013&nbsp;Today, during a&nbsp;hearing&nbsp;of the Senate Committee on Small Business and Entrepreneurship focused on&nbsp;examining the implementation of the COVID-19 small business relief programs, Senator Jacky&nbsp;Rosen&nbsp;(D-NV) questioned&nbsp;U.S. Treasury Secretary Steve Mnuchin and U.S. Small Business Administration (SBA)&nbsp;Administrator Jovita Carranza&nbsp;on the SBA\u2019s borrower caps on&nbsp;Economic Injury Disaster Loans (EIDL)&nbsp;&nbsp;and EIDL Advance Grants, which [&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-1238","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 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>During Small Business Hearing, Rosen Questions Treasury Secretary Mnuchin, SBA Administrator Carranza on Caps on Economic Injury Disaster Loans and Grants to Small Businesses - Jacky Rosen<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.rosen.senate.gov\/es\/2020\/06\/10\/during-small-business-hearing-rosen-questions-treasury-secretary-mnuchin-sba-administrator-carranza-on-caps-on-economic-injury-disaster-loans-and-grants-to-small-businesses\/\" \/>\n<meta property=\"og:locale\" content=\"es_ES\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"During Small Business Hearing, Rosen Questions Treasury Secretary Mnuchin, SBA Administrator Carranza on Caps on Economic Injury Disaster Loans and Grants to Small Businesses - Jacky Rosen\" \/>\n<meta property=\"og:description\" content=\"Watch Senator&nbsp;Rosen\u2019s full remarks&nbsp;here. WASHINGTON, D.C.&nbsp;\u2013&nbsp;Today, during a&nbsp;hearing&nbsp;of the Senate Committee on Small Business and Entrepreneurship focused on&nbsp;examining the implementation of the COVID-19 small business relief programs, Senator Jacky&nbsp;Rosen&nbsp;(D-NV) questioned&nbsp;U.S. Treasury Secretary Steve Mnuchin and U.S. Small Business Administration (SBA)&nbsp;Administrator Jovita Carranza&nbsp;on the SBA\u2019s borrower caps on&nbsp;Economic Injury Disaster Loans (EIDL)&nbsp;&nbsp;and EIDL Advance Grants, which [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.rosen.senate.gov\/es\/2020\/06\/10\/during-small-business-hearing-rosen-questions-treasury-secretary-mnuchin-sba-administrator-carranza-on-caps-on-economic-injury-disaster-loans-and-grants-to-small-businesses\/\" \/>\n<meta property=\"og:site_name\" content=\"Jacky Rosen\" \/>\n<meta property=\"article:published_time\" content=\"2020-06-10T19:06:22+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-07-13T20:23:47+00:00\" \/>\n<meta name=\"author\" content=\"Reilly Lowery\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Reilly Lowery\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.rosen.senate.gov\/2020\/06\/10\/during-small-business-hearing-rosen-questions-treasury-secretary-mnuchin-sba-administrator-carranza-on-caps-on-economic-injury-disaster-loans-and-grants-to-small-businesses\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.rosen.senate.gov\/2020\/06\/10\/during-small-business-hearing-rosen-questions-treasury-secretary-mnuchin-sba-administrator-carranza-on-caps-on-economic-injury-disaster-loans-and-grants-to-small-businesses\/\"},\"author\":{\"name\":\"Reilly Lowery\",\"@id\":\"https:\/\/www.rosen.senate.gov\/#\/schema\/person\/20a03a641934935d4f3d4ef406539869\"},\"headline\":\"During Small Business Hearing, Rosen Questions Treasury Secretary Mnuchin, SBA Administrator Carranza on Caps on Economic Injury Disaster Loans and Grants to Small Businesses\",\"datePublished\":\"2020-06-10T19:06:22+00:00\",\"dateModified\":\"2022-07-13T20:23:47+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.rosen.senate.gov\/2020\/06\/10\/during-small-business-hearing-rosen-questions-treasury-secretary-mnuchin-sba-administrator-carranza-on-caps-on-economic-injury-disaster-loans-and-grants-to-small-businesses\/\"},\"wordCount\":422,\"publisher\":{\"@id\":\"https:\/\/www.rosen.senate.gov\/#organization\"},\"keywords\":[\"COVID-19\"],\"articleSection\":[\"Press Releases\"],\"inLanguage\":\"es-ES\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.rosen.senate.gov\/2020\/06\/10\/during-small-business-hearing-rosen-questions-treasury-secretary-mnuchin-sba-administrator-carranza-on-caps-on-economic-injury-disaster-loans-and-grants-to-small-businesses\/\",\"url\":\"https:\/\/www.rosen.senate.gov\/2020\/06\/10\/during-small-business-hearing-rosen-questions-treasury-secretary-mnuchin-sba-administrator-carranza-on-caps-on-economic-injury-disaster-loans-and-grants-to-small-businesses\/\",\"name\":\"During Small Business Hearing, Rosen Questions Treasury Secretary Mnuchin, SBA Administrator Carranza on Caps on Economic Injury Disaster Loans and Grants to Small Businesses - 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