{"id":1303,"date":"2020-07-21T19:13:07","date_gmt":"2020-07-21T19:13:07","guid":{"rendered":"https:\/\/rosen-testing.senate.gov\/2020\/07\/21\/rosen-cornyn-introduce-bipartisan-legislation-to-provide-increased-eidl-loans-and-eidl-advance-grants-assist-nations-small-businesses\/"},"modified":"2022-07-13T20:23:44","modified_gmt":"2022-07-13T20:23:44","slug":"rosen-cornyn-introduce-bipartisan-legislation-to-provide-increased-eidl-loans-and-eidl-advance-grants-assist-nations-small-businesses","status":"publish","type":"post","link":"https:\/\/www.rosen.senate.gov\/es\/2020\/07\/21\/rosen-cornyn-introduce-bipartisan-legislation-to-provide-increased-eidl-loans-and-eidl-advance-grants-assist-nations-small-businesses\/","title":{"rendered":"Rosen, Cornyn Introduce Bipartisan Legislation to Provide Increased EIDL Loans and EIDL Advance Grants, Assist Nation\u2019s Small Businesses"},"content":{"rendered":"

WASHINGTON, D.C.<\/span><\/span><\/span><\/b> \u2013 Today, U.S. Senator Jacky Rosen (D-NV), a member of the Senate Committee on Small Business and Entrepreneurship, and Senator John Cornyn (R-TX) announced their introduction of the Ensuring Increased Disaster Loans (EIDL) for Small Businesses Act<\/i> (S.4227). This bipartisan legislation would assist the nation\u2019s small businesses impacted by the coronavirus pandemic by providing an additional $180 billion for the Economic Injury Disaster Loan (EIDL) and EIDL Advance programs. The bill would also prohibit the Small Business Administration (SBA) from arbitrarily capping EIDL loans below $2 million \u2013 the threshold set by Congress \u2013 and require SBA to provide $10,000 EIDL Advance grants to all eligible small businesses, regardless of size, as intended by the original CARES Act.<\/span><\/span><\/span><\/u1_p><\/span><\/span><\/span><\/p>\n

\u201cAs we work to address the impacts of COVID-19 on our economy, we must take further steps to support small businesses in Nevada and across the country who are in urgent need of assistance,\u201d said Senator Rosen.<\/b> \u201cI\u2019m proud to introduce this bipartisan bill that would provide additional funding to the EIDL and EIDL Advance programs, as well as eliminate SBA\u2019s arbitrary and harmful caps on loans and grants available to eligible small businesses. Many of our state\u2019s most vulnerable businesses are minority-owned, and this additional support will help to provide a lifeline, allowing many of Nevada\u2019s minority small businesses to keep their doors open. I will continue working in Congress to develop forward-thinking solutions that support our small business community during this crisis.\u201d<\/span><\/span><\/span><\/u1_p><\/span><\/span><\/span><\/p>\n

\u201cAs the coronavirus continues to wreak havoc on our economy, Texas\u2019 small businesses are bearing a tremendous financial burden,\u201d said Senator Cornyn.<\/b> \u201cThe EIDL program has helped many businesses keep their doors open during the pandemic, and this legislation would help make sure they are able to receive the full assistance they need to stay afloat and help get our economy back on track.\u201d<\/span><\/span><\/span><\/u1_p><\/span><\/span><\/span><\/p>\n

\u201cSmall businesses need assurance that SBA\u2019s disaster loan program can serve as a life-line to survive the COVID-19 pandemic\u201d said Tom Sullivan, Vice President, Small Business Policy, U.S. Chamber of Commerce.<\/b> \u201cThis bipartisan legislation provides certainty for Main Street who are looking to SBA for help.\u201d<\/span><\/span><\/span><\/u1_p><\/span><\/span><\/span><\/p>\n

\u201cWe strongly support Congressional efforts to provide a wide array of capital solutions amid this catastrophic health and economic crisis,\u201d said John Stanford & Rhett Buttle, Executive Directors of Small Business Roundtable (SBR). \u201c<\/b>The EIDL program provides business owners the certainty they need for long term, low interest loans to recover and continue their role as America\u2019s economic engine. We commend Senators Rosen and Cornyn for their leadership and urge EIDL funding and improvements in the next Coronavirus package.\u201d<\/span><\/span><\/span><\/u1_p><\/span><\/span><\/span><\/p>\n

\u201cWe commend Senators Rosen and Cornyn for introducing the EIDL for Small Businesses Act,\u201d said Chip Rogers, President and CEO, American Hotel & Lodging Association (AHLA). <\/b>\u201cThis important, bipartisan legislation will ensure hoteliers have continued access to the Small Business Administration disaster relief programs, which are a critical lifeline for small businesses during times of economic crisis. The leisure and hospitality sectors have lost 4.8 million jobs since February, and this much-needed legislation will help hotels open their doors and keep the lights on so that we can rehire, retain, and support our valued employees.\u201d<\/span><\/span><\/span><\/u1_p><\/span><\/span><\/span><\/p>\n

\u201cThe Vegas Chamber applauds Senator Rosen for introducing the Ensuring Increased Disaster Loans (EIDL) for Small Business Act.  <\/i>This important legislation will provide more capital to small businesses that are in true need of help, while also giving them greater flexibility in how to spend those funds to support their business and employees\u2019 jobs,\u201d said Mary Beth Sewald, President and CEO of the Vegas Chamber.<\/i><\/b><\/span><\/span><\/span><\/u1_p><\/span><\/span><\/span><\/p>\n

\u201cThe Urban Chamber and the small, diverse businesses we represent greatly appreciate the ongoing support and advocacy by Senator Rosen. The EIDL for Small Businesses Act will help our businesses secure much needed capital to counter the impact of COVID-19 in the Southern Nevada region,\u201d said<\/b> Ken Evans, President of the Urban Chamber of Commerce <\/b><\/span><\/span><\/span><\/u1_p><\/span><\/span><\/span><\/p>\n

\u201cThe Reno + Sparks Chamber of Commerce applauds Senator Rosen\u2019s laser-like focus on small businesses that make up the heart of our business community and provide the goods and services relied upon by our residents,\u201d said Ann Silver, CEO of the Reno + Sparks Chamber of Commerce.<\/b> \u201cWe\u2019re encouraged by this bill and hope that Congress fully recognizes the significant burden borne by small businesses during the pandemic and will shoulder for years to come. We urge immediate passage.\u201d<\/span><\/span><\/span><\/u1_p><\/span><\/span><\/span><\/p>\n

\u201cThe Henderson Chamber supports Senator Rosen\u2019s bipartisan bill to replenish EIDL funds to meet small business demands while also providing those organizations the opportunity to apply for aid,\u201d said Amber Stidham, Vice President of Government Affairs for the Henderson Chamber of Commerce.<\/b> \u201cMany of the chamber\u2019s main street employers throughout Southern Nevada could use this renewed EIDL program as an opportunity to meet non-payroll expenses that are associated and required with operating their business in a more flexible way during a time in which they still need support to rebuild their operations.\u201d<\/span><\/span><\/span><\/u1_p><\/span><\/span><\/span><\/p>\n

\u201cAnything and everything we can do for the small business community should be priority one; They are the engine that drives our great country,\u201d said Peter Guzman, President of the Latin Chamber of Commerce.<\/b><\/span><\/span><\/span><\/u1_p><\/span><\/span><\/span><\/p>\n

BACKGROUND:<\/span><\/span><\/span><\/u><\/b> Soon after the <\/span><\/span><\/span>CARES Act<\/span><\/a><\/span><\/span><\/span><\/i> became law, the U.S. Small Business Administration placed arbitrary caps on EIDL loans and EIDL Advance grants. Currently, EIDL loans \u2013 low-interest loans that can be used to cover small business operating expenses \u2013 have been capped at $150,000 per business, instead of the congressionally mandated maximum of $2 million. Additionally, the SBA placed caps on EIDL Advance grants to small businesses of $1,000 per-employee (up to $10,000), rather than the congressionally mandated $10,000 for every eligible small business.<\/span><\/span><\/span><\/u1_p><\/span><\/span><\/span><\/p>\n

As of last week, the EIDL Advance grant program has run out of funding and small businesses are no longer receiving this relief.<\/span><\/span><\/span><\/u1_p><\/span><\/span><\/span><\/p>\n

In April, <\/span><\/span><\/span>Senator Rosen co-lead a letter along with Senator Cornyn<\/span><\/a> <\/span><\/span><\/span>urging the SBA to eliminate its self-imposedcaps on EIDL loans and EIDL Advance grants.<\/span><\/span><\/span><\/u1_p><\/span><\/span><\/span><\/p>\n

Senator Rosen directly brought these concerns to SBA Administrator Carranza and Treasury Secretary Mnuchin during a Small Business Committee conference call earlier this year, and on June 10th<\/sup>, <\/span><\/span><\/span>Senator Rosen publicly questioned the SBA Administrator<\/span><\/a><\/span><\/span><\/span> and Treasury Secretary on the SBA\u2019s limits on EIDL and EIDL Advance.<\/span><\/span><\/span><\/u1_p><\/span><\/span><\/span><\/p>\n

The bipartisan Ensuring Increased Disaster Loans (EIDL) for Small Businesses Act (S.4227) would:<\/span><\/span><\/span><\/u1_p><\/span><\/span><\/span><\/p>\n

\u2022<\/span><\/span><\/span>        Provide $100 billion in appropriations for EIDL;<\/span><\/span><\/span><\/u1_p><\/span><\/span><\/span><\/p>\n

\u2022<\/span><\/span><\/span>        Provide $80 billion in appropriations for EIDL Advance;<\/span><\/span><\/span><\/u1_p><\/span><\/span><\/span><\/p>\n

\u2022<\/span><\/span><\/span>        Prohibit the U.S. Small Business Administration (SBA) Administrator from placing maximum caps below $2 million on Economic Injury Disaster Loans, which have a maximum loan amount of $2 million, as established by the CARES Act. Under the bill, all eligible small businesses shall receive EIDL funding in the amount calculated using SBA\u2019s current EIDL formula, up to $2 million;<\/span><\/span><\/span><\/u1_p><\/span><\/span><\/span><\/p>\n

\u2022<\/span><\/span><\/span>        Prohibit the SBA Administrator from placing limitations on the Economic Injury Disaster Loan Advance. Under the bill, all eligible small business shall receive the full $10,000 grant provided by the CARES Act, regardless of size;<\/span><\/span><\/span><\/u1_p><\/span><\/span><\/span><\/p>\n

\u2022<\/span><\/span><\/span>        Require EIDL Advance grants to be disbursed to eligible small businesses within three business days of request and not be contingent upon approval for a Economic Injury Disaster Loan; and<\/span><\/span><\/span><\/u1_p><\/span><\/span><\/span><\/p>\n

\u2022<\/span><\/span><\/span>        Require SBA to submit a monthly report to the House and Senate Committees on Small Business and Appropriations on 1) the status of the Disaster Loan Account, including obligations, allocations, and amounts undistributed\/unallocated; 2) allocations, obligations, and expenditures for all open disasters; and 3) an estimate of when available appropriations will be exhausted.<\/span><\/span><\/span><\/u1_p><\/span><\/span><\/span><\/p>\n

###<\/span><\/span><\/span><\/span><\/span><\/p><\/p>","protected":false},"excerpt":{"rendered":"

WASHINGTON, D.C. \u2013 Today, U.S. Senator Jacky Rosen (D-NV), a member of the Senate Committee on Small Business and Entrepreneurship, and Senator John Cornyn (R-TX) announced their introduction of the Ensuring Increased Disaster Loans (EIDL) for Small Businesses Act (S.4227). This bipartisan legislation would assist the nation\u2019s small businesses impacted by the coronavirus pandemic by providing an additional $180 billion for the […]<\/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":[21],"class_list":["post-1303","post","type-post","status-publish","format-standard","hentry","category-press_release","tag-jobs-and-economy"],"acf":[],"yoast_head":"\nRosen, Cornyn Introduce Bipartisan Legislation to Provide Increased EIDL Loans and EIDL Advance Grants, Assist Nation\u2019s 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\/07\/21\/rosen-cornyn-introduce-bipartisan-legislation-to-provide-increased-eidl-loans-and-eidl-advance-grants-assist-nations-small-businesses\/\" \/>\n<meta property=\"og:locale\" content=\"es_ES\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Rosen, Cornyn Introduce Bipartisan Legislation to Provide Increased EIDL Loans and EIDL Advance Grants, Assist Nation\u2019s Small Businesses - Jacky Rosen\" \/>\n<meta property=\"og:description\" content=\"WASHINGTON, D.C. \u2013 Today, U.S. Senator Jacky Rosen (D-NV), a member of the Senate Committee on Small Business and Entrepreneurship, and Senator John Cornyn (R-TX) announced their introduction of the Ensuring Increased Disaster Loans (EIDL) for Small Businesses Act (S.4227). 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