{"id":1573,"date":"2021-03-02T17:22:17","date_gmt":"2021-03-02T17:22:17","guid":{"rendered":"https:\/\/rosen-testing.senate.gov\/2021\/03\/02\/rosen-cornyn-re-introduce-bipartisan-legislation-to-improve-critical-program-that-assists-nations-small-businesses\/"},"modified":"2022-07-13T20:23:22","modified_gmt":"2022-07-13T20:23:22","slug":"rosen-cornyn-re-introduce-bipartisan-legislation-to-improve-critical-program-that-assists-nations-small-businesses","status":"publish","type":"post","link":"https:\/\/www.rosen.senate.gov\/es\/2021\/03\/02\/rosen-cornyn-re-introduce-bipartisan-legislation-to-improve-critical-program-that-assists-nations-small-businesses\/","title":{"rendered":"Rosen, Cornyn Re-Introduce Bipartisan Legislation to Improve Critical Program that Assists Nation\u2019s Small Businesses"},"content":{"rendered":"<p><span style=\"font-size:11pt\"><span style=\"font-family:Calibri,sans-serif\"><b><span style=\"font-size:14.0pt\"><span style=\"font-family:&quot;Times New Roman&quot;,serif\">WASHINGTON, D.C. \u2013<\/span><\/span><\/b><span style=\"font-size:14.0pt\"><span style=\"font-family:&quot;Times New Roman&quot;,serif\"> 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 re-<span style=\"color:black\">introduction of the <i>Ensuring Increased Disaster Loans (EIDL) for Small Businesses Act<\/i>. This bipartisan legislation would <\/span>assist our nation\u2019s <span style=\"color:black\">small businesses impacted by the coronavirus pandemic by providing an additional $15 billion for Economic Injury Disaster Loan (EIDL) Advance grants. The bill would also remove the Small Business Administration\u2019s (SBA) caps on EIDL loans below $2 million \u2013 the threshold set by Congress \u2013 and require SBA to provide the full $10,000 EIDL Advance grants to all eligible small businesses, <\/span>regardless of size or location, as <span style=\"color:black\">intended by the original <i>CARES Act<\/i>. Rosen and Cornyn <\/span><a href=\"https:\/\/www.rosen.senate.gov\/es\/rosen-cornyn-introduce-bipartisan-legislation-provide-increased-eidl-loans-and-eidl-advance-grants\/\"><span style=\"color:#0563c1\">first introduced<\/span><\/a><span style=\"color:black\"> the <i>EIDL for Small Businesses Act <\/i>in July 2020.<\/span><\/span><\/span><\/span><\/span><\/p>\n<p><span style=\"font-size:11pt\"><span style=\"font-family:Calibri,sans-serif\"><span style=\"font-size:14.0pt\"><span style=\"font-family:&quot;Times New Roman&quot;,serif\"><span style=\"color:black\">\u201cAs the economic storm caused by COVID-19 continues to threaten our small business community, it is critical that we take further steps to support small businesses in Nevada and across the country,\u201d <b>dijo el Senador Rosen. <\/b>\u201cI\u2019m proud to re-introduce this bipartisan bill that <\/span><\/span><\/span><span style=\"font-size:14.0pt\"><span style=\"font-family:&quot;Times New Roman&quot;,serif\">will provide additional funding for EIDL Advance grants, as well as eliminate SBA\u2019s caps on EIDL loans and grants to make crucial funding available to eligible small businesses. I will continue working to ensure <span style=\"color:black\">that our nation\u2019s small businesses have the support they need to succeed during this challenging time.\u201d<\/span><\/span><\/span><\/span><\/span><\/p>\n<p><span style=\"font-size:11pt\"><span style=\"font-family:Calibri,sans-serif\"><span style=\"font-size:14.0pt\"><span style=\"font-family:&quot;Times New Roman&quot;,serif\">\u201cAs the coronavirus continues to wreak havoc on our economy, Texas\u2019 small businesses are bearing a tremendous financial burden,\u201d <b>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><\/span><\/p>\n<p><span style=\"font-size:11pt\"><span style=\"font-family:Calibri,sans-serif\"><b><u><span style=\"font-size:14.0pt\"><span style=\"font-family:&quot;Times New Roman&quot;,serif\">BACKGROUND:<\/span><\/span><\/u><\/b><span style=\"font-size:14.0pt\"><span style=\"font-family:&quot;Times New Roman&quot;,serif\"> More specifically, the bipartisan <i>Ensuring Increased Disaster Loans (EIDL) for Small Businesses Act <\/i>would:<\/span><\/span><\/span><\/span><\/p>\n<ul>\n<li><span style=\"font-size:11pt\"><span style=\"font-family:Calibri,sans-serif\"><span style=\"font-size:14.0pt\"><span style=\"font-family:&quot;Times New Roman&quot;,serif\"><span style=\"color:black\">Provide $15 billion in appropriations for EIDL Advance grants;<\/span><\/span><\/span><\/span><\/span><\/li>\n<li><span style=\"font-size:11pt\"><span style=\"font-family:Calibri,sans-serif\"><span style=\"font-size:14.0pt\"><span style=\"font-family:&quot;Times New Roman&quot;,serif\"><span style=\"color:black\">Prohibit the U.S. Small Business Administration (SBA) from placing maximum caps below $2 million on Economic Injury Disaster Loans, which have a maximum loan amount of $2 million, as <\/span><\/span><\/span><span style=\"font-size:14.0pt\"><span style=\"font-family:&quot;Times New Roman&quot;,serif\">established by the CARES Act. Currently, SBA has capped EIDL loans at $150,000 per business. 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><\/span><\/li>\n<li><span style=\"font-size:11pt\"><span style=\"font-family:Calibri,sans-serif\"><span style=\"font-size:14.0pt\"><span style=\"font-family:&quot;Times New Roman&quot;,serif\">Prohibit the SBA from placing limitations on the Economic Injury Disaster Loan Advance. Under the bill, all eligible small businesses shall receive the full $10,000 grant provided by the CARES Act, regardless of size or location<span style=\"color:black\">;<\/span><\/span><\/span><\/span><\/span><\/li>\n<li><span style=\"font-size:11pt\"><span style=\"font-family:Calibri,sans-serif\"><span style=\"font-size:14.0pt\"><span style=\"font-family:&quot;Times New Roman&quot;,serif\"><span style=\"color:black\">Require EIDL Advance grants to be disbursed to eligible small businesses within 15 days<\/span><\/span><\/span><span style=\"font-size:14.0pt\"><span style=\"font-family:&quot;Times New Roman&quot;,serif\">; and<\/span><\/span><\/span><\/span><\/li>\n<li><span style=\"font-size:11pt\"><span style=\"font-family:Calibri,sans-serif\"><span style=\"font-size:14.0pt\"><span style=\"font-family:&quot;Times New Roman&quot;,serif\">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><\/span><\/li>\n<\/ul>\n<p class=\"text-align-center\"><span style=\"font-family: &quot;Times New Roman&quot;, serif; font-size: 14pt;\">###<\/span><\/p>","protected":false},"excerpt":{"rendered":"<p>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 re-introduction of the Ensuring Increased Disaster Loans (EIDL) for Small Businesses Act. This bipartisan legislation would assist our nation\u2019s small businesses impacted by the coronavirus pandemic by providing [&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":[21],"class_list":["post-1573","post","type-post","status-publish","format-standard","hentry","category-press_release","tag-jobs-and-economy"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Rosen, Cornyn Re-Introduce Bipartisan Legislation to Improve Critical Program that Assists 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\/2021\/03\/02\/rosen-cornyn-re-introduce-bipartisan-legislation-to-improve-critical-program-that-assists-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 Re-Introduce Bipartisan Legislation to Improve Critical Program that Assists 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 re-introduction of the Ensuring Increased Disaster Loans (EIDL) for Small Businesses Act. 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