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Letter to The Honorable Steven Mnuchin and The Honorable Jovita Carranza (March 30, 2020)

Summary

A letter dated March 30, 2020 addressed to Secretary Mnuchin of the U.S. Department of the Treasury and Administrator Carranza of the U.S. Small Business Administration. The letter requests immediate and sustained attention to implementing the Keeping American Workers Paid and Employed Act, which it says President Trump signed into law on March 27, 2020 as part of the CARES Act (Public Law 116-136), and states that the Act provides $377 billion in relief to small businesses. It urges the Treasury Department and the SBA to issue publicly-available, comprehensive guidance to lenders and businesses on the Paycheck Protection Program, emergency Economic Injury Disaster Loan grants and debt relief provisions. The signature blocks name Marco Rubio, Benjamin L. Cardin, Susan Collins and Jeanne Shaheen.

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Issuer
Congressional materials
Document type
2020 03 30 Cardin To Sba Treasury Cardin Bipartisan Senate Task Force Urge Sba Treasury D
Date
2020-03-30
Case
2020 03 30 Cardin To Sba Treasury Cardin Bipartisan Senate Task Force Urge Sba Treasury D

Cite this document

“Letter to The Honorable Steven Mnuchin and The Honorable Jovita Carranza (March 30, 2020).” Dated 2020-03-30. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2020-03-30-2020-03-30-cardin-to-sba-treasury-cardin-bipartisan-senate-task-force-urge-sba-treasury-d/, SHA-256 deb670721c5edab8532b2a47cc80fb15cc06caff120264e73624fe8e4aa474b6.

Full text

                                           March 30, 2020


The Honorable Steven Mnuchin
Secretary of the Treasury
U.S. Department of the Treasury
1500 Pennsylvania Avenue NW
Washington, D.C. 20220

The Honorable Jovita Carranza
Administrator
U.S. Small Business Administration
409 3rd Street SW
Washington, D.C. 20416


Dear Secretary Mnuchin and Administrator Carranza:

        We write to request your immediate and sustained attention and commitment to
implementing the Keeping American Workers Paid and Employed Act, which President Trump
signed into law on March 27, 2020, as part of the Coronavirus Aid, Relief, and Economic Security
Act, known as the CARES Act (Public Law 116-136). The Keeping American Workers Paid and
Employed Act provides $377 billion in immediate and meaningful relief to small businesses so that
they can remain operational despite economic losses caused by the COVID-19 pandemic. This
includes the Paycheck Protection Program – a new loan guarantee program created under the Small
Business Administration’s (SBA’s) 7(a) program that is intended to assure employees of covered
small businesses not only a paycheck in the near-term, but also the longer term assurance that their
job will still be there for them.

        It is critical that this relief is disbursed to small businesses as quickly as possible to help
ensure that no small businesses are forced to choose between solvency and retaining their
employees during this uncertain time. To that end, we urge the Treasury Department and the SBA
to quickly issue publicly-available, comprehensive guidance to lenders and businesses on the
assistance available, including the Paycheck Protection Program, emergency Economic Injury
Disaster Loan grants, and debt relief provisions. We also ask that you continue to expeditiously
upgrade and update the SBA website so that it is simple for borrowers to find links to the programs
authorized under the CARES Act, identify Paycheck Protection Program lenders, and apply for the
paycheck and grant assistance.

       As all of government works to stop the spread of COVID-19, it is incumbent upon
Congress and your agencies to work together to ensure that workers and small businesses have
every opportunity afforded by this law to provide for and enjoy the dignity of work, which is
second only to the immediate health and safety of Americans, and the need for workers and
families to continue to receive income to pay their bills.
         Thank you for your immediate attention to these matters. We stand ready to assist your
efforts to implement the Keeping American Workers Paid and Employed Act. Thank you for your
efforts.
                                        Sincerely,



       ___________________________                      ____________________________
       Marco Rubio                                      Benjamin L. Cardin
       Chairman                                         Ranking Member
       Senate Committee on Small Business               Senate Committee on Small Business
       and Entrepreneurship                             and Entrepreneurship


       ___________________________                      ____________________________
       Susan Collins                                    Jeanne Shaheen
       Chairman                                         Member
       Senate Special Committee on Aging                Senate Committee on Small Business
                                                        and Entrepreneurship

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