"Cardin Lauds SBA Action to Increase Lending Limit in EIDL Program"
Summary
A statement dated March 24, 2021 from Senator Ben Cardin (D-Md.), Chair of the U.S. Senate Committee on Small Business & Entrepreneurship, after the SBA announced changes to the Economic Injury Disaster Loan Program. The release states that starting the week of April 6, 2021, SBA is raising the COVID-19 EIDL loan limit from 6-months of economic injury with a maximum of $150,000 to up to 24-months with a maximum of $500,000. It reports that at a committee hearing that day, SBA's Associate Administrator for the Office of Disaster Assistance announced that Administrator Guzman had asked him to plan an increase to the statutory limit of $2 million. Cardin applauds the change and says he was disappointed when the Trump Administration set the $150,000 cap.
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Full text
Title: Cardin Lauds SBA Action to Increase Lending Limit in EIDL Program Date: 2021-03-24 Cardin Lauds SBA Action to Increase Lending Limit in EIDL Program March 24, 2021 (Washington, DC) — U.S. Senate Committee on Small Business & Entrepreneurship Chair Ben Cardin (D-Md.) today issued a statement after the U.S. Small Business Administration (SBA) announced changes to increase the utility of the Economic Injury Disaster Loan Program (EIDL). Starting the week of April 6, 2021, SBA is raising the loan limit for the COVID-19 EIDL program from 6-months of economic injury with a maximum loan amount of $150,000 to up to 24-months of economic injury with a maximum loan amount of $500,000. During a committee hearing to examine SBA’s implementation of EIDL and other COVID-19 relief programs today, SBA Associate Administrator for the Office of Disaster Assistance James Rivera also announced that SBA Administrator Isabella Casillas Guzman has asked him to create a plan to increase the maximum loan amount to the statutory limit of $2 million “as soon as possible.” “I applaud Administrator Guzman for taking swift action to increase the maximum loan limit in EIDL to provide immediate relief to small businesses that need additional capital,” Cardin said. “I was very disappointed when the Trump Administration implemented the $150,000 cap last year, so I am grateful that Administrator Guzman is already working to increase the limit to the maximum $2 million allowed by statute. EIDL loans provide affordable, patient capital, which gives small businesses greater flexibility in how to deploy the loan to best serve their needs. Today’s announcement, along with the Biden Administration’s prior decision to extend the deferment period on EIDL loans, will make EIDL an even better resource for struggling small businesses in need of capital.” Permalink: https://www.sbc.senate.gov/public/index.cfm/2021/3/cardin-lauds-sba-action-to-increase-lending-limit-in-eidl-program
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- 2021-03-24_cardin-lauds-sba-action-to-increase-lending-limit-in.txt
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- www.sbc.senate.gov