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Cortez Masto Introduces New Bill to Help More Small Businesses Access SBA Loans

Statement

Date: July 9, 2020
Location: Las Vegas, NV
Issues: Business and Consumers Health and Health Care

U.S. Senator Catherine Cortez Masto (D-Nev.) joined Senator Brian Schatz (D-Hawai"i) in introducing new legislation that will help more small businesses access flexible Small Business Administration (SBA) funding to cover their operational costs and stay open.The legislation will make key updates to the economic injury disaster loan (EIDL) program, including cutting the interest rate to 1 percent, raising the cap on maximum loan amounts, adding a new EIDL advance for hard hit businesses, and adding millions of dollars more to the program.

"The EIDL program has been an important lifeline for Nevada's small businesses during the coronavirus pandemic, which is why I support this legislation to lower EIDL interest rates and make the program more flexible. If it's easier for small businesses to secure these critical loans and grants, they can more easily adapt their businesses in light of changing times and take steps to protect public health and safety as they reopen. I'll keep working with my colleagues to ensure Nevada's small businesses have all the support they need during this pandemic."


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