The Weekly Democratic Party Address was delivered by Senator Ben Cardin of Maryland discussing plans to insure that under-served people and communities have access to the CARES small business loans.
(“In order for our small businesses to survive, Congress must find a way to work in a bipartisan fashion to enact solutions that serve everyone, especially those most in need due to this public health crisis we are facing.”)
Congress will have to provide additional funding in the future, there are other vital SBA relief programs that have ALREADY exhausted their funding, including the Economic Injury Disaster Loan program and the EIDL grant program.
Adding money only to the Paycheck Protection Program, as the Trump administration requested, will not help those still waiting to apply for urgently needed economic disaster loans and grants. Senate Democrats are working to add funds to those programs now, as well as the Paycheck Protection Program.
Our proposal would reserve $60 billion for financial institutions with strong relationships in under-served and rural communities, including community banks, credit unions and microlenders, to ensure that small businesses in every community have an opportunity to secure the economic relief they need.
(CSPAN link to Weekly Democratic Address: here)