Wednesday, March 25, 2020
Senator Rubio and Senator Collins Work to Empower Current InfrastructureBy: Pat Gouhin, Chief Executive Officer As the devastation of COVID-19 continues to leave small businesses and non-profit organizations in its wake, Senator Marco Rubio, Senator Collins, and the Rubio-Collins Small Business Recovery Plan task force have been working around the clock to develop a non-partisan package to protect organizations. The goal of the bill is to empower current infrastructure at the Small Business Administration for the Keeping Workers Paid and Employed Act. Senators Rubio and Collins are calling for banks and credit unions to scale up their processes to meet the extraordinary needs we are currently facing. Details of 7(a) of the Small Business Act include: Timing - March 1-December 31, 2020 Eligibility - businesses with 500 employees or less and non-profits Loan Cap - $10,000,000 through 12/31/2020 What’s Included?
The Angel Capital Association along with multiple other organizations signed a letter of support for this bill on Thursday, March 19, 2020. Two specific areas were praised in the letter:
See the full bill and letter of support here. Tags: |