Risch helps pass bill extending small business loans through CARES Act

The U.S Senate has unanimously passed the Small Business Lending Continuity Act of 2020. The bipartisan legislation, led by Idaho Repbulican Jim Risch and Illinois Democrat Tammy Duckworth, will make a technical correction to the CARES Act and prevent the Small Business Administration’s flagship Loan Guarantee Program from shutting down when the Paycheck Protection Program reaches its authorization cap of $310 billion.

The SBA program provides small businesses with capital to start or grow a business and is widely used among Idahoans.

In addition to the popular Paycheck Protection Program, the CARES Act also authorized a $17 billion small business debt relief program, directing the SBA to cover loan payments for six months to all small business borrowers of SBA-backed loans and for borrowers that take out SBA-backed loans within six months of the CARES Act passage.

Senators warned if the SBA loan program were to shut down — which the Small Business Lending Continuity Act would prevent — small businesses seeking the loans would be unable to access them and wouldn’t be eligible for six months of SBA covering their loan payments. (Office of Idaho Senator Jim Risch)

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