Washington, D.C.— Today, House Small Business Committee Chairwoman Nydia M. Velázquez (D-NY) and Ranking Member Steve Chabot (R-OH) led a bipartisan group of Committee members in a letter to the Small Business Administration (SBA) seeking more information regarding issues small business borrowers are facing within the Economic Injury Disaster Loan (EIDL) program, as it was extended by Congress to provide relief for small businesses struggling in the wake of the COVID-19 pandemic.
“Small businesses across the country who are struggling to keep their doors open turned to SBA for economic relief during these uncertain times,” wrote the lawmakers. “Much to their chagrin, they were met with additional uncertainty stemming from delayed approvals, lack of communication, and lack of transparency with the implementation of the EIDL program. It is vital that SBA improve its management of the program and provide regular, timely, and detailed updates to Congress in order to ensure the program is being operated effectively for the 30 million small businesses across the country.”
Chairwoman Velázquez and Ranking Member Chabot were joined on the letter by: Rep. Aumua Amata Coleman Radewagen (AL-AS) Vice Ranking Member, Small Business Committee; Rep. Sharice Davids (D-KS); Rep. Andy Kim (D-NJ) Chairman, Subcommittee on Economic Growth, Tax and Capital Access; Rep. Ross Spano (R-FL) Ranking Member, Subcommittee on Investigations, Oversight, and Regulations; Rep. Abby Finkenauer (D-IA) Chairwoman, Subcommittee on Rural Development, Agriculture, Trade, and Entrepreneurship; Rep. John Joyce (R-PA) Ranking Member, Subcommittee on Rural Development, Agriculture, Trade, and Entrepreneurship; Rep. Angie Craig (D-MN); Rep. Dwight Evans (D-PA) Vice Chair, Small Business Committee; Rep. Kweisi Mfume (D-MD); Rep. Judy Chu (D-CA) Chairwoman, Subcommittee on Investigations, Oversight, and Regulations; Rep. Jason Crow (D-CO) Chairman, Subcommittee on Innovation and Workforce Development; Rep. Chrissy Houlahan (D-PA); Rep. Adriano Espaillat (D-NY); Rep. Antonio Delgado (D-NY); Rep. Jared Golden (D-ME) Chairman, Subcommittee on Contracting and Infrastructure; Rep. Brad Schneider (D-IL).
The Committee will hold a hearing examining challenges facing small businesses accessing the EIDL program on Wednesday, June 10th. The hearing can be livestreamed here.
The full letter can be read here.