The Biden Administration has just implemented Congresswoman María Elvira Salazar's (FL-27) COVID small business relief bill as part of Small Business Administration (SBA) policy.
On March 3rd, 2021, Congresswoman Salazar (FL-27) and Congresswoman Sharice Davids (KS-03) introduced the COVID Economic Injury Disaster Loan Relief Act (H.R. 1533) This bipartisan bill would extend the time to repay Economic Injury Disaster Loan (EIDL) loans, taken in response to COVID-19, for an extra year since the COVID-19 pandemic is still ongoing.
"Many of our local job creators applied for EIDL loans at the beginning of the outbreak and yet the pandemic has continued to take a devastating toll on our small businesses," said Congresswoman Salazar. "We cannot force our struggling small business owners to repay these loans at a time when many are barely able to keep their doors open. I am so proud that my bipartisan legislation has officially become SBA policy."
Currently, EIDL loan recipients must start paying their loans back after 1 year. When business owners initially drew these loans in response to the COVID-19 disaster, no one anticipated that we would still be facing a global pandemic a year later. Now the first payments of many loan recipients are due in March and April of 2021, but many local job creators have not been able to grow or recover while the pandemic is still raging. This extension is critical so that small business owners who took out a loan during the height of the COVID-19 pandemic do not have to start making payments until at least 2022.
Congresswoman Salazar represents Florida's beautiful 27th Congressional district which includes most of the City of Miami, its suburbs, and the beaches. She currently serves on the Small Business Committee and the Committee on Foreign Affairs.
Original source can be found here.
