Amend and Extend CARES Act Provision 1112 and other tools to help businesses




I support the National Association of Development Companies (NADCO) urging of the Senate to approve a bipartisan bill that would extend the CARES act debt relief and grant CDCs with critical flexibility and SBA financing tools to help businesses succeed.

The six months of debt relief delivered immediate and critical assistant to borrowers.  Unfortunately, the pandemic continues to wreak havoc on our economy and threaten the recovery of small business borrowers.  Urging Congress to amend and extend the debt relief benefits to provide an additional 3 months of loan payments to borrowers approved before September 27, 2020 and extend the program for any borrower approved for a loan on or after that date have 9 months of debt relief.

In addition, the following stimulus provision should be included in the Senate Small Business relief bill:

Expand authority of 504 debt refinance program:
-Eliminate prohibition on refinance of government guaranteed debt
-Eliminate suspension of program if 504 require subsidy
-Eliminate 50% cap on CDC's volume
-Reduce debt seasoning to 6 months for eligibility
-Reinstate alternate job retention goal

Expansion Refinance:
-Increase cap on amount eligible for refinance to 100% of expansion costs

Authorize expedited processing of 504 loans of $500,000 or less.

Please contact your Congressional Representatives to express your support!
#MitchMcConnell #CharlesSchumer #MarcoRubio #BenCardin #SmallBusinessEntrepreneurship #SBA504 #NADCO #GSDC #SBAArena


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