Golden Urges SBA to Provide Quick Answers on Coronavirus Support for Small Businesses

March 13, 2020
Press Release

WASHINGTON — A week after passing legislation to provide $1 billion in crucial low-interest loans to small businesses affected by the coronavirus pandemic, Congressman Jared Golden (ME-02) urged the Small Business Administration (SBA) to make public detailed criteria, a timetable, and an outreach plan for the loans as soon as possible. 

Maine small businesses, including some in the lobster industry and in college towns, are already bracing for losses due to the virus. Knowing the resources and support available to them may help forestall layoffs or cutbacks on hours for their employees.

“My staff and I are standing ready to start reaching out to coronavirus-affected small businesses to help them and their workers weather this situation however we can,” said Golden. “We know small businesses will be challenged by this pandemic, which is why Congress took action to provide low-cost loans to impacted small businesses last week. I’m working with the Small Business Administration to get information and resources out to the public about when and how the loans will be made available, and urging them to do it quickly.”

Golden joined Small Business Committee Chairman Nydia Velázquez (NY-07) and Congresswoman Abby Finkenauer (IA-01) to send the letter. The Members of Congress asked Administrator Carranza:

  1. When will information be available on the SBA's website about how small businesses affected by coronavirus can apply for disaster loans?
  2. When will disaster loans for affected small businesses start getting issued?
  3. What is the SBA's outreach plan to ensure affected small businesses are aware of these loans and have the information they need to apply?
  4. Are you going to designate staff to help with outreach and managing these loans?

SBA provided partial answers today with a coronavirus webpage that can be found here. However, the page contains only preliminary information and additional detail is needed before small businesses can begin applying for the loans. 

You can read a copy of the letter here.