Mast Leads Bipartisan Group Urging Congressional
Leaders To Offer Zero-Interest Loans To Small Businesses
As Congress negotiates the details of a third coronavirus support bill, U.S. Congressman Brian Mast (FL-18) today led a bipartisan group in urging Congressional leaders to provide additional financial relief to small businesses impacted by the coronavirus (COVID-19) through interest-free loans. These loans under the Small Business Administration Economic Injury Disaster Loan Program can be used to cover payroll, rent, paid family leave, paid medical leave and more during the coronavirus pandemic.
“Small businesses are struggling to deal with the financial consequences of the ongoing coronavirus outbreak and it is costing many people their livelihoods,” Rep. Mast said. “We need to do everything we can to help people keep their jobs, help business owners pay their employees and prevent a further downward economic spiral. The federal government should follow Florida’s lead by making their small business loans interest free as we navigate this uncharted territory together as a nation.”
Last week, President Trump signed the Coronavirus Preparedness and Response Supplemental Appropriations Act into law, which authorized an estimated $7 billion in loans for small businesses impacted by financial losses as a result of the coronavirus outbreak. As a result, the Small Business Administration is currently offering loans of up to $2 million with 3.75% interest. More information on the federal loans that are currently available can be found at disasterloan.sba.gov.
Florida small business owners with two to 100 employees are also eligible for short-term, interest-free loans up to $50,000 through the State of Florida. Learn more and apply at floridadisasterloan.org.
The letter can be found HERE. Additional resources for families and businesses struggling with the coronavirus outbreak are available at mast.house.gov/coronavirus.