Press Releases

Washington, D.C. — U.S. Senators Marco Rubio (R-FL), Jim Risch (R-ID), and Susan Collins (R-ME) reintroduced the Small Business Access to Recovery Capital Act. The legislation would provide expanded relief measures to the 7(a) loan program for one year to help businesses cope with challenges posed by the COVID-19 pandemic. Rubio originally introduced the legislation in October of 2020 when he was serving as Chairman of the Senate Committee on Small Business and Entrepreneurship.
 
“During my time as Chairman of the Senate Small Business Committee, I was proud to partner with my colleagues to help our nation’s small businesses and the workers they employ survive the COVID-19 pandemic,” Rubio said. “The SBA’s 7(a) loan program is critical in providing flexible working capital to small businesses in need. This bill would provide relief measures to ensure that firms can access the long-term loans needed for financial stability as they recover from the economic impacts of the pandemic. I am proud to partner with my colleagues to make this program meet the needs of today’s small businesses.”
 
“Idaho’s small businesses need access to capital to keep their doors open and their employees paid,” Risch said. “This common-sense bill will make low-interest loans available to the small businesses that power our communities.”
 
“Small businesses are the engine of our economy, but the COVID-19 pandemic is tragically forcing many families to close the doors to their small businesses that they have spent years or even generations to build,” Collins said. “As the co-author of the Paycheck Protection Program, I have worked to help small businesses stay afloat and continue paying their employees. This bill would provide additional assistance for small businesses to weather this public health and economic crisis.”
 
The Small Business Access to Recovery Capital Act would expand small business’ access to the 7(a) Loan Guaranty program for one year by:
  • Waiving borrower and lender fees;
  • Increasing the government guarantee to 95%; and
  • Increasing the maximum loan value from $5 million to $10 million.