US Senator Catherine Cortez Masto introduces bipartisan bill to improve small business lending program

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December 12, 2021 – Washington, DC – Last week, U.S. Senator Catherine Cortez Masto (D-Nev.) Joined Senators Jim Risch (R-Idaho) and John Hickenlooper (D-Colo.) To introduce the bipartisan Streamline the EIDL law improve the Small Business Economic Disaster Loan (EIDL) application process and tackle programmatic fraud. The legislation will require the Small Business Administration (SBA) to provide timely and meaningful responses to small business applicants and submit a report to Congress on how it is combating fraud within the program.

“Small businesses asking for disaster relief shouldn’t have to put in the effort to get the answers they need” said Senator Cortez Masto. “Making it easier for small businesses to access these essential loans and grants will help them keep their doors open and their workers employed.” I will continue to work with my colleagues to improve and streamline the EIDL program and ensure that small businesses in Nevada are supported.

the Streamline the EIDL law impose common-sense deadlines on the EIDL program, require the SBA to conduct a full review of the process for submitting nominations to EIDL, order the SBA to submit a report to Congress detailing the actions it has taken taken to rectify its handling of identity theft cases, would require the SBA to disclose how it recovered irregular payments, and require the SBA to disclose how it reconciles previous identity theft allegations with Newly filed identity theft allegations.

Senator Cortez Masto has been a strong advocate for small business in the Senate, leading legislation to protect small businesses from costly data breaches and cyber attacks; and to help small businesses partner with higher education institutions to conduct research and development. Throughout the pandemic, she helped move on CARES Law and additional coronavirus relief legislation to provide economic aid and Small Business Administration (SBA) loans to small businesses and supported $ 370 billion in additional funding for the Paycheck Protection Program (P3) and Loans In Case SBA’s economic disaster (EIDL). She continued to urge the SBA to quickly administer PPP and EIDL loans to small businesses in Nevada that have been most impacted by COVID-19.
Source: Senator Catherine Cortez Masto

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