[Congressional Record Volume 166, Number 185 (Tuesday, October 27, 2020)]
[Extensions of Remarks]
[Page E990]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]





 INTRODUCTION OF THE SMALL BUSINESS COVID-19 DEBT RELIEF EXTENSION ACT

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                           HON. ANDRE CARSON

                               of indiana

                    in the house of representatives

                       Tuesday, October 27, 2020

  Mr. CARSON of Indiana. Madam Speaker, the small business loan debt 
relief provision, as passed in the CARES Act, has expired with money 
still left in the fund. As we all know, small businesses have greatly 
suffered due to the COVID-19 pandemic. According to a recent Washington 
Post article, one in five small businesses have closed this year, with 
many more expected. For the small businesses that remain open, the SBA 
loan debt forgiveness has proven to be a lifeline. The SBA has paid 6 
months of principal, interest, and any associated fees that borrowers 
owe for all current 7(a), 504, and Microloans, as well as new 7(a), 
504, and Microloans.
  The COVID-19 pandemic is putting extraordinary strain on our smallest 
businesses--the very businesses who are the backbone of our economy. 
Small businesses have taken the biggest hits and need continued direct 
relief during this unprecedented time. That's why I have been fighting 
to provide relief through the Paycheck Protection Program (PPP), the 
Economic Injury Disaster Loan (EIDL), and the SBA debt relief program. 
These programs have proven to be effective to mitigate the consequences 
of the pandemic, however, small businesses continue to need our support 
and we must not turn our backs on them.
  Local economies are re-opening, but an expected second COVID-19 wave 
means small business owners will face additional uncertainties and 
burdens in the coming months. That is why I am introducing the Small 
Business Debt Relief Extension Act to offer small business owners up to 
a 6-month extension on the debt relief they are receiving on their 
7(a), 504, and Microloans. Additionally, my bill ensures that the 
entirety of the $17,000,000,000 appropriated to this program in the 
CARES Act be used for its intended purpose. The bill accomplishes this 
in two ways:
  Businesses who are currently receiving or have (over the past 6 
months) received the subsidy be granted a 6-month extension for a total 
of 12 months of debt relief; and Businesses who do not currently have a 
SBA loan and that apply up to March 30, 2021, receive a 6 month 
subsidy.
  I urge all of my colleagues to join me in supporting the Small 
Business Debt Relief Extension Act.

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