Following Push by Crow, House Includes Crow’s Bill to Provide Relief to Small Businesses in Coronavirus Stimulus Package

Crow's bill would make it easier and faster for small businesses to get a loan during the coronavirus emergency

Stimulus package allows small businesses to apply for grants, a top priority for Colorado and local small business owners

Crow is the only member of the Colorado delegation to serve on the Small Business Committee in either chamber

As small businesses across the nation are slammed by the coronavirus outbreak forcing many to temporarily close, the House introduced a comprehensive coronavirus emergency stimulus package including Rep. Jason Crow's Increasing Access to Capital Act. Crow's bill expands and bolsters the Small Business Administration (SBA) flagship loan programs, including the Express Loan program which enables the SBA to approve borrowers for commercial loans in as little as 36 hours.

"The coronavirus is slamming our economy and small businesses are feeling the pain. We need to get them the relief they need, and we need to get it to them now," said Crow. "I'm proud to see the Take Responsibility for Workers and Families Act include my bill to prioritize small business loan relief in the stimulus package and will be fighting all the way to make sure the final agreement puts small businesses and workers first.

"Rebooting our economy will take a Herculean effort and we must make sure that our stimulus package prioritizes workers, taxpayers, and families. Businesses small and large will need a lifeline to get through this, but we must make sure we put the necessary guardrails on corporations to prevent abuse by bad actors. There is no lack of good ideas on how to fix the economy in Congress, but now it's time to get it done. Congress needs to show the American people that we take this seriously and pass a stimulus package now."

In addition to making it easier and faster to apply for loan with Crow's bill, the House stimulus package also allows small businesses to apply for grants, a top priority of Governor Polis and which Crow had been advocating for after hearing from community small business owners. Other elements include interest-free forgivable loans for small businesses who keep their workers employed during the coronavirus slowdown, and an increased $184 billion in new disaster loan authority. The bill also delays payments on interest and principal for loans for six months and waives administrative fees for borrowers.