Rep. Jason Crow Introduces Bill to Help Small Businesses Survive During the Coronavirus

Today, Rep. Jason Crow introduced the Increasing Access to Capital Act, a bill to make it easier and faster for small businesses to get a loan during the coronavirus. Crow's bill expands and bolsters the Small Business Administration (SBA) Express loan program, which can approve loans in as little as 36 hours. The bill also waives fees for SBA's flagship loan programs, increases loan guarantees for commercial lenders to incentivize them to give loans to small businesses, and increases maximum loan sizes so small businesses can get the relief they need. The bill is part of a larger comprehensive Small Business COVID-19 relief package.

"It is no exaggeration to say small businesses fuel Colorado's economy. Small businesses employ over one million Coloradans and make up over 97 percent of businesses in Colorado, but today they are in the fight of their lives as the coronavirus disrupts every facet of our economy. We need to get small businesses the relief they need and we need to get it to them now," said Crow. "Every day, small businesses are experiencing the pain of the coronavirus, they are losing money and it's going to risk putting them out of business. We need to make it as easy and fast as we can to get them the loans they need to stay afloat and rebuild during this crisis."

Other key components of the larger small business COVID-19 relief package include:

• The creation of an SBA Business Stabilization Direct Loan Program that authorizes $100 billion to offer interest-free loans with up to 50% loan forgiveness to qualified employers.

• The authorization of $100 billion to provide up to $100,000 in direct grants for small businesses impacted by COVID-19. These grants would be targeted to businesses that have had to close their doors temporarily due to the outbreak.

• Immediate loan debt relief to current and new SBA borrowers.

• Expediting and streamlining the SBA's economic injury disaster loan program to ensure small businesses can access cash easier and faster.

• The authorization of additional grant funding to allow SBA resource partners to ensure they can provide education and marketing materials to educate small business customers on the public health emergency and steps to protect the business and maintain operations.

• Amending several contracting provisions to provide more opportunities for small businesses affected by the outbreak to quickly and efficiently be awarded government contracts.

Crow serves on the Small Business Committee where he is Chair of the Innovation and Workforce Development Subcommittee. As Chair, Crow focuses on how small business innovation promotes economic growth and job creation. In addition, the subcommittee examines small business job growth through the creation and adoption of advanced technologies as well as reviews the broad scope of workforce issues that impact the ability of small businesses to obtain and maintain qualified employees.

In Colorado, small businesses employ 1.1 million people or one-half of the private sector workforce. The state is home to over 610,000 small businesses of which 15% are minority-owned.