U.S. Senator Tammy Baldwin Introduces Loan Forgiveness Plan to Support Small Businesses Hurt By Coronavirus Pandemic
Legislation expands emergency support to keep businesses running and workers on the payroll throughout crisis
WASHINGTON, D.C. – As Congress considers economic stimulus legislation, U.S. Senator Tammy Baldwin today introduced a plan to support small businesses hurt by the coronavirus pandemic.
“The economic stimulus response from Congress must provide small businesses the federal resources they need to stay in business and get through this economic crisis,”said Senator Baldwin. “My plan expands direct aid to small businesses so they have the resources they need to keep moving forward, and keep their workers on the payroll.”
Senator Baldwin’s plan would build off of the first emergency response legislation that Congress passed, and President Trump signed, earlier this month. Baldwin’s legislation would increase Small Business Administration Economic Injury Disaster Loans from $2 million to $10 million so that small businesses have access to badly needed financial resources in order to pay their employees and keep up with their operating costs, like rent, utilities and interest on debt. The expanded loans would be available to any small business that has suffered from lack of demand or forced closure like bars, coffee shops and restaurants.
Baldwin’s plan would also provide small businesses loan forgiveness for any economic injury disaster loan granted under the Small Business Administration COVID disaster declaration if the small business employer maintains 100 percent of its staff at full pay and full benefits throughout the duration of the declared disaster. In addition, her plan would waive a current requirement that a small business demonstrate they are unable to obtain credit elsewhere.
Text of the legislation is available here.
An online version of this release is available here.
NOTE: This press release was submitted to Urban Milwaukee and was not written by an Urban Milwaukee writer. While it is believed to be reliable, Urban Milwaukee does not guarantee its accuracy or completeness.
More about the Coronavirus Pandemic
- MHD Release: Milwaukee Health Department Launches COVID-19 Wastewater Testing Dashboard - City of Milwaukee Health Department - Jan 23rd, 2024
- Milwaukee County Announces New Policies Related to COVID-19 Pandemic - County Executive David Crowley - May 9th, 2023
- DHS Details End of Emergency COVID-19 Response - Wisconsin Department of Health Services - Apr 26th, 2023
- Milwaukee Health Department Announces Upcoming Changes to COVID-19 Services - City of Milwaukee Health Department - Mar 17th, 2023
- Fitzgerald Applauds Passage of COVID-19 Origin Act - U.S. Rep. Scott Fitzgerald - Mar 10th, 2023
- DHS Expands Free COVID-19 Testing Program - Wisconsin Department of Health Services - Feb 10th, 2023
- MKE County: COVID-19 Hospitalizations Rising - Graham Kilmer - Jan 16th, 2023
- Not Enough Getting Bivalent Booster Shots, State Health Officials Warn - Gaby Vinick - Dec 26th, 2022
- Nearly All Wisconsinites Age 6 Months and Older Now Eligible for Updated COVID-19 Vaccine - Wisconsin Department of Health Services - Dec 15th, 2022
- City of Milwaukee Bi-Weekly COVID-19 Update - City of Milwaukee Health Department - Dec 9th, 2022
Read more about Coronavirus Pandemic here
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