WASHINGTON, D.C. – Today, U.S. Senator Jacky Rosen (D-NV), a member of the Senate Committee on Small Business and Entrepreneurship, released the following statement after the U.S. Small Business Administration (SBA) announced that it would be raising the cap on Economic Injury Disaster Loans (EIDL) to $2 million. This action follows a year of advocacy from Senator Rosen to raise the caps and get additional financial aid to small businesses in Nevada and across the United States.
“The economic challenges brought on by the pandemic have been devastating for our nation’s small business community. COVID-19’s economic impact has been felt particularly hard here in Nevada, where 99% of the state’s businesses are small businesses,” said Senator Rosen. “Throughout this crisis, I have fought to ensure that Nevada’s small businesses have access to the aid they need. Today’s announcement that the SBA will be raising the caps on EIDL loans is a step toward providing greater relief to small business owners and workers in Nevada and nationwide. I am glad to see that my efforts to raise the loan caps were successful, and I will continue fighting to support Nevada’s small businesses and our state’s economy.”
BACKGROUND: Nevada is home to:
- Over 280,000 small businesses, making up over 99% of businesses in the state;
- 47,282 small businesses with fewer than 50 employees;
- More than 70,000 minority-owned small businesses;
- More than 23,000 veteran-owned small businesses.
Senator Rosen has been a champion for small business relief programs to help save jobs in Nevada. In March, Senator Rosen successfully helped increase the cap on Economic Injury Disaster Loans (EIDL) for small businesses from $150,000 per business to $500,000 per business (and received a commitment that the cap would be raised to $2 million, which has now occurred), the result of a year-long legislative effort that included introducing bipartisan legislation, raising the issue in multiple Senate hearings and floor speeches, and working with the Biden Administration. These low-interest loans can be used to pay for small business operating expenses.
On March 6, 2021, Senator Rosen voted in support of the American Rescue Plan Act of 2021, which provided small business relief, including $15 billion in new EIDL grants for small businesses, in line with the amount in Senator Rosen’s EIDL for Small Businesses Act.
Small businesses that are experiencing difficulties navigating federal assistance can also send their inquiries and questions to [email protected], and a team of dedicated bilingual professionals will respond to provide assistance.