Congressman Steven Horsford Demands Oversight and Accessibility of SBA Coronavirus Loan Program

Washington, D.C. —Today, Congressman Steven Horsford (NV-04) called on the Small Business Administration (SBA) to accept new Economic Injury Disaster Loan (EIDL) applicants and provide current applicants with an update on their loan status. The Congressman joined nearly 100 Members in sending the oversight letter to the SBA, including Chairwoman of the House Small Business Committee Nydia Velázquez and Chairman of the Financial Services Appropriations Subcommittee, charged with funding the SBA, Mike Quigley.

"It is essential that we support and protect the most vulnerable businesses during the COVID-19 pandemic. Last month, I voted to provide more funding to the SBA to ensure our small businesses are able to stay afloat during tough times. However, many of my constituents are left in the dark about the status of their application, without meaningful information from the SBA," the Congressman said. "It is also imperative that businesses who were unable to access loans from the first tranche of funding are able to apply for this vital assistance going forward. With this letter, I implore the SBA to safeguard access to these funds for Nevada's small businesses who are in dire need of support in this pandemic."

The Congressman's oversight letter called on the SBA to enact a queue for new applicants to the EIDL program to ensure all small businesses can make use of new Congressionally-enacted funding; a mechanism to update EIDL applicants on the status of their loan application; daily updates on loan data to Congress; and, to communicate with Congress about the technical strains on funding disbursement.

While the Paycheck Protection Program (PPP) strives to help workers and businesses weather the near-term economic consequences of the COVID-19 outbreak, the EIDL program is meant to equip businesses with the necessary working capital to plan for their long-term financial future. These loans, with long-term repayment options, provide America's small businesses with the financial wherewithal to ensure they can outlast the immediate economic uncertainty and make the necessary investments towards long-term success.

Nevada is home to more than 270,000 small businesses, which employ approximately 487,000 Nevadans. Since the second round of funding for SBA loans was approved by Congressman, the number of small businesses accessing SBA loans has increased from roughly 8,700 small businesses to nearly 22,000 small businesses.

A PDF that includes all signatories to theletter is available online.