U.S Senators Perdue, Loeffler push for small business support during COVID-19 pandemic
U.S. Senators David Perdue and Kelly Loeffler from Georgia proposed several measures to combat the COVID-19 pandemic’s effects on small businesses, in a letter sent to several officials, including Treasury Secretary Steven Mnuchin.
Perdue and Loeffler wrote that several measures need to be implemented to ensure small businesses have the flexibility and certainty needed to protect employees and serve customers during the pandemic.
The senators’ proposed measures include removing certain regulatory barriers to Small Business Administration (SBA) loans, allowing federal borrowers to enter into loan workouts and restructuring to avoid foreclosure and allowing federal borrowers to temporarily defer the principal portion of the monthly payment and make an interest-only payment.
“Businesses and their employees face unique risks and challenges from COVID-19,” the senators said in a news release. “This is particularly true for small businesses and their employees that are supported by the traveling public, including the hotel, hospitality, sporting event, entertainment and restaurant industries. These small businesses face staggering cash flow and liquidity challenges as travel continues to slow as a result of COVID-19.”