The American Bankers Association today supported legislation to ensure that small business can continue to access much-needed capital as they weather the economic effects of the coronavirus pandemic. The Immediate Measures to Protect Against COVID-19 Threats for Small Businesses Act of 2020 would allow the U.S. Small Business Administration to provide a 90% loan guarantee for all loans, increase the loan limit of SBA Express to $1 million and waive fees for all 7(a) loans for one year for both borrowers and lenders.
“Banks of all sizes stand ready to support the customers and communities they serve as well as the broader economy and help the nation overcome the challenge of the COVID-19 pandemic,” ABA said. “This important and timely legislation ensures our nation’s small businesses will have continued access to capital in a time of potential economic crisis.”
