04/03/2020 | Press release | Distributed by Public on 04/03/2020 19:38
SCHAUMBURG, IL - Today, Congressman Raja Krishnamoorthi issued the following statement in response to numerous reports of desperate, qualified small businesses unable to receive access to credit due to the failure of regulators to effectively implement the federal stimulus package's small business loan programs:
'Last week, Congress overwhelmingly passed the CARES Act stimulus package to safeguard our people and our economy, but the lifeline extended by this overwhelmingly bipartisan law to small businesses and their employees is now at risk because of the failure of the Treasury Department and Small Business Administration (SBA) to effectively implement the law. Congress passed the CARES Act to extend credit access to qualified small businesses of every kind through loans issued by banks of every size, but the changes administration officials made to the loan programs in the dark of night sabotaged the programs and prevented companies today from accessing the credit they qualify for and desperately need.
The time is now for Treasury and the SBA to fix the botched implementation of the law -- businesses and jobs are on the line. As Chairman of the Oversight Subcommittee on Economic and Consumer Policy, which holds jurisdiction over the Treasury Department and the Small Business Administration, I am closely monitoring the implementation of these loan programs and will conduct the oversight and investigations necessary to ensure that these programs provide small businesses with the support they need to restart the economy.'