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Rep. Carson Introduces Bill to Provide Additional Debt Relief for Small Businesses Harmed by COVID-19

Oct 29, 2020
Press Release

Washington, DC – Congressman André Carson (IN-07) has introduced a bill to provide additional relief for small businesses harmed by the ongoing COVID-19 pandemic. H.R.8686, the Small Business Debt Relief Extension Act, introduced this week, offers additional debt relief on SBA 7(a), 504, and microloans that were received as part of the CARES Act. The CARES Act’s small business debt relief provision expired last month, making it imperative that Rep. Carson’s bill is passed as soon as possible.  

This bill ensures that the entirety of the $17,000,000,000 appropriated to this loan program in the CARES Act be used for its intended purpose. The bill accomplishes this in two ways:

1. Businesses who are currently receiving, or have received, the subsidy be granted a 6-month extension for a total of 12 months of debt relief.

2. Businesses who do not currently have an SBA loan and that apply by March 30, 2021, can receive a 6-month subsidy.

“Since the COVID-19 pandemic began, I have heard from many Hoosier small business owners how vital the relief from the CARES Act has been for the survival of their businesses,” Rep. Carson said.  “However, as our nation suffers a new, dramatic surge in COVID-19 cases, it’s clear that more must be done to protect these lifelines of our economy. Small businesses remain at greatest risk during this pandemic, and my legislation will help them get through what is shaping up to be a particularly bleak winter. I urge Congress to pass this necessary measure as soon as possible.”