CBA Announces Support for Rubio, Cardin Small Business Legislation

Nick Simpson

CBA Announces Support for Rubio, Cardin Small Business Legislation

 

WASHINGTON, D.C. – The Consumer Bankers Association today wrote Senate Small Business Committee Chairman Marco Rubio (R-Fla.) and Ranking Member Ben Cardin (D-Md.) to express support for their legislation ensuring the Small Business Administration and its lending partners are able to provide access to capital during the coronavirus outbreak. The legislation is titled the Immediate Measures to Protect Against COVID-19 Threats for Small Businesses Act, or IMPACT for Small Businesses Act.

 

“As the coronavirus outbreak develops, even more consumers and small businesses will be affected and face economic hardship. Our members have implemented emergency measures to assist those who have been impacted and appreciate statements from regulators allowing for increased flexibility,” CBA President and CEO Richard Hunt wrote. “America’s small businesses need near-term relief to address the operational and payroll challenges resulting from the effects of this pandemic. By utilizing the 7(a) Loan Program, the government can expeditiously distribute capital to struggling small businesses through the banking industry. Furthermore, financial institutions are in direct communication with these small businesses and understand their specific circumstances and immediate needs.”

 

CBA’s letter, available here, applauds providing the SBA and its lending partners more resources to offer relief for small businesses and ensure their economic well-being while handling the economic impact of the coronavirus.  

 

Of the 100 most active SBA 7(a) lenders, CBA members make the majority of the total number of 7(a) loans.

 

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About the Consumer Bankers Association:

The Consumer Bankers Association represents America’s leading retail banks. We promote policies to create a stronger industry and economy. Established in 1919, CBA’s corporate member institutions account for 1.7 million jobs in America, extend roughly $4 trillion in consumer loans and provide $275 billion in small business loans annually. Follow us on Twitter @consumerbankers.