Hirono Secures Debt Relief for Hawaii Small Businesses in Third Coronavirus Package
Legislation Provides Six Months of Debt Relief for Hawaii Small Businesses with SBA-Backed Loans
WASHINGTON, D.C. – Senator Mazie K. Hirono (D-Hawaii) successfully secured debt relief for Hawaii small businesses in the third coronavirus recovery package. The package includes provisions from the Small Business Debt Relief Act, which Senator Hirono introduced last week with Senator Chris Coons (D-Del.) to temporarily cover small business loan payments for existing 7(a) and 504 loans backed by the Small Business Administration (SBA).
“During this difficult time, local small businesses need to be able to rely on the federal government while they work to adapt to the short- and long-term consequences of the coronavirus pandemic. This third package includes essential provisions to keep Hawaii small businesses afloat through existing SBA programs. I will continue to advocate for provisions in future bills to bolster our nation and Hawaii’s small businesses,” Senator Hirono said.
The recovery package includes several other provisions to provide support for local businesses through an expansion of the SBA’s Economic Injury Disaster Loan (EIDL) program, and the creation of new programs to provide emergency grants and loans to help businesses retain their workers, pay their rent and utilities, and cover their other expenses.
In addition to introducing the Small Business Debt Relief Act, last week Senator Hirono and Senator Ben Cardin (D-Md.) introduced S. 3554, the COVID-19 RELIEF for Small Businesses Act, with their Democratic colleagues on the Senate Small Business Committee. S. 3554 included several similar provisions to provide recovery grants and loans to businesses. Also last week, the SBA approved an economic disaster declaration for the state of Hawaii, making local businesses in the state eligible to apply for EIDL.
Last year, the SBA supported more than $51.7 million in 7(a) and 504 loans to Hawaii small businesses.
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