C100 has signed on in support of the bill under development by Senator Marco Rubio (R-FL), Chairman of the Small Business & Entrepreneurship Committee
We know that one of the biggest economic risks from catastrophic events is business cash-flow. If companies run out of working capital due to lock-downs and cancellations, employees will lose their jobs, and business may fail. The effects will cascade through the economy.
It’s determined the best way make a “cash-bridge” quickly available to businesses is through a bill sponsored by Senator Marco Rubio (R-FL). We know through hurricane experiences that traditional disaster loans, made through the SBA, will be too slow.
Given the urgency of the situation, we’ve signed on in support of his bill, which enhances the existing SBA 7(a) program (Under the SBA 7(a) program, private banks make direct loans, and are just guaranteed by the SBA.). Very similar to what we did under the Blanco administration after Katrina/Rita.