House Co-Sponsorship Memoranda

With the changes to daily life and business practices recommended or ordered to stem the spread COVID-19, many hardworking families and small businesses are and will be expected to be severely and adversely impacted.

Many businesses operate on fine margins and the prospect of losing even a day, let alone a week, a month or more of consistent business can translate into troubled times.

While there is done support expected to be available from the Small Business Administration (SBA) and some of it delivered through existing state programs, we at the state level need to do our part to ensure that our State’s small business community continues to thrive. That is why we are introducing legislation to direct the Department of Community and Economic Development (DCED) to administer low- to no-interest emergency loans to businesses that are being hit hard by this crisis. These loans will come in two varieties, one that targets short-term bridge financing to get through this period - including meeting payroll, overhead, and other expenses; the other is a long-term resiliency loan that helps business recover from this over the months and years to come.

We will be packaging our bills with important support for technical assistance providers at our state's Small Business Development Centers (SBCDs), Community Development Finance Institutions (CDFIs) and local/regional banks.

While we have every hope that our communities are able to get this pandemic under control, we must be prepared to assure small businesses and their workers that we have their backs.

Please join us in co-sponsoring this legislation.