SBA OIG identified possible discrepancies on the calculation of interest with the EIDL
Published August 5 2020 updated August 5 2020 1 min. 10 seconds read
Congress could change the formula under the Small Business Act if it considered the language ambiguous, or it could designate an interest rate including a zero interest rate for all SBA EIDL for the duration of COVID-19.
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Advocacy Task: Copy and paste to your congressional representatives.
Respectfully request my state congressional representatives follow the Congressional Research Service report and the SBA OIG recommendations to waive the SBA EIDL interest to 0 percent for both small business and not for profits.
In the congressional report filed June 16, 2020 the SBA OIG identified possible discrepancies on the calculation of interest. The OIG also pointed out that the interest during the COVID-19 pandemic may cause additional harm to small business in the form of increased disaster debt burden.
Please review the recommendations and submit to Washington your bill to waive interest on the SBA EIDL or make the interest 0 percent.
Page 12 of the COVID-19 Relief Assistance to Small Businesses: Issues and Policy Options
"Congress could request SBA to reevaluate its interpretation of 15 U.S.C. §636(d)(4)(A) and provide detailed information explaining how the formula provides nonprofit organizations with lower interest rates than small businesses. Alternatively, Congress could change the formula under the Small Business Act if it considered the language ambiguous, or it could designate an interest rate (including a zero interest rate) for all SBA EIDL for the duration of COVID-19."
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