{"database": "press", "table": "releases", "rows": [["https://www.collins.senate.gov/newsroom/collins-colleagues-introduce-bill-expand-relief-measures-under-sba%E2%80%99s-7a-loan-program-0", "Collins, Colleagues Introduce Bill to Expand Relief Measures under SBAs 7(a) Loan Program", "2020-11-05", "2020", "2020-11", "Republican", "Senate", "ME", "Susan Collins", "C001035", "www.collins.senate.gov", null, null, "legacy", "Washington, D.C. U.S. Senator Susan Collins (R-ME), a member of the Small Business Task Force, joined Senators Marco Rubio (R-FL), JimRisch(R-ID), and Josh Hawley (R-MO) in introducing theSmall Business Access to Recovery Capital Act. The legislation would provide expanded relief measures to the 7(a) loan program for one year to help small businesses cope with challenges posed by the COVID-19 pandemic.\n\nTheSmall Business Access to Recovery Capital Actwould extend additional assistance to small businesses on top of assistance they may have received through the Paycheck Protection Program (PPP) Senator Collinsco-authored, which supported millions of small businesses and jobs across the country. Qualifying small businesses would also be eligible for a second PPP forgivableloan under separate legislation authored by Senators Collins and Rubio.\n\nSmall businesses are the engine of our economy, but the COVID-19 pandemic is tragically forcing many families to close the doors to their small businesses that they have spent years or even generations to build,said Senator Collins.As the co-author of the Paycheck Protection Program, I have worked to help small businesses stay afloat and continue paying their employees. This bill would complement the PPP by providingexpanded relief under SBA's 7(a) loan programto help small businesses weather this public health and economic crisis.\n\nTheSmall Business Access to Recovery Capital Actwould expand small businesses' access to the 7(a) Loan Guaranty program for one year by:\n\nWaiving borrower and lender fees;\nIncreasing the government guarantee to 95%;\nIncreasing the maximum loan value from $5 million to $10 million; and\nWaiving debt repayment of principal, interest, and fees for any new loans made under the 7(a) program for one year.\n\nSenator Collins is a longtime champion of small businesses, and she recentlyreceived the Guardian of Small Business Awardfrom the National Federation of Independent Business. TheSmall Business Access to Recovery Capital Actwould build on the actions Senator Collins has taken to support small businesses during the pandemic. Earlier this year,Senators Collins, Rubio, Ben Cardin (D-MD), and Jeanne Shaheen (D-NH)co-authoredthe PPP to help small employers stay afloat and continue paying their workers during the COVID-19 pandemic. Since its launch in early April, more than 28,000 Maine small businesses and self-employed individuals have received nearly $2.3 billion in forgivable loans, helping to support more than 250,000 jobs throughout the state.\n\nClickHEREto read the full text of theSmall Business Access to Recovery Capital Act.\n\n###", 1, "2026-03-30T12:14:52Z", "2026-03-30T12:14:52Z"]], "columns": ["url", "title", "date", "year", "month", "party", "chamber", "state", "member_name", "bioguide_id", "domain", "scraper", "source", "date_source", "text", "has_text", "collected_at", "updated_at"], "primary_keys": ["url"], "primary_key_values": ["https://www.collins.senate.gov/newsroom/collins-colleagues-introduce-bill-expand-relief-measures-under-sba%E2%80%99s-7a-loan-program-0"], "units": {}, "query_ms": 0.90000219643116, "source": "dwillis/congress-press", "source_url": "https://github.com/dwillis/congress-press", "license": "MIT", "license_url": "https://github.com/dwillis/congress-press/blob/main/LICENSE"}