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On Friday, I announced that I plan to introduce the “Free Up Capital Now Act” to help small and medium-sized businesses stay afloat. Congress must support small businesses – the backbone of the American economy – through the government-mandated “social distancing” period.
My legislation will increase the cap on small business disaster loans from $2 million to $20 million. Furthermore, these loans will be low-interest and immediate. We must inject liquidity into these business NOW to help make sure we have a robust economy on the other side.
Of course, we want to stop bad actors from abusing these loans, so our legislation increases the penalty for fraud substantially. If you are found to have committed fraud, you will be penalized for up to three times the amount of the loan!
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