Rep. Cisneros Sends Oversight Letter to SBA on EIDL Program

WASHINGTON, DC - Today, Representative Gilbert R. Cisneros, Jr. (CA-39) joined nearly 100 of his House Colleagues calling on the Small Business Administration (SBA) to accept new Economic Injury Disaster Loan (EIDL) applicants and provide current applicants with an update on their loan status. The oversight letter sent to SBA Administrator Jovita Carranza can be found here.

“I’ve been talking with many small business owners in the 39th District who are frustrated with the EIDL and PPP application process. An overwhelming concern is that they’ve never heard back after submitting their forms. The lack of transparency and communication needs to change,” Rep. Cisneros. “I strongly urge the SBA to provide current EIDL applicants with an update on their loan status and to begin accepting new applicants. Our small businesses cannot be kept in the dark.”

The oversight letter called on the SBA to enact a queue for new applicants to the EIDL program to ensure all small businesses can make use of new Congressionally-enacted funding; a mechanism to update EIDL applicants on the status of their loan application; daily updates on loan data to Congress; and to communicate with Congress about the technical strains on funding disbursement.

While the Paycheck Protection Program (PPP) strives to help workers and businesses weather the near-term economic consequences of the COVID-19 outbreak, the EIDL program is meant to equip businesses with the necessary working capital to plan for their long-term financial future. These loans, with long-term repayment options, provide America’s small businesses with the financial wherewithal to ensure they can outlast the immediate economic uncertainty and make the necessary investments towards long-term success.