NLBMDA continues to call on Congress for loan action
Association pushes for more business loan funding.
The National Lumber and Building Material Dealers Association (NLBMDA) said that progress is being made by Congress to increase funding for critical loan programs.
With business loan funds from the CARES Act depleted, the NLBMDA has been pushing for additional loans to help support businesses during the coronavirus crisis.
Still, more action needs to be taken to get new legislation through Congress.
Here’s what the NLBMDA has said about the current situation:
Thanks to you, Congress is feeling the pressure and is now slated to act this week to increase funding to critical loan programs.
The White House and Congress say they are close to striking an agreement on a new COVID-19 relief package that would boost funding for small business loan programs. According to Congressional leaders, the bill would provide approximately $310 billion in new funding for the Small Business Administration’s Paycheck Protection Program (PPP) and $60 billion for the Economic Injury Disaster Loan (EIDL) program. Both programs received funding from Congress in the CARES Act (Phase 3) but have since run out of money. The Senate could vote on the agreement as early as today with the House following suit on Wednesday.
NLBMDA recently sent a letter to Capitol Hill urging lawmakers to quickly pass additional funding for both the PPP and EIDL programs. NLBMDA created a grassroots campaign for members to contact their elected officials to echo this message which can be accessed here.
If you have not already, NLBMDA urges you and all industry stakeholders from across the nation to contact their lawmakers today and tell them to increase funding to these critical loan programs that are needed to protect your business.
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