Capito urges EIDL improvement for West Virginia Small Businesses

CHARLESTON — U.S. Senator Shelley Moore Capito (R-W.Va.) and her colleagues yesterday sent a letter to U.S. Small Business Administration (SBA) Administrator Jovita Carranza urging her to make several improvements to the Economic Injury Disaster Loan (EIDL) program. Specifically, Senator Capito and her colleagues requested that the administrator expedite the $10,000 advances to be received within three days, remove the per-employee cap on advance grants, and restore the maximum loan amount to $2 million. This letter follows Senator Capito’s support of the Paycheck Protection Program and Health Care Enhancement Act, signed into law last week, which provided an additional $50 billion for the EIDL program and allotted an additional $10 billion for advance payments for small businesses.

“We understand the administration has had to make difficult decisions to extend limited resources in the EIDL and Paycheck Protection Program (PPP) accounts,” the senators wrote. “However, instituting a per-employee cap on EIDL advance grants and reducing the maximum loan amount from $2 million to $15,000 has left many business owners without sufficient support. We have each heard from frustrated constituents unable to keep their businesses open or employees on payroll while waiting on cash advances under the EIDL program.”

“Unfortunately, entrepreneurs are having to make difficult decisions every day about the viability of their businesses, and most cannot wait 2-3 weeks for assistance. We ask that you and your staff work to approve and disburse these grants as quickly as possible,” they continued.

In addition to Senator Capito, the following senators also signed the letter: U.S. Senators John Cornyn (R-Texas), Jacky Rosen (D-Nev.), Deb Fischer (R-Neb.), Ron Wyden (D-Ore.), Mike Braun (R-Ind.), Kirsten Gillibrand (D-N.Y.), Kelly Loeffler (R-Ga.), Brian Schatz (D-Hawaii), Marsha Blackburn (R-Tenn.), Jeff Merkley (D-Ore.), Roger Wicker (R-Miss.), Tina Smith (D-Minn.), John Boozman (R-Ark.), Cory Booker (D-N.J.), Todd Young (R-Ind.), Sheldon Whitehouse (D-R.I.), Robert Menendez (D-N.J.), Martha McSally (R-Ariz.), Richard Blumenthal (D-Conn.), Mike Rounds (R-S.D.), Thom Tillis (R-N.C.), Joni Ernst (R-Iowa), Richard Burr (R-N.C.), Bill Cassidy (R-La.), Kevin Cramer (R-N.D.), Doug Jones (D-Ala.), Jack Reed (D-R.I.), and Chris  Van Hollen (D-Md.).

Senator Capito has hosted a series of statewide outreach calls with small businesses, healthcare workers, nonprofits, local municipalities, trade associations, and other West Virginians throughout the month.