Today, an amendment offered by Rep. Sean Patrick Maloney passed the House as part of H.R. 4502, a package to fund the federal government in the next fiscal year. The Congressman’s amendment would allocate funding for the Small Business Administration (SBA) to provide real-time status updates for SBA loan applicants and recipients. As the SBA works to improve its information technology systems, specific emphasis should be placed on modernizing loan applicant information and transparency.
“Through the course of this pandemic, I have helped hundreds of my constituents access federal pandemic relief through the SBA. From the Paycheck Protection Program to Economic Injury Disaster Loans, the SBA loans I fought for in Washington saved thousands of jobs and stopped businesses from shuttering their doors,” said Rep. Maloney. “My office was able to step in and help folks access their cash, but the lack of transparency and access to real-time updates on their loan status from the SBA slowed the process down. This amendment would help bring the SBA into the 21st Century, cut through red tape and get folks the money they need to keep their doors open and their employees on payroll.”
Currently, the loan application process does not allow constituents to access the status of their application leading to redundant work and confusion. Rep. Maloney introduced this amendment to address the concerns of his constituents and help ensure no American small business owner is left in the dark during their greatest time of need. This amendment will prioritize the modernization of the SBA, help small businesses get the assistance they need, and, in turn, keep New York’s economic recovery going strong.