Rep. Chip Roy To Introduce The "Free Up Capital Now Act"

Rep. Chip Roy to introduce the "Free Up Capital Now Act"

Congress must support small businesses – the backbone of the American economy – through the government-mandated "social distancing" period. Small businesses are hurting, and the federal government has a duty to support them so that there are jobs waiting for workers when we ultimately defeat coronavirus.

That is why I plan to introduce the "Free Up Capital Now Act" to help small and medium-sized businesses stay afloat. 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 coronavirus.

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. We should be helping our small business owners in need, while ensuring we are not taken advantage of during a trying time.