• About Us
  • Advertise
  • Contact Us
  • Privacy Policy
Thursday, March 4, 2021
The Iowa Torch
  • Home
  • State Government
  • Federal Government
  • Local Government
  • Politics
  • Education
  • Opinion
No Result
View All Result
  • Home
  • State Government
  • Federal Government
  • Local Government
  • Politics
  • Education
  • Opinion
The Iowa Torch
The Iowa Torch
No Result
View All Result
Home Federal Government

Axne Pushes Loan Relief for Rural Communities with First Bill of 2021

The bipartisan Rural Equal Aid Act introduced by U.S. Rep. Cindy Axne would provide up to 9 months in USDA loan payments to support rural businesses.

byIowa Torch
January 28, 2021
in Federal Government
Reading Time:2min read
Axne Calls for President Trump’s Cabinet to Invoke the 25th Amendment

U.S. Rep. Cindy Axne, D-Iowa, represents Iowa's 3rd Congressional District.

ADVERTISEMENT

WASHINGTON – On Thursday, U.S. Rep. Cindy Axne, D-Iowa, introduced bipartisan legislation to support rural businesses by providing up to nine months of loan relief as her first bill of the 117th Congress. The legislation aims to help rural communities struggling financially because of the coronavirus (COVID-19) pandemic.

RELATED POSTS

Iowa’s U.S. House Delegation Split on Justice in Policing Act

Ernst Urges Census Bureau to Get Data to States

Hinson Speaks Against Federalizing Elections

The Rural Equal Aid Act, introduced today with U.S. Reps. Troy Balderson, R-Ohio, Lisa Blunt Rochester, D-Del., and Jared Golden, D-Maine, would cover the full principal, interest, and fees on certain U.S. Department of Agriculture (USDA) loans for six months, and up to $9,000 per month for an additional three months after that.

The measure would match similar relief provided to Small Business Administration (SBA) loan holders by the CARES Act and the COVID-19 relief package signed into law last December.

“The Main Streets of our rural communities are no less deserving of federal relief efforts that have been implemented to help keep our businesses afloat through these tough times. This is a commonsense, bipartisan measure that extends the same relief that SBA constituents received to USDA constituents,” Axne said. “I’m proud to make this my first piece of legislation of the new Congress, because this represents one of my primary goals of this Congress. Rural America cannot be left behind by relief efforts, and the bipartisan support for this bill illustrates how important it is that we secure this measure in the next round of COVID-19 aid.”

The Rural Equal Aid Act’s relief window would cover the payments, including principal, interest, and fees, for borrowers using four USDA loan programs:

ADVERTISEMENT
  • Community Facilities loans,which are loans made to public and nonprofit organizations for essential community facilities like hospitals, libraries, child care, and community centers, and public facilities like fire stations or town halls.
  • Business and Industry loans made to small businesses, cooperatives, and nonprofits to develop and expand businesses in rural areas.
  • Two loan programs made through small local intermediaries. The borrowers from these programs are often unable to access other credit and may have been unable to use the Paycheck Protection Program because they don’t have existing banking relationships.
    • The Intermediary Relending Program, which provides loans of no more than $250,000 made to borrowers who are unable to get credit elsewhere, but need capital to get started or expand their business. These loans average less than $100,000 and support small local businesses.
    • The Rural Microentrepreneur Assistance Program (RMAP), which offers loans of no more than $50,000 through local nonprofits. These loans are available to businesses with no more than 10 employees, making them a frequent choice for entrepreneurs looking for capital to start up a new business. In addition, RMAP loans are frequently used by women entrepreneurs.

The legislation has the support of the Center for Rural Affairs, American Bankers Association, Iowa Bankers Association, National Rural Housing Coalition, and the National Association of Towns and Townships.

The Rural Equal Aid Act was originally introduced by Axne in August 2020. The updated version of the legislation introduced today provides the extra three months of relief of up to $9,000 per month to mirror additional SBA relief provided in December’s COVID-19 relief package.

Tags: Cindy Axnefarmersrural IowaSmall Business AssociationU.S. House of Representatives
ShareTweetShare
ADVERTISEMENT
Iowa Torch

Iowa Torch

The Iowa Torch​ is a for-profit, news organization that focuses on political news as it relates to Iowans.

Related Posts

Axne Votes for the Equality Act, Feenstra, Hinson, and Miller-Meeks Oppose
Federal Government

Iowa’s U.S. House Delegation Split on Justice in Policing Act

March 4, 2021
Federal Government

Hinson Speaks Against Federalizing Elections

March 2, 2021
Reynolds Extends Mask Mandate, Gathering Restrictions By One Week
State Government

Reynolds, Governors Oppose Biased Fund Allocation in Stimulus Package

February 27, 2021
Axne Votes for the Equality Act, Feenstra, Hinson, and Miller-Meeks Oppose
Federal Government

Axne Votes for the Equality Act, Feenstra, Hinson, and Miller-Meeks Oppose

February 25, 2021
Iowa Delegation Urges Vilsack to Expand COVID-19 Aid Programs for Iowa’s Family Cattle Feeders
Federal Government

Iowa Delegation Urges Vilsack to Expand COVID-19 Aid Programs for Iowa’s Family Cattle Feeders

February 24, 2021
Watch: Axne Questions Robinhood CEO on Gamification of Stock Trading
Federal Government

Watch: Axne Questions Robinhood CEO on Gamification of Stock Trading

February 18, 2021
Next Post
Ernst Expresses Concern About Trump’s Upcoming Senate Impeachment Trial

Ernst: Help Restore Justice in Our Broken Immigration System, Pass Sarah's Law

Group Pushes for Tax Cuts with Iowa’s Projected Revenue Growth

Iowa Lawmakers Send Proposed Gun Rights Amendment to Voters

Sign-Up For Our Daily Updates


Recommended Articles

Axne Calls for President Trump’s Cabinet to Invoke the 25th Amendment

Axne Introduces Legislation to Provide Tax Relief to Unemployed Americans

February 2, 2021
Iowa House GOP Introduces Bill Allowing Permitless Carrying of Firearms

Iowa House GOP Introduces Bill Allowing Permitless Carrying of Firearms

February 26, 2021
State Auditor Calls for Targeted Spending for COVID-19 Relief

State Auditor Calls for Targeted Spending for COVID-19 Relief

December 17, 2020

Popular Stories

  • Iowa Teacher: Why I Resigned After 25 Years of Teaching

    Iowa Teacher: Why I Resigned After 25 Years of Teaching

    0 shares
    Share 0 Tweet 0
  • Iowa House GOP Introduces Bill Allowing Permitless Carrying of Firearms

    0 shares
    Share 0 Tweet 0
  • Iowa Senators Introduce a State Version of the Religious Freedom Restoration Act

    0 shares
    Share 0 Tweet 0
  • Iowa House Bill Limits Product Liability Lawsuits Targeting the Firearms Industry

    0 shares
    Share 0 Tweet 0
  • Democrats Object to Bill Making Technical Improvements to Iowa’s Homeschooling Law

    0 shares
    Share 0 Tweet 0
The Iowa Torch

The Iowa Torch​ is a for-profit, news organization that focuses on political news as it relates to Iowans.

Categories

  • Education
  • Federal Government
  • Iowa History
  • Local Government
  • Opinion
  • Politics
  • State Government

Newsletter


© 2020 The Iowa Torch, a publication of 4:15 Communications, LLC.

No Result
View All Result
  • Home
  • About Us
  • Advertise
  • Contact Us
  • State Government
  • Federal Government
  • Local Government
  • Politics
  • Education
  • Opinion

© 2020 The Iowa Torch, a publication of 4:15 Communications, LLC.

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?