Legislation Would Extend Loan Forgiveness To Rural Businesses

Months after the Coronavirus Aid, Relief and Economic Security (CARES) Act was signed into law, Congress is considering legislation that would include rural businesses and communities initially left out of the stimulus package.

The Rural Equal Aid (REA) Act, a bipartisan measure led by U.S. Rep. Cindy Axne (D-IA), will provide needed relief to entities with loans through the U.S. Department of Agriculture (USDA) Rural Development program. Currently, only businesses with loans through the Small Business Administration (SBA) are eligible to have the principal, interest and any associated fees owed on the covered loans for a six-month period. This has left rural businesses behind.

For the full article, see this week’s edition of the Parke County Sentinel.

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