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ICBA and other groups called on House appropriators to ensure adequate funding for key USDA rural development programs in the next COVID bill.
Background: The USDA’s Business and Industry guaranteed loan program is expected to exhaust current funding in the coming months and face a projected $1 billion shortfall in loan authority this fiscal year, though the pending COVID package doesn't address the shortfall.
ICBA Position: Policymakers should address the B&I program shortfall, renew the B&I CARES Act program, and extend the CARES Act's six months of payments for those with existing SBA loans to USDA Rural Development guaranteed loans.