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Council member inquires about forgivable loan programs for small businesses
1:26:39
·
90 sec
Council Member Nantasha Williams raises questions about the possibility of making SBS loan programs forgivable, similar to the Public Service Loan Forgiveness Program for student loans. She suggests that after a certain number of payments, the rest of the loan could potentially be forgiven to alleviate the burden on small businesses that may struggle to repay loans.
- Williams expresses concern that while loan programs are helpful, they still require repayment, which can be challenging for businesses without sufficient capital.
- SBS representatives acknowledge the need to consult with the law department regarding the feasibility of loan forgiveness under current legislation.
- The discussion touches on existing grant programs at city, state, and federal levels that don't require repayment.
Nantasha Williams
1:26:39
Just a quick question about future loan programs or how you structured existing ones, is it possible to make it forgivable?
1:26:52
Because I still think that would be a loophole in like the gift clause like after a certain time like if you made I'm thinking about like the Public Service Loan Forgiveness Program for like student loans, like if you make x amount of payments over a course of time, can the rest of it be forgived?
1:27:12
Because I always think like these loan programs are great but it's a loan so you have to pay it back.
1:27:19
So if you don't have the capital like yeah, maybe you can get the capital over time but I always am trying to figure out ways to make these loans forgivable.
1:27:31
So
Haris Khan
1:27:31
Right.
1:27:32
So Chair Williams, I think there's we definitely need to speak to the law department on the law the way it's currently written, the bill that the way it's currently written.
1:27:43
And so not even getting into conversation about repayment and loan forgiveness the way that it's currently structured in the introduction, certainly there's questions that we need to go through with the law department on whether it's mechanically and operationally feasible.
1:27:57
And so certainly, point taken will also add this to the list of considerations.
1:28:03
But there are grant programs that the city, the state, and the federal government historically have launched which don't have to be repaid.