Trump Administration Plans for Small Businesses Who are Impacted by COVID-19
Mallory Blount, Director of Specialty Media at The White House, emails:
President Donald J. Trump is working to provide financial relief for small businesses harmed by the coronavirus outbreak.
· The President and his Administration are working to provide disaster loans and further support to small business owners affected by the coronavirus outbreak.
· The President signed legislation to support billions in low-interest disaster loans for small businesses economically impacted by the coronavirus.
o The Small Business Administration (SBA) has streamlined the application process for these loans, which offer up to $2 million in assistance for each affected small business.
o SBA’s traditional loan programs also remain available, including approximately $18 billion in the 7(a) loan program.
· The Department of Agriculture offers loan guarantees for rural businesses.
· The Export-Import Bank of the United States is offering a number of relief measures for small businesses, including waivers and deadline extensions.
· The Department of the Treasury has delayed Tax Day until July 15th, giving small business owners more time to pay their taxes without incurring interest or other penalties.
· The Department of Commerce has a network of centers working with state and local partners that help small and medium-sized businesses reduce costs, fill supply chain gaps, find new buyers, and more through the Commercial Service and Manufacturing Extension Partnership.
ASSISTING IMPACTED WORKERS: President Trump is taking every step to help small business employees harmed by the coronavirus outbreak.
· Included in legislation signed by the President, small business owners now receive a dollar-for-dollar tax credit for providing paid leave to employees affected by the coronavirus.
o Certain small businesses qualify for an exemption if providing paid leave would jeopardize the viability of the business.
o This legislation provides flexibility to small businesses and support for workers, instead of implementing an inefficient government-run program.
· The Department of Labor issued guidance to allow States the flexibility to pay unemployment benefits when an employer temporarily ceases operations due to the coronavirus outbreak.
o The Federal-State Unemployment Insurance Program provides benefits to eligible workers who become unemployed due to direct and indirect effects of the coronavirus.
o As part of these negotiations, the Administration is looking to provide small businesses loan forgiveness for a portion of loans they spend on payroll and other expenses.