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Trump Administration Plans for Small Businesses Who are Impacted by COVID-19

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Via Economic Policy Journal

 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.

RW


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