McCarthy Holds SBA Call on Coronavirus with Local Small Businesses
Yesterday, Congressman Kevin McCarthy held a call with officials from the Small Business Administration (SBA), including SBA Associate Administrator and Region 9 Administrator Michael Vallente, and local business owners to discuss relief currently being provided by the agency, including SBA Economic Injury Disaster Loan (EIDL) Program low-interest loans.
In addition to the SBA’s Economic Injury Disaster Loan Program, Congress is currently debating the small business-minded Coronavirus Aid, Relief, and Economic Security (CARES Act),. This would provide $350 billion for 8 weeks of direct loan assistance to small businesses across the country through the Paycheck Protection Program as part of broader $2 trillion legislation to support our health care system, state and local governments, and workers and businesses during this coronavirus pandemic.
The Paycheck Protection Program allows 100 percent loan forgiveness to businesses who use the loans for payroll continuity, rent, and utilities. House Republicans are working to pass the CARES Act, so that small businesses receive access to the relief that they need as quickly as possible.
“As our country faces uncertainty due to the coronavirus pandemic, it is reassuring to know that the SBA is doing its part to make sure our community's small businesses are supported during this time,” said McCarthy. “I thank the SBA for giving my constituents updates on how to apply for disaster relief and walking them through their important questions, and most of all, all of the small business owners, entrepreneurs, and workers who are the fabric of our communities. We will get through this together.”
If you are a small business being negatively impacted by coronavirus, I encourage you to visit the SBA’s website.