CARES ACT: White House, Congress reach deal to replenish small-business loan program amid COVID-19 uncertainty
UPDATE 4-21-20: The White House and Congress have just reached a deal on a new funding package that will replenish the coronavirus relief program for small businesses. The deal is expected to include $310 billion for the paycheck protection program, which has come under fire for giving funds to major corporations over small businesses and which ran out of money last week.
I just got off a Zoom call with the U.S. Chamber of Commerce navigating federal relief under the CARES Act for small businesses and entrepreneurs. You may have seen the news this morning that the Small Business Administration has run out of money and not accepting any more applications for these grant and loan programs. The US Chamber and SBA are currently lobbying Congress for additional funding ASAP and are encouraging small businesses to stay alert for updates as to when the grant/loan programs will resume (most likely PPP will resume but not EIDL).
Additionally, this week the US Chamber of Commerce Foundation began accepting $5,000 grant applications for small businesses with 3-20 employees in economically vulnerable communities $5,000 grants for small businesses with 3-20 employees in economically vulnerable communities. You can apply at www.SaveSmallBusiness.com – the application should take about 10 minutes!
For Californians who are business owners, self-employed, independent contractors, have limited work history, and others not usually eligible for regular state UI benefits, check out the Pandemic Unemployment Assistance page linked here. The EDD will begin accepting online applications for this program on Tuesday, April 28.
For more information on these programs and to stay up to date with the latest on COVID-19 and other current policy updates impacting small businesses, please sign up for Policy in Motion’s email newsletters here: http://eepurl.com/bs2DzD