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A guide for small businesses to get help in stimulus package
Source:
m.lasvegassun.com
- Mar 30, 2020
U.S. Sen. Jacky Rosen, D-Nev., voted for and helped pass into law legislation last week to provide relief for the nation’s small businesses hit by the coronavirus pandemic.
The Paycheck Protection Program, which is part of the $2 trillion stimulus package passed by congressional lawmakers, provides $350 billion in low-interest loans for businesses of 500 or fewer employees to fund payroll costs and retain their employees.
“Nevada’s small businesses and their employees are facing an urgent economic threat caused by the coronavirus pandemic,” Rosen, who is a member of the Senate’s Small Business and Entrepreneurship Committee, said a statement. “This bill will provide small businesses with much-needed tools to weather an economic storm, including loans, grants, and loan forgiveness. I will continue working with my colleagues on the Small Business Committee to protect and provide assistance to small businesses in Nevada and across our country.”
Rosen and her colleagues on the committee backed the new loan program, along with a first-of-its-kind Emergency Economic Injury Grant program for small businesses looking for a an infusion of cash, up to $10,000, that does not ever need to be paid back to the government.
Both the loans and grants apply to virtually all small businesses, including non-profits, with some exceptions, such as religious institutions and political organizations, who may not receive funds.
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Category: General Business
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