Kitterman Woods Residents here is additional information to guide you with receiving assistance from Congressman Brian Mast office. Assistance For Small Businesses
The legislation also works to help small businesses stay open and keep workers employed by:
- Creating federally guaranteed loans via the Paycheck Protection Program to provide eight weeks of cash-flow assistance to small businesses who maintain their payroll during this emergency.
- If employers maintain their payroll, the loans would be forgiven.
- Loans can be used to cover payroll costs, paid sick leave, supply chain disruptions, employee salaries, health insurance premiums, mortgage payments and other debt obligations.
- Eligible businesses must have less than 500 employees. Sole proprietors, independent contractors and self-employed individuals are also eligible.
- Loans will be available up to $10 million or 2.5 times the average monthly payroll of the business. Loans will be offered at an interest rate of 4%.
- Providing small business debt relief by requiring the Small Business Administration to pay all principal, interest and fees on all existing SBA loan products for six months.
- Expanding eligibility for SBA Economic Injury Disaster Loans to maintain payroll, provide paid sick leave and to pay other debts.
- Click here for some FAQs regarding eligibility for this financial assistance. The SBA and Treasury will be issuing additional guidance in the coming days. In the meantime, you are encouraged to reach out directly to your lender for more information. Your 18th District Congressional Office is also available to help at 202-225-3026.
Protecting Unemployed Americans
The CARE Act also strengthens and expands unemployment insurance for Americans who cannot work due to the coronavirus by:
- Expanding unemployment benefits to the self-employed, independent contractors and gig workers.
- Providing additional benefits to each recipient of unemployment insurance for up to four months. Offering paid leave for people who were employed on March 1 and have lost their job due to coronavirus.
Care For Veterans
The legislation also includes funding to support increased demand for health care services at VA facilities through:
- Expanding access to telehealth.
- Purchasing additional medical equipment, supplies, testing kits and personal protective equipment.
- Enabling the VA to provide additional support for vulnerable veterans.
Supporting Students & Recent Graduates
This legislation builds on President Trump’s temporary suspension of federal student loan payments and interest:
- Students can defer their student loan payments for 6 months and keep their Pell grants.
The bottom line is that our country and our community are in this together. This legislation will go a long way to help families, support hospitals and healthcare personnel, and get the economy back on track by supporting small businesses.
Again, if you have any questions about how this bill will apply to your unique circumstances, please do not hesitate to reach out at 202-225-3026. For more information on the coronavirus and recommendations on how to keep your family safe, please visit CDC.gov/coronavirus. You can also read the latest updates and sign up for breaking news alerts here.