United States Senator Mike Crapo - Idaho

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**DROPPING IN THIS ISSUE:**

- Various pieces of information
regarding small business assistance available during the COVID-19
pandemic.





The Coronavirus Aid, Relief, and Economic Security
(CARES) Act signed into law on Friday, March 27, 2020, included a number of
bold actions to assist American households and businesses amid the
ongoing COVID-19 crisis.
Among its many provisions, the CARES Act
provided resources for small businesses such as the Paycheck Protection
Program (PPP [link 1]).
Applications for the PPP--which aims at keeping
small businesses open and workers employed--opened on April 3,
2020.
Small businesses are the major engine in our economy, and this program
is a lifeline for keeping them open and their workers employed as we
work to end this coronavirus pandemic.
Last week, I spoke with KTVB
about the importance of the program.
The station highlighted one
Boise-based business, Meraki Greek Street Food, which has had success in
applying for and receiving a loan through the PPP.
Click the image below
to watch and read more.

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**Click the image above or
****HERE** [link 3]**to view the KTVB interview and video, and to read
about the PPP in action.**

*"What exactly is the PPP?"*

The
Paycheck Protection Program [link 4]prioritizes millions of Americans
employed by small businesses by authorizing nearly $350 billion for job
retention and certain other expenses.
Loans under the PPP will be fully
forgiven when used for specific expenses like payroll costs, interest
on mortgages, rent and utilities.
Small businesses and eligible
nonprofit organizations, veterans organizations, Tribal businesses
described in the Small Business Act and small farm enterprises with 500 or
fewer employees, as well as self-employed individuals and independent
contractors are eligible.

*"How do I apply for the PPP?"*

The U.S.
Department of the Treasury (Treasury) and the Small Business
Administration (SBA) have both issued guidance and resources for small
businesses seeking a PPP forgivable loan.
Individuals or entities wanting to
apply for the PPP must do so through any existing SBA lender or
through a federally insured depository institution, federally insured credit
union or Farm Credit System institution that is participating.
Money
is being loaned and issued on a rolling basis, and over $240 billion
of the $350 billion has already been allocated.
I continue to work
with my colleagues in Congress to inject more money into this critical
program as quickly as possible.
Click the images below for resources
and more detailed information provided by the Treasury and the
SBA.

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*Other Small Business Assistance
Under the CARES Act*

The CARES Act included other funding options
and resources for small businesses, including Economic Injury Disaster
Loan Emergency advances, Express Bridge Loans, an employee retention
credit and SBA debt relief.
The CARES Act also allows businesses,
including nonprofits, to defer the employer share of payroll taxes--6.2
percent Social Security tax on employee wages--and instead pay the
employment tax over the following two years.
Idaho Commerce, in conjunction
with Governor Little's office, the SBA, and other state and federal
agencies, continues to work to provide resources and information to
Idaho business and communities as they become available.
For additional
information and guidance, click the various links below.

-
SBA's
Coronavirus Relief Options and Additional Resources [link 7]

-

The Employee Retention Credit [link 8]

-
Idaho Commerce COVID-19
Resources and Information [link 9]

-
Guidance from Idaho Governor
Brad Little [link 10]

-
Employee Retention Credit [link 11]




*STILL NEED HELP? Contact me.*

While members of my staff continue
to work from home, they remain readily available to address your
questions and concerns.
Please do not hesitate to contact me to seek help
with a federal agency, including the SBA, or to share your thoughts
on policy matters before the federal government.
You can do so by
submitting THIS FORM on my website [link 12].

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Contact Information:

Website:


Offices:
239 Dirksen Senate Building
Washington D.C., 20510

Phone: (202) 224-6142

Idaho Falls
410 Memorial Drive
Suite
205
Idaho Falls, ID 83402
Phone: (208) 522-9779

Boise
251 East Front
Street
Suite 205
Boise, ID 83702
Phone: (208) 334-1776


Lewiston
313 'D' Street
Suite 105
Lewiston, ID 83501
Phone: (208)
743-1492

Caldwell
524 East Cleveland Blvd.
Suite 220
Caldwell,
ID 83605
Phone: (208) 455-0360

Pocatello
275 South 5th
Avenue
Suite 100
Pocatello, ID 83201
Phone: (208) 236-6775

Coeur d'
Alene
610 Hubbard Street
Suite 209
Coeur d' Alene, ID 83814

Phone: (208) 664-5490

Twin Falls
202 Falls Avenue
Suite 2
Twin
Falls, ID 83301
Phone: (208) 734-2515

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