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).
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.
Click the image above or
HEREto view the KTVB interview and video, and to read about the PPP
in action.
“What
exactly is the PPP?”
The Paycheck Protection Programprioritizes 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.
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.
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.
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