Courtney Highlights New Guidance for Small Business Owners Amid COVID-19 Outbreak
NORWICH, CT – Today, Congressman Joe Courtney (CT-02) issued the following statement after the U.S. Department of Treasury and the federal Small Business Administration (SBA) issued new guidance for small business owners seeking financial aid and relief amid the COVID-19 pandemic.
“Passage of the bipartisan CARES Act opened up numerous additional resources for small business owners, and kickstarted brand new programs that will help streamline cashflow directly to small businesses,” said Rep. Courtney. “Now the job is to help employers get connected with these resources – they need the funding immediately, now. Today, the Treasury Department and the SBA both issued guidance and updates for small business owners on how to start applying for these new resources, including disaster loan advances of up to $10,000, the new Paycheck Protection Program, new SBA debt relief programs and express bridge loans, and more. If we’re counting on an economic rebound following this pandemic, then we’ve got to do more to help out our small businesses now. The CARES Act puts more resources at their disposal, and any small business owner in eastern Connecticut should feel welcome to call my office, or to visit my COVID-19 resource page online for more information on how to start taking advantage.”
Passage and enactment of the bipartisan CARES Act opened up new resources and programs to assist small business hard-hit by the COVID-19 pandemic. Important new resources authorized by Congress include the SBA’s Paycheck Protection Program (PPP), a $350 billion program to provide cashflow assistance to employers who maintain their payroll during the emergency; Economic Injury Disaster Loans (EIDLs), low-interest loans of up to $2 million that can be used to pay for a variety of expenses; Emergency Economic Injury Grants, which provide an emergency advance of up to $10,000 to small businesses and non-profits harmed by COVID-19; and more.
Today, the Treasury Department and the SBA released new information for small business owners and employers on how to qualify and apply for these and many other new resources authorized by Congress. Links to new guidance published by both offices have been provided below.
To visit Congressman Courtney’s COVID-19 Resource Page, click here.