Spanberger releases COVID-19 small business guide
Rep. Abigail Spanberger, D-Va., today released a small business resource guide to help Central Virginia small businesses navigate the financial impacts of COVID-19.
“Small businesses are the backbone of our regional economy, and many employers in our district are already feeling the immense financial pain created by this crisis. They are worried about the security of their employees, and they are worried about how they will make payroll in the weeks to come,” said Spanberger. “During these challenging times, our businesses need immediate assistance, and I hope this resource guide can answer some of their questions about the resources available to them. As this pandemic continues to disrupt the everyday lives of workers and businesses across Central Virginia, my office stands ready to help our small businesses access the resources and guidance they need to reopen their doors, restart our economy, and achieve long-term success.”
Last week, Spanberger voted with an overwhelming majority of the U.S. House of Representatives to pass the Coronavirus Aid, Relief, and Economic Security (CARES) Act, a bipartisan emergency relief package that includes strengthened federal assistance to working families and small businesses.
The CARES Act includes $349 billion in low-interest loans for small businesses. These loans will be available to any business with 500 or fewer employees—and loans will be available during a covered period for independent contractors, self-employed workers, and sole proprietors.
The legislation also includes a provision establishing a Paycheck Protection Program for small businesses to seek loans guaranteed through the Small Business Administration (SBA). Recipients of these loans could apply for loan forgiveness related to payroll costs, rent, utilities, and mortgage interest. If a business fires employees or cuts employee pay, this loan forgiveness would be reduced. Additionally, the CARES ACT provides an additional $10 billion for the SBA’s disaster loan program through the end of 2020.