Recently, President Trump signed into law the largest financial package in our nation’s history in an effort to respond to the COVID-19 pandemic.
The $2.3 trillion package passed the United States Senate, 96-0, and passed the House of Representatives by a voice vote. This is the third major piece of legislation that Congress has passed in response to the spread of COVID-19.
The bill provides significant investments in our small businesses through the Small Business Administration’s loan guarantee programs. Importantly, this includes $349 billion for loan guarantees and $10 billion for emergency Economic Injury Disaster Loans.
These programs will be targeted to small businesses that have been impacted by COVID-19 and are intended to help these businesses maintain their payroll during this difficult time.
SBA is working to put information out quickly about eligibility requirements and to make funds available.
In addition to the funding for small businesses and other industries that have been hard hit in recent weeks, such as the airlines, this legislative package includes direct support for families.
Residents with adjusted gross income up to $75,000 – or $150,000 for married couples – are eligible for a $1,200 rebate, or $2,400 for married couples. Individuals or couples with children are eligible for an additional $500 per child.
This rebate is phased out for individuals with an income exceeding $99,000 or $198,000 for joint filers with no children. The Secretary of the Treasury has said that he hopes to get this aid to families within three weeks.
Fall River Electric members that are self-employed or own businesses should detailed records of their payroll and other expenses that are impacted by the pandemic and contact their local lending institution to receive further information on the SBA program(s).