Young Working to Provide Relief for Indiana Small Businesses
WASHINGTON – U.S. Senator Todd Young (R-Ind.), a member of the Senate Committee on Small Business and Entrepreneurship, today announced he is working with Senator Marco Rubio (R-Fla.) and members of the committee to secure the Keeping Workers Paid and Employed Act in the Senate’s phase 3 economic relief package.
The Keeping Workers Paid and Employed Act is a $300 billion small business emergency economic relief plan that will help small businesses impacted by the coronavirus pandemic make payroll and cover expenses. A section by section can be found here.
“Small businesses in Indiana are hurting. We must offer relief so these businesses can keep their doors open and pay their employees,” said Senator Young. “I’m working with Senator Rubio and my colleagues on the Senate Small Business and Entrepreneurship Committee to ensure that these critical provisions are included in the next economic relief package.”
About the Keeping Workers Paid and Employed Act:
- Provides cash-flow assistance through 100 percent federally guaranteed loans to employers who maintain their payroll during this emergency. If employers maintain their payroll, the loans would be forgiven, which would help workers to remain employed and affected small businesses and our economy to quickly snap-back after the crisis.
- Expands the allowable uses for 7(a) loans to permit payroll support, including paid sick leave, supply chain disruptions, employee salaries, mortgage payments, and other debt obligations to provide immediate access to capital for small businesses who have been impacted by COVID-19.
- Provides $240 million in grants for SBA Small Business Development Centers and Women’s Business Centers for counseling, training, and related services for small business owners impacted by COVID-19.
- Authorizes $25 million for SBA to provide grants to associations representing resource partners to establish an online platform that consolidates resources across multiple Federal agencies and a training program to educate small business counselors on those resources to ensure counselors are directing small businesses appropriately.
- Provides $10 million in grants for Minority Business Development Agency’s Minority Business Centers to offer small business owners impacted by COVID-19 counseling, training, and technical assistance.
- Waives the non-federal match requirement for Women’s Business Center’s for a period of three months.
The U.S. Small Business Administration has announced that the state of Indiana will be offered low-interest federal disaster loans for working capital to Hoosier small businesses suffering substantial economic injury as a result of the coronavirus. Applicants may apply online, receive additional disaster assistance information, and download applications at https://disasterloan.sba.gov/ela. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email firstname.lastname@example.org for more information on SBA disaster assistance.
Click HERE to view Senator Young’s coronavirus information webpage.
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