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How To Receive Financial Help from New Package Passed By Congress

We Received This Email From Congressman Eliot Engel Last Night. Want To Share It With You. It’s Gives You The Information Needed (With Links) To Apply for Financial Help.

As a part of the Coronavirus Aid, Relief, and Economy Security (CARES) Act, hundreds of billions of dollars have been put towards the Small Business Administration to protect and assist our communities’ vital small businesses. These provisions will provide new resources to small businesses, as well as certain non-profits, independent contractors and those in the gig economy.

Unemployment Insurance – For small business employees, the CARES Act Includes numerous provisions to improve unemployment benefits, including providing an additional $600 per week for the next four months, providing an additional 13 weeks of federally funded benefits, and expanding eligibility to include workers in the gig economy and self-employed workers. Click this link for more information on filing for unemployment: https://www.ny.gov/services/get-unemployment-assistance

Payment Protection Program (PPP) Loans– This new program would offer key cash-flow through 100% federally guaranteed loans to employers who maintain their payroll during the COVID-19 crisis. Also, if an employer maintains their payroll, the loan is forgiven. Other help benefits of a PPP loan is that there are no SBA fees and at least 6 months to a full year of deferrals. A PPP loan will help workers get back to work at their place of business and help businesses reopen after the crisis. Those eligible are for a PPP loan are small businesses, 501 (c)(3) non-profits, or a 501 (c)(19) veterans’ organization. These loans are available through June 30, 2020.

Small Business Debt Relief Program– This program will provide relief to small businesses with non-disaster relief loans such as a 7(a), 504 or microloan. The SBA will pay for all loan payments, including principal, interest, and fees for 6 months. These payments will count for new borrowers who have taken out loans within 6 months of the President signing the bill into law. Small businesses should not be punished for having to take out a loan for a disaster that they did not cause. I am pleased to help provide this relief to our community’s small businesses. Link to apply for these loans can be found below:

7(a) Loan: https://www.sba.gov/loans-grants/see-what-sba-offers/sba-loan-programs/general-small-business-loans-7a/7a-loan-application-checklist%20
504 Loan: https://www.sba.gov/document/sba-form-1244-application-section-504-loan
Microloan: https://www.sba.gov/loans-grants/see-what-sba-offers/sba-loan-programs/microloan-program%20

Economic Injury Disaster Loans & Emergency Economic Injury Grants– Once a small business applies for an Economic Injury Disaster Loan (EIDL) the SBA will provide an emergency advance up to $10,000 to a small business and private non-profit impacted by COVID-19 within three days of applying. After applying for an EIDL you must put in a request for the advance. The advance does not need to be repaid, and may be used to keep employees on payroll, pay for sick leave, meet increased production costs, or pay business obligation including debts, rent and mortgage payments. An EIDL are interest rate loans of up to $2 million, with principal and interest deferments available up to 4 years. Eligible small businesses include those with sole proprietorships, with or without employees, independent contractors, cooperatives, employee owned businesses, and private non-profits. If you wish to apply for an EIDL please visithttps://www.sba.gov/funding-programs/disaster-assistance.

Additionally, there has been funding provided to local Small Business Development Centers, Women’s Business Centers, and SCOTE mentorship chapters. There is also a website to find you local resource partner at https://www.sba.gov/local-assistance/find/. Minority Business Development Agency’s Business Centers have also received additional funding in the CARES Act. Please visithttps://www.mbda.gov/businesscenters#4/34.05/-111.95 to find your local business center for assistance.

Government Contractors– If you are a government contractor, agencies will be able to reform the terms and conditions of the contract, and to reimburse contractors at a billing rate of up to 40 hours a week of any paid leave, which would include sick leave as well. Contractors eligible include those whose employees or subcontractors who cannot work on site or telework due to a federal facility closing because of COVID-19.

If you need assistance with any SBA loan, please call my office at 202-225-2464 and we will be happy to help. And for more information in general, check out this small business owners guide to our most recent stimulus package: https://www.sbc.senate.gov/public/_cache/files/9/7/97ac840c-28b7-4e49-b872-d30a995d8dae/F2CF1DD78E6D6C8C8C3BF58C6D1DDB2B.small-business-owner-s-guide-to-the-cares-act-final-.pdf

Sincerely,

Eliot L. Engel
MEMBER OF CONGRESS

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