Dear Friends and Neighbors,
A continued THANK YOU to all those on the front lines working so hard to keep us safe, healthy, and ensuring food and supplies are available as we combat COVID-19!
Rep. Lucero is continuing to work hard for you. Please continue to reach out with any questions, concerns, or feedback you may have.
Each and every one of us continues to be negatively impacted by the COVID-19 pandemic. Among those experiencing significant economic hardship include self-employed and small businesses. In my continued efforts to pass along helpful information in this time of uncertainty, below is a summary including links recently made available by the Small Business Administration (SBA).
As one who is both self-employed and a small business owner myself, I fully understand self-employed and small business owners taking additional loans to pay mortgages and property taxes is not a viable, long-term solution. I share the below information not because it is ideal, but because it is an option some may find fruitful to utilize.
ECONOMIC INJURY DISASTER LOANS
President Trump recently signed the CARES Act into law providing additional assistance to small businesses and non-profits, including the opportunity to receive up to a $10,000 advance on an Economic Injury Disaster Loan (EIDL) through the federal government’s Small Business Administration. This advance can be forgiven and could be available even if your EIDL application was declined or is still pending. If you’re a small business owner looking to apply for an advance on an EIDL, you’re encouraged to visit www.sba.gov/Disaster as soon as possible. Even if you’ve previously submitted an EIDL application, you will need to reapply to qualify for the advance.
PAYCHECK PROTECTION PROGRAM
The CARES Act also authorized a Paycheck Protection Program, which is administered by the Small Business Administration and aims to help the millions of Americans employed by small businesses. Specifically, it directs $349 billion in funding towards job retention and business operating expenses. Complete information on the Paycheck Protection Program, including eligibility requirements, can be found here.
FAQs on the program can be found at this link.
U.S. CHAMBER EMERGENCY LOANS GUIDE
The U.S. Chamber of Commerce has prepared a Coronavirus Emergency Loan Guide to help small businesses navigate the CARES Act and the Paycheck Protection Program. The guide contains clear, concise information on the most important things you need to know, including details on eligibility, what lenders are looking for, borrowing limits, and loan forgiveness. The guide can be read by clicking this link.
GUIDANCE ON THE ESSENTIAL CRITICAL INFRASTRUCTURE WORKFORCE
In mid-March, President Trump highlighted the importance of the critical infrastructure workforce to our country’s efforts to combat the COVID-19 outbreak. In response, on March 28, the Cybersecurity and Infrastructure Agency (CISA) issued an advisory memo to help state and local officials protect their communities, while ensuring continuity of functions critical to public health and safety, as well as economic and national security. The memo contains a wealth of information and can be read here.
STAYING IN TOUCH
Each and every day I’m continuously humbled at the opportunity to represent and fight for the values and priorities of our great community! As we fight COVID-19, we must remember that we’re all in this together and we shall overcome!
Please contact me to share any issues, concerns, or feedback you have to assist me best represent you. The best way to reach me is by email or by phone at 651-296-1534.
Albertville, Hanover, Otsego, Saint Michael, and the Wright County portion of Dayton