Since day one of my campaign, supporting small business has been one of my highest priorities. As a small businessman I have been keenly focused on doing everything I can to ensure that small businesses thrive and prosper in Western New York and I truly believe they will be the driver of the comeback of our region.
Now in the face of challenges presented by COVID-19, supporting small businesses has become an even more important priority for me. But, I am proud to say that help is on the way for our small business community here in Western New York.
On Friday afternoon, President Trump signed into law the CARES Act and that means he is sending massive relief to American small businesses right away. Included in this package is:
- $350 Billion for 100% federally guaranteed loans for eight weeks of financial assistance for small businesses – loans can be forgiven when used for payroll costs, interest on mortgage obligations, rent, and utilities over an eight week period: https://www.sba.gov/funding-programs/loans/paycheck-protection-program
- $17 Billion for small business debt relief
- Employee retention tax credits up to $10,000 per employee per quarter for employees kept on payroll through 2020
- Expedited capital access for SBA EIDL applicants
- Over $250 Million for Small and Minority Business Development
- To file an application please visit: https://covid19relief.sba.gov/#/
This is a big win for our small businesses as we weather the effects of COVID-19 and our small business community and employees can be rest assured that we will get through this storm together.
I have, and will always, prioritize building up our small businesses and this priority will continue priority will continue when elected to Congress.