As COVID-19 halts business, travel, and the economy, Congress has had to find ways to support different industries being impacted. One of the most important, of course, is the Small Business industry. The $350 billion small-business relief program has unfortunately run out of funds, and now Congress is trying to find an agreement on how to move forward.
Congress passed the Paycheck Protection Program last month as part of the CARES ACT. However, It was quickly overwhelmed with applicants trying to sustain their business. Now, the question remains of when the next part of the provision will be passed. Democrats have been debating the new addition and want to expand certain aspects of the money. Pelosi adding that they want to emphasize accessibility specifically for “about $120 billion more for small businesses in there geared to our underbanked communities, women- and minority-owned businesses, Native American, rural America, veterans, small business and the rest.”
As of today, April 21st, 2020, President Donald Trump has agreed to sign the provision as soon as Democrats and Republicans have struck a deal which could be announced as early as today. In his tweets, President Trump said a new round of negotiations would begin on providing fiscal relief to state and local governments, infrastructure, and tax incentives for businesses and individuals.
Karla Dennis & Associates will be keeping a close eye on the news and any updates that may pop up. If you are a small business that qualifies, consider your options and give us a call if you have any more questions concerning the CARES ACT.