COVID-19 Small Business Resources
NewQuest is providing tenants with the latest updates regarding the historic economic stimulus package pending final approval by Congress in response to the coronavirus pandemic affecting small businesses. We will continue bringing you the best tenant resources and information to help you navigate this challenging time.
COVID-19 Bill Takeaways
Small businesses will receive emergency loans if they qualify.
The bill provides federally guaranteed loans available at community banks to small businesses that pledge not to lay off their workers. The loans would be available during an emergency period ending June 30, and would be forgiven if the employer continued to pay workers for the duration of the crisis. Apply for a disaster assistance loan here.
The government will send direct payments to taxpayers.
The proposed legislation would also provide $1,200 in direct payments to taxpayers with incomes up to $75,000 per year before starting to phase out and ending altogether for those earning more than $99,000. Families would receive an additional $500 per child, in an attempt to create a safety net for those whose jobs and businesses are affected by the pandemic
Unemployment benefits will grow substantially, and go to many more Americans.
Under the bill, benefits for the unemployed would increase substantially, and go to many more Americans. The proposed expansion of unemployment benefits would extend jobless insurance by 13 weeks and include a four-month enhancement of benefits. The program extends to include freelancers, furloughed employees and gig workers, such as Uber drivers.
Distressed companies can receive government bailouts — but with strings attached.
Loans for distressed companies would come from a $425 billion fund controlled by the Federal Reserve, and an additional $75 billion would be available for industry-specific loans — including to airlines and hotels. Companies that benefit cannot engage in stock buybacks while they receive government assistance, and for an additional year after that.
Hospitals staggering under the burden of the coronavirus would receive aid.
The agreement includes $100 billion for hospitals and health systems across the nation, and potentially billions more to furnish personal and protective equipment; along with new construction to house patients, and increasing protective equipment and testing supplies for health care workers.