SBA Disaster Relief
As soon as the SBA approves it, low-interest federal disaster loans become immediately available to businesses and private nonprofits suffering economic injury as a result of the COVID-19. Applications can be completed online at https://disasterloan.sba.gov/ela/.
State Legislature are aware of the need for unemployment benefits and are currently working on approval. The goal is to expedite the process for acquiring such benefits and to greatly alter the requirements for keeping these benefits for those affected by COVID-19. Congress is authorizing a temporary extension of benefits from 26 weeks to 39 weeks in states with a 10% spike in unemployment.
Congress will waive work requirements for SNAP benefits and the use of SNAP benefits for the duration of the COVID-19 emergency declaration will not count against an individual’s ability to use them once the emergency has passed. Additionally, any state that declares their own state of emergency can request additional SNAP funding. It’s key that our state makes this request.
Payroll Tax Credit
The Families First Coronavirus Response Act which will take effect on approximately April 2 and end on December 31, 2020 includes a refundable payroll tax credit to reimburse businesses for paid sick leave and family and medical leave wages paid to employees that are affected by COVID-19, allowing workers to care for themselves and loved ones impacted.