I am in close contact with small business owners across Arizona and am working to ensure they receive the full support of the federal government so they can come out of this crisis stronger than ever.
In March, the President signed into law our CARES Act—a $2 trillion relief package to provide immediate cash relief to American families and local businesses facing financial insecurity due to the coronavirus outbreak, and in April I voted for increased funding for the Paycheck Protection Program.
What the CARES Act means for your business:
This relief package provides two basic types of relief you can apply for. You can receive one or the other, but not both.
The Paycheck Protection Program
The program provides small businesses with loans to pay up to 8 weeks of payroll costs, including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities.
The Employee Retention Tax Credit
This provides a refundable payroll tax credit equal to 50 percent of up to $10,000 in wages per employee (including health benefits) paid by certain employers during the coronavirus crisis.
This is an option for entities that are not eligible or interested in applying for the SBA Paycheck Protection Program loans.
More Resources from SBA
Visit the U.S. Chamber of Commerce's website
Find creative ideas and financial resources to help you support your small business during the outbreak.
Apply for an Economic Disaster Loan from the Small Business Administration.
I worked with the Administration to ensure that the entire state of Arizona is eligible for the Small Business Administration's coronavirus economic injury disaster loans.
You can apply through the SBA's Disaster Loan Application Portal or by calling 1-800-659-2955.