Self-quarantining and mandatory business closures have left thousands of employees with no income and small business owners without a revenue stream. Meanwhile, related businesses in the supply chain have lost demand and, therefore, must also layoff their employees.
The strain that the Coronavirus has put on the economy is unprecedented. It is being felt worldwide.
Nonetheless, the virus has also given President Trump another opportunity to “Make America Great Again.” Having a businessman in the White House “trumps” having a politician in times like these. According to a Fact Sheet published by the While House on March 23, 2020, explains several ways the administration will be helping small businesses remain viable despite the Coronavirus.
Small Business Administration
The president has signed legislation by which the Small Business Administration will be empowered to provide billions of dollars in low-interest loans to small businesses adversely affected by the Coronavirus. Loans are available in amounts up to $2 million per company. Another $18 billion is available through traditional SBA loans.
The Department of Labor
The Federal-State Unemployment Insurance Program will provide benefits to employees who have been unable to work and are not receiving a regular paycheck while their employees a shuttered by the Coronavirus safety directives.
The Department of Agriculture
Legislation has already been approved and signed by the president that will make loan guarantees for small businesses in rural areas.
Department of the Treasury
The Department of the Treasury has agreed to delay Income Tax Filing Day for 90 days until July 15th with no assessment of interest or late-filing penalties. This should allow businesses to temporarily retain payments in hopes that doing so will ease the pressure on small businesses’ cash flow.
The department is prepared to assist small businesses who are willing to offer paid leave for employees during the crisis. This includes a “dollar-for-dollar” tax credit for a company that provides paid leave. Certain exemptions will be available small businesses that would no longer remain viable if they were to offer paid leave.
The President is currently waiting for the Congress to approve an additional spending bill. It is believed that that bill will authorize more than a trillion dollars of aid.
America Runs on Small Business
America has always depended on small businesses to serve our citizens and to keep our economy growing.
Immigrants who have started small businesses in America or worked for a company currently closed will be afforded the same benefits available to American citizens.
We are all concerned about the lives in jeopardy because of the virus. We should be equally grateful for a country that is willing to do whatever it takes to keep our economy going and growing, and to promote the general welfare of all its residents during difficult times.
We invite small business owners to contact our Immigration Attorneys at the ACS Law Firm for more information regarding your government assistance available during the combat against the Coronavirus. Our expert, multilingual staff is prepared to ensure that you have the facts.