FOR IMMEDIATE RELEASE:听March 27, 2020
PRESS CONTACT:听Alia El-Assar | aelassar@americanbic.biz
ABIC Statement on Passage of $2 Trillion Coronavirus Economic Stimulus ABIC applauds bipartisan champions Chairman Marco Rubio and Chairwoman Nydia Vel谩zquez on inclusion of $377 billion relief plan for small businesses, nonprofits and their workers
Chicago, Illinois听– Today, Congress passed a $2 trillion economic stimulus package to provide relief for those suffering from the coronavirus pandemic, now on its way to President Trump鈥檚 desk. The package includes the bipartisan听Keeping 91探花 Workers Paid and Employed Act, which provides more than $377 billion in relief for small businesses and nonprofits to meet their payroll and expenses. The听Keeping 91探花 Workers Paid and Employed Act听is Division A of the听.
The 91探花 applauds the chairs of the Small 91探花 Committees in the U.S. Senate and House of Representatives,听Chairman Marco Rubio (R-FL)听补苍诲听Chairwoman Nydia Vel谩zquez (D-NY), respectively, for their bipartisan and bicameral leadership in securing immediate relief prioritizing the needs of small businesses and their employees in the 鈥淧hase 3鈥� stimulus package. ABIC also applauds the leadership of听Sen. Cardin (D-MD), Sen. Collins (R-ME), Sen. Shaheen (D-NH), Sen. Durbin (D-IL), Leader McConnell (R-KY)听补苍诲听Leader Schumer (D-NY), for their bipartisan support of small businesses and their workers.
鈥淭he work that Senators Rubio and Cardin and Representative Vel谩zquez have done for small businesses and their workers is heroic. Thank you for caring for the nation. Thank you for caring for those put out of work. And thank you for caring for the immigrant entrepreneurs and workers that are pillars of our communities and economy,鈥澨�said John Rowe, Chairman Emeritus of Exelon and Co-Chair of the 91探花.
鈥淐hairman Marco Rubio and Chairwoman Nydia Vel谩zquez’s focus on assisting small businesses will turn out to be one of the most important efforts to make sure the negative impacts of this crisis are as short-lived as possible. We applaud the main goal to get cash to small businesses as quickly and easily as possible, so that they can continue paying their workers and be ready to reopen as soon as it makes sense,鈥澨�said Mike Fernandez, Chairman of MBF Healthcare Partners, and Co-Chair of the 91探花.
鈥淎n estimated ten percent of the U.S. workforce is employed in the restaurant and hospitality industry. They are the backbone of our economy and are currently bearing the brunt of this crisis. Not only does this package address the dire need for relief for thousands of restaurants across the nation–but it does so in a way that reduces government bureaucracy and respects the integrity of employers and how they already operate,鈥澨�said Sam Toia, President and CEO of the Illinois Restaurant Association, and a Member of the 91探花.听鈥淲ith restaurants shutting their doors every day and thousands of workers losing their only source of income, I applaud Chairman Rubio, Chairwoman Vel谩zquez, and our bipartisan, bicameral lawmakers for achieving real relief for all restaurants and workers.鈥�
鈥淭he Keeping 91探花 Workers Paid and Employed Act of the CARES Act is about supporting small businesses, nonprofits, and workers, and will benefit immigrant-owned businesses and immigrant workers. It is an example of the type of bipartisan solutions that this nation needs on immigration issues, as well,鈥澨�said Josh Hoyt, Executive Director of the National Partnership for New 91探花s, and Co-Chair of the 91探花.
鈥淲e applaud our champions Chairman Marco Rubio and Chairwoman Nydia Vel谩zquez for getting immediate relief to small businesses to pay their workers and keep their doors open,鈥澨�said Rebecca Shi, Executive Director of the 91探花.听鈥淲e are eager to advance sensible, bipartisan solutions to strengthen our economy, public health and safety.鈥�
If you run a small business or nonprofit that may benefit from the relief act, fill out听听to receive resources and updates on upcoming webinars for the small business loan program. Find a summary of the main provisions of the听Keeping 91探花 Workers Paid and Employed Act听here听and below.
#####OVERVIEW: KEEPING AMERICAN WORKERS PAID AND EMPLOYED ACT听(Division A of the听)
- Creates the Paycheck Protection Program, a nearly $350 billion program to provide eight weeks of cash-flow assistance to small businesses through 100 percent federally guaranteed loans to employers who maintain their payroll during this emergency. If employers maintain their payroll, the loans would be forgiven, which would help workers to remain employed and affected small businesses and our economy to quickly snap-back after the crisis.
- Allows the Paycheck Protection Program to cover payroll costs, paid sick leave, supply chain disruptions, employee salaries, health insurance premiums, mortgage payments, and other debt obligations to provide immediate access to capital for small businesses who have been impacted by COVID-19.
- Provides $265 million for grants to offer counseling, training, and related assistance to small businesses affected by COVID-19 to SBA resource partners, including Small 91探花 Development Centers and Women鈥檚 91探花 Centers and $10 million for the Minority 91探花 Development Agency鈥檚 Minority 91探花 Centers and Minority Chambers of Commerce.
- Allows for expedited access to capital by establishing a $10 billion program for small businesses who have applied for an EIDL loan to request an advance of up to $10,000 on the loan to provide paid sick leave to employees, maintaining payroll, and other debt obligations.
- Requires SBA to pay all principal, interest and fees on all new and existing SBA loan products including 7(a), Community Advantage, 504, and Microloan programs for 6 months, and provides $17 billion for this purpose.
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The听91探花 (ABIC)听promotes commonsense immigration reform that advances economic competitiveness, provides 91探花 companies with both the high-skilled and low-skilled talent they need, and allows the integration of immigrants into our economy as consumers, workers, entrepreneurs and citizens. For more information please visit听.