BUFFALO, N.Y. — Small businesses, not only in Western New York, but across the county have been hurting due to the pandemic.
But the $900 billion COVID-19 relief bill passed on Monday by Congress, and on it's way to President Donald Trump's desk, will provide some help to small businesses. Here's what to expect if you own a small business.
Part of the package includes $284 billion for the Paycheck Protection Program or PPP.
Eligibility will be expanded to nonprofits, restaurants and local newspapers and will be open to first-time and second-time borrowers. Expenses covered by the loan will also be tax deductible.
“This aid comes at a critical time when New York small businesses are facing new restrictions and arbitrary shutdowns,” said Republican Congressman Chris Jacobs (NY-27).
A new Neighborhood Capital Investment program will be established and there will be funding available to small businesses through Community Development Financial Institutions.
There will be a new tax credit to support employers who offer paid sick leave, and the existing Employee Retention Tax Credit will be expanded and improved.
Some provisions from the Save Our Stages Bill will be included in this bill, with $15 billion set to go to music venues, independent movie theaters, and cultural organizations such as zoos and museums.
Economic Injury Disaster Loan grants will also see a new $20 billion in funding for businesses in low-income communities.
Additionally, $13 billion will help farmers through programs such as the Coronavirus Food Assistance Program.
“The health and lives of the American people are at stake. From education to employment, the pandemic has had a devastating effect on all aspects of society," said Democrat Congressman Brian Higgins (NY-26).
"It is the role of the federal government to respond to a national emergency, and while imperfect, this bill addresses several of the urgent needs people are facing," Higgins added.
