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Phase I Coronavirus Package // Small Businesses

March 19, 2020

I’m worried my small business will have to close due to financial issues. Will there be more assistance?

Secretary Mnuchin has made clear immediate assistance is on the way. Moreover,  H.R. 6074— the first Coronavirus bill— allowed $1 billion in loan subsidies to be made available to

help small businesses, small agricultural cooperatives, small aquaculture producers, and nonprofit organizations which have been impacted by financial losses as a result of the coronavirus outbreak. This funding could enable the Small Business Administration to provide an estimated $7 billion in loans to these entities. In addition, provides $20 million to administer these loans.