MACON, Ga. -- The CARES Act provides relief for small businesses during COVID-19 and Senator Kelly Loeffler offers explanations on the extent of its power and what's to come.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $350 billion to help small businesses keep workers employed amid an economic downturn due to COVID-19.
Loeffler recommends for any businesses that are struggling to stay afloat during this pandemic, to apply for the CARES Act. The act will provide up to 10 million in forgivable loans to small businesses with under 500 employees.
She says for businesses with more than 500 employees, she is working with the federal reserve to open new funding facilities where businesses can access capital quickly at low-interest rates.
The Paycheck Protection Program is a subsect of the CARES Act that provides loans for essential parts of businesses such as payroll, interest payment on mortgages, rent payments, leases and utility services.
Macon's Cherry Blossom Festival in the past has brought in millions of dollars to the community but it was canceled this year in light of COVID-19. Many community members worry if Macon can sustain this big loss.
I know I speak for all Macon residents when I say how disappointing that news was, but we have to remember that we’re making these sacrifices to protect our communities and the vulnerable among us," said Loeffler. "For any businesses centered in or around Middle Georgia that will take a hit because of the canceled festival, I’d encourage them to reach out to their lenders and find out how the expanded SBA loans might be able to help them.
For people that may not own a business but are out of work due to the shelter-in-place order, there are relief loans under the CARES Act as well says, Loeffler.
The CARES Act as well as the two relief packages that came before it all establish multiple sources for support for those who are out of work due to the pandemic. Depending on your unique situation, you may be eligible for paid leave or unemployment insurance. I encourage folks to visit the Georgia Department of Labor at dol.georgia.gov for additional information," said Loeffler.
Loeffler notices the homeless community's suffering among this pandemic but she says steps are being taken to assure their safety.
The Centers for Disease Control and Prevention (CDC) put out great guidance on how officials across Georgia can work together to keep our communities safe, and Governor Kemp has opened emergency housing units for individuals who have been exposed to the virus," said Loeffler. "Another priority of mine right now is ensuring that we don’t dramatically grow the homeless population during these trying times.
The $2 trillion relief package that Congress voted on will ensure six months of forbearance for those experiencing economic hardships due to the outbreak. A 60-day delay in foreclosures for borrows with federally backed mortgage loans is in place. Landlords will not be able to evict or charge late fees to tenants who do not pay rent over this time as well.
Senator Loeffler shares that she has been working hard to pass a number of provisions to help patients, providers, and hospitals.
All testing for COVID-19 can now be done without patients being on the hook for out of pocket costs. The CARES Act also includes $100 billion in funding for hospitals and providers to cover expenses related to COVID-19. This also helps any lost revenue and funding for the Strategic National Stockpile to create more Personal Protective Equipment and American supplies for patients and healthcare workers.
The CARES Act gave states significant flexibility to amend their laws to provide unemployment insurance benefits in multiple scenarios related to COVID-19, including:
To read more on the CARES Act and if you qualify, click here.