DeLauro Releases Video on Assistance for Small Businesses Affected by COVID-19
NEW HAVEN, CT — (April 2, 2020) Today, Congresswoman Rosa DeLauro (CT-03) released a video detailing federal assistance available to small business owners after Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The full video can be found here, and below is her statement as delivered:
Hello, this is Congresswoman Rosa DeLauro. COVID-19 is the biggest economic and health crisis the country has ever faced. Nurses and doctors are in intensive care units trying to save our humanity against this awful pandemic. And Congress's third response package is the biggest governmental response the country has ever seen. It's there to rescue people, the economy, and the health care system.
Connecticut has taken strong measures to contain the spread of the virus, including Governor Lamont's "Stay Safe, Stay Home" policy. But closing all non-essential businesses has taken its toll on small businesses. Hundreds of thousands of people have lost their jobs, and many small business owners have had to close shop with no end date in sight. Many do not know how they are going to pay their bills or keep food on the table.
To help fill the gap, Congress is funding $10 billion in disaster relief grants and $349 billion in loans for small businesses, tribal businesses, and nonprofits. Small businesses can apply for up to $10,000 in emergency cash grants to retain workers and pay for debt obligations you cannot fulfill due to lost revenue through the SBA's economic injury disaster loan program—the EIDL program. These loans are available to independent contractors and the self-employed as well.
In addition, Congress created the new Paycheck Protection Program to provide loans through approved lenders to most businesses under 500 employees, including nonprofits, independent contractors, and those who are self-employed. A significant portion of these loans can be forgiven when they are used to make payroll and retain workers—including expenses for paid leave and health care. These loans can also be used for other expenses like rent, mortgage interest, and utilities.
Both programs can help you, your business, and your workers at this particularly uncertain time, so I encourage you to take advantage of them. For more information, contact your lender to see if they are SBA-approved. If they are not, you should contact the Small Business Administration online at SBA.gov or talk directly with the SBA's Connecticut District Office over the phone at 860-240-4700. If you have any questions or you need assistance, please contact my District Office in New Haven at 203-562-3718 or visit my website at delauro.house.gov. We are here to help. Thank you, and stay safe.
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