Gottheimer Secures Federal Investment to Enable Tiny Firms & Workers, Updates Fifth District Company House owners on How to Apply for New COVID-19 Cash
GLEN ROCK, NJ — This week, U.S. Congressman Josh Gottheimer (NJ-5) up to date North Jersey modest organizations entrepreneurs on the new COVID-19 aid packages, how to apply for the newly offered Paycheck Security System (PPP) financial loans, information and facts on loan forgiveness, and how they can secure federal expenditure to assist continue to keep their firms open and their staff paid out.
“After 9 months, Congress finally handed a bipartisan COVID-19 unexpected emergency reduction bundle, which was recently signed into regulation by the president. A important element of that, which I’ve been fighting for months, is a new round of forgivable financial loans from the Paycheck Protection Plan,” stated Congressman Josh Gottheimer (NJ-5). “Small companies are the backbone of the North Jersey local community and I will continue on my get the job done in protecting our firms and the critical employment they supply, when also producing sure our families remain harmless.”
The most up-to-date bipartisan monthly bill COVID-19 aid monthly bill, which has been signed into regulation, presents the subsequent sources for small corporations:
- Of the $900 billion in the new emergency COVID-19 reduction bill, $325 billion in federal expenditure supports modest enterprises, such as $284 billion directed to the Paycheck Protection Software (PPP).
- If your small organization has skilled a 25% drop in earnings when compared to before the pandemic, you could now qualify for a next round of PPP loans by means of your bank.
- Smaller firms can qualify if they have much less than 300 employees and if the enterprise was operating in advance of February 2020.
- The new spherical of PPP financial loans are tax-deductible and modest firms can implement even if they have previously utilized and obtained a PPP loan from the to start with round.
- Smaller businesses in Census-designated very low-cash flow communities who have less than 300 staff members and have noticed a 30% reduction in earnings may perhaps be suitable for EIDL Qualified Advance grants up to $10,000 via the SBA.
- For a lot more information and facts on how to apply for a PPP loan, stop by: https://www.sba.gov/site/coronavirus-covid-19-smaller-small business-steerage-financial loan-sources
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