Coronavirus Update: Relief for Small Businesses
Eleven weeks after Bay Area stay-at-home orders went into effect, our nation is still in the throes of the coronavirus pandemic. Last week, Congress met to debate ways to help small businesses weather these difficult times.
SMALL BUSINESS RELIEF
Small businesses are a vital part of our economy and as a former small business owner, I know how important it is to business owners to support their employees. With that in mind, I cast my vote in favor of legislation to expand the Paycheck Protection Program (PPP) to help give businesses the flexibility they need to make it through this crisis. This bill, the Paycheck Protection Program Flexibility Act (H.R. 7010), includes fixes to:
- Allow PPP funding to be used within 24 weeks;
- Relax the Trump Administration’s restrictions and allow businesses to spend up to 40% on non-payroll expenses;
- Allow businesses that receive loan forgiveness through the program to defer payroll taxes for the remainder of 2020; and
- Extend the timeline for borrowers to fully restore reduced hours or reduced pay of employees.
Unfortunately, Republican Members in the House opposed a second bill that would have required the Trump Administration to publish more information about who received PPP and Economic Injury Disaster Loan Program money to promote transparency.
PUBLIC HEALTH UPDATE
In Contra Costa County, public health officials continue to work to expand the number of tests done every day, increase contact tracing, and reduce the number of hospitalizations. While the County and the Bay Area overall are easing the stay-at-home order more slowly, our dedicated health officials are working to be sure that when we reopen it is safe to do so.
As new resources and information become available, we will continue to update the coronavirus resources section of our website here. As always, if our office can be of assistance to you, please contact us at (925) 933-2660.