Information from Senator Smith about the legislation signed into law on Friday, March 27. Here are some highlights for small business owners:
Helping Families, Workers and Small Businesses
Economic Support for U.S. Families and Individuals

• Households with incomes under $150,000 ($75,000 for singles) will receive $1,200 per adult and $500 per child from the Department of Treasury.

• Weekly unemployment benefit is increased by $600 per week (in addition to the normal unemployment benefit), for the next four months. Together, this is additional benefit, plus traditional unemployment insurance, is enough to replace 100% of lost wages for a large portion of workers, especially lower-income workers.
• Unemployment insurance will be extended to part-time workers, self-employed workers, and many other workers who aren't eligible for traditional unemployment insurance.
• Adds an additional 13 weeks for unemployment insurance beyond existing programs.

• The Paycheck Protection Program pays for two months of employee wages for small businesses that keep workers employed or rehire them, plus provides additional funding for rent, utilities, and similar expenses. The program is structured as a forgivable loan.
• The Emergency Economic Injury Grant and Economic Injury Disaster Loan programs provides small businesses with up to $10,000 in grants for quick economic relief (often on the day of application) that don't need to be repaid, plus provide additional access to loans for businesses in need of funding.
• Under the Small Business Debt Relief program, small businesses with existing SBA loans can receive six months of payments on forgiveness on their current loans, including principal, interest, and fees. This debt relief is also available for borrowers to take certain new SBA loans in the next six months.
• Additional resources for Small Business Development Centers, Women's Business Centers, and Minority Business Development Agency Business Centers to help small businesses understand their options and adjust to new economic conditions .
• For businesses who don't use the Paycheck Protection Program, the law provides employee retention tax credits to support a portion of an employer's payroll expenses for certain workers.