Financial Programs and Resources for Small Business

“While we are staying apart from our friends and family, we are all sticking together to prevent community spread. I know this crisis is causing people significant economic hardship.” said Mayor Thomas M. McGee. “I would like to thank our Federal delegation for reaching across the aisle and working in a bipartisan manner to expedite the federal stimulus bill and get dollars into the hands of those that sorely need it. Here are some important portions of the bill that will directly impact our residents and small businesses to hopefully address some of the economic challenges we are facing”:

Direct Payments to Working Americans
- Eligible households making below $75,000 (single) and ($150,000 married) will receive a payment of $1,200; plus an additional $500 payment per child,
- The value begins decreasing and then phases out completely for those making over the full payment income cap.

Unemployment insurance ($260 billion)
- Vastly expands who is eligible for unemployment insurance. Unemployment will include not only payroll workers, but contract workers, gig workers, self-employed small business owners, those who are furloughed and not necessarily laid off, and others who are generally not eligible for unemployment benefits.
- Full paycheck replacement ($600 increase for every American, on top of state unemployment)
- 13-week extension of benefits
- Federal incentives for states to waive "waiting weeks" and get money in people's pockets sooner

Small Business Rescue Plan ($377 billion)
- $350 billion in loan forgiveness grants to small businesses and non-profits to maintain existing workforce and help pay for other expenses like rent, utilities, etc
- $10 billion for SBA emergency grants up to $10,000 to provide immediate relief for small business operating costs
- $17 billion for SBA to cover 6 months of payments for small businesses with existing SBA loans

Housing and Homelessness
- $4 billion for Emergency Solutions Grants for homelessness assistance;
- $1.25 billion for the Housing Choice Voucher program;
- $1 billion for project based rental assistance;
- $685 million for public housing;
- $65 million for Housing for Persons with AIDS;
- $50 million for Section 202 Housing for the Elderly; and
- $15 million for Section 811 Housing for Persons with Disabilities.

I expect more information to be forthcoming in the upcoming days and weeks on how people and businesses can access those dollars. We will be updating information as we receive it on out web page at www.lynnma.gov and via our social media.
We are living in unprecedented times and I want to assure you that we will get through this together.

Coronavirus (COVID-19): Small Business Guidance & Loan Resources

Financial Programs and Resources for Exporters