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BTC STYLIST FORUM Coronavirus Live News Updates 3/26: What The U.S. Stimulus Package Means For Small Businesses

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      DinaC

      The $2 trillion dollar stimulus passed by the U.S. Senate on Wednesday has many provisions for saving small businesses affected by the COVID-19 pandemic. Here is a breakdown of everything you need to know:

      -Emergency grants up to $10,000. Small businesses should expect payment within 3 days of filing for assistance and the grant does not need to be paid back.

      -Short-term forgiveness loans up to $10 million. Amounts used for payroll (up to 8 weeks), rent or mortgage payments and utilities would be forgiven under the terms of the loan.
      *Businesses that also receive the grant above will have their loan amount reduced by $10,000.

      -A payroll tax credit worth up to $10,000 for every employee still receiving health benefits and wages.

      For more information visit: https://www.cnn.com/2020/03/26/success/small-business-economic-stimulus/index.html

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