WASHINGTON (WDTN) – Congress has reached a bipartisan deal on a massive stimulus package, and checks could soon be sent out to many of those impacted by the coronavirus.
The package also includes $367 billion dollars for a small business loan program.
Senate planned to vote on the stimulus bill Wednesday, and a local representative of the Dayton Area Chamber of Commerce said this could be critical to our local small businesses and helping them keep their doors open.
The bill the Senate is proposing would inject about $2 trillion into the U.S. economy.
It’s the largest stimulus package in modern history, and Holly Allen at the DACC said this shows the amount of relief small businesses need.
“We’re talking to small businesses every day at all hours of the day, and there’s a lot of uncertainty, there’s a lot of fear, some of our small businesses are trying to decide if they can keep their doors open,” said Allen.
The proposed deal includes an employee retention tax credit to incentivize keeping workers on the payroll.
It also sets aside $367 billion for a small business loan program. Allen said it would also allow businesses to access the Small Business Administration economic disaster loans through local lenders.
“We’re going to put together a list of those banks that have the ability to do this,” said Allen. “They could go to their local bank that they’re used to using and apply for a loan that has the same terms of what they would get through the SBA. They could turn it around in a couple of days so these businesses would get money in their hand really quickly and that’s what they need right now, they need lines of credit to keep their doors open through this.”
Allen said this stimulus plan could be a great tool, but they encourage businesses to reach out to the DACC or other resources who can connect them to the entire toolbox.
“There are a lot of tools out there, the state of Ohio has something called ‘Share Work Ohio’ which allows our employers to do a part-time layoff, so essentially the employees working part-time and the state of Ohio is paying for employment for the other part of the salary they’d be getting.”
For more information regarding the coronavirus from the DACC, click here.