Moulton Releases Guide for Small Business Assistance, Hosting Virtual Information Session with Small Business Administration Tomorrow
Statement
Today, Representative Seth Moulton (D-MA) released a guide to help local businesses reeling from the coronavirus pandemic's economic disruption. He also announced he will host a virtual meeting tomorrow on his Facebook page with the Small Business Administration's Massachusetts District Director, Robert Nelson. Anyone can join the virtual meeting by visiting Moulton's congressional Facebook page (@RepMoulton) tomorrow at 5:00pm.
"I'm focused on helping people and businesses get through this. If you run a business and are struggling to keep the lights on, pay rent, and keep employees, tune in and use the guide on my website. We're here to help," Moulton said.
The guide Moulton released today walks business owners through how to apply for grants, loans, and other emergency funding sources made available through the Small Business Association and the Coronavirus Aid, Relief, and Economic Security Act, also known as the CARES Act, which was passed and signed into law on Friday. The bill includes $10 billion for emergency grants up to $10,000 for small businesses to cover operating costs. The guide is available on Moulton's website: Moulton.house.gov/smallbiz.
People who recently lost their jobs and are seeking unemployment can also find more information on Moulton's coronavirus resource page: moulton.house.gov/coronavirus.
The CARES Act includes $350 billion the Small Business Administration can loan businesses in increments up to $10 million each. Businesses can use these loans to make payroll, retain employees, and pay rent or mortgages. Some of the debt can be forgiven if the businesses' workers stay employed through the end of June. The CARES Act also includes $17 billion that can be issued to businesses which they can put towards six months of payments if they already receive SBA loans. Robert Nelson, the Massachusetts District Director for the SBA, will cover the details during tomorrow's virtual meeting with Moulton.
Tomorrow's (Tuesday, March 31) event will start live at 5:00pm and last approximately 30 minutes. Anyone who can't make the event will be able to view it after the event ends by visiting Moulton's Facebook page.
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