Helping Small Businesses Weather the Pandemic

Press Release

Today, Rep. Phil Roe, M.D. (R-Tenn.), released the following statement after the U.S. Department of the Treasury announced the Paycheck Protection Program will be open to loan applications April 3:

"The Administration deserves credit for moving quickly to implement this urgently-needed assistance made available under the CARES Act. This loan program will help small businesses with fewer than 500 employees and 501(c)(3)s and 501(c)(19)s stay afloat to weather this crisis. While I understand some patience may be required as our lenders deal with a massive amount of interest in the program, the Paycheck Protection Program is now available to help small businesses pay for expenses, including payroll. Under the program, up to 8 weeks of cashflow, rent and utilities under the loan may be forgiven. I encourage all businesses who have been impacted by this crisis to talk to their community lender, who will be able to determine eligibility and help them get this assistance very quickly."

The Small Business Administration (SBA) also has grants, loans and forgivable disaster loans available.

- Summary of small business provisions under the CARES Act
- Overview of resources available
- Small Business Administration guidance and loan resources
- The Paycheck Protection Program is available for:
- Small business with less than 500 employees (including sole proprietorships, independent
contractors and self-employed persons)
- Private non-profit organization or 501(c)(19) veterans organizations affected by COVID-19.
- Businesses in certain industries may have more than 500 employees if they meet the SBA's
size standards
- Hospitality and food industry small businesses with multiple locations could be eligible for
each location employing less than 500 workers
- Additionally, businesses may be eligible for additional loan assistance under the Economic
Injury Disaster Advance Loan, which can provide up to $10,000 in assistance to eligible entities
that does not have to be repaid. Information about these advance loans and the EIDL program
can be found by visiting: www.sba.gov/coronavirus.

Note: Rep. Roe was present to support the Coronavirus Aid, Relief and Economic Security (CARES) Act when it passed the House by voice on March 27, 2020, and was signed into law by President Trump that same day.

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