Washington, D.C. — U.S. Senator Ron Wyden today announced several provisions that will support Oregon workers and small businesses are included in the bipartisan legislative package to respond to the economic crisis caused by the coronavirus pandemic.
“From the start, Democrats made it clear that the priority of this stimulus package must be workers and the small businesses they support,” Wyden said. “Oregon’s small businesses are the backbone of our state’s economy, and these provisions will provide some much-needed relief during these challenging times. Our work doesn’t stop here, and I will continue to look for any opportunity to help Oregon’s small businesses through this public health crisis.”
The package includes:
· An employee retention credit secured by Wyden as Ranking Member of the Senate Finance Committee to prevent further mass layoffs in Oregon and nationwide.
· The Small Business Debt Relief Act, which was introduced by Wyden, U.S. Senators Chris Coons, D-Del., Ben Cardin, D-M.D., and colleagues last week, and will ensure every small business with a loan from the Small Business Administration (SBA) will be relieved of their loan payments—including principal, interest, and fees—for the next six months. When the package becomes law, over 4,000 Oregon small businesses could qualify for this debt relief.
· $10 billion for SBA emergency grants of up to $10,000 to provide immediate relief for small business operating costs.
· $350 billion for all new small business loans up to $10 million, with specific language prioritizing small businesses in underserved and rural markets and those owned by economically disadvantaged individuals, people of color, and women.
Once signed into law, businesses seeking relief under these provisions should consult the Small Business Administration , the Internal Revenue Service, and their payroll service providers, as applicable.
A web version of this release is here.