FOR IMMEDIATE RELEASE: March 27, 2020
PRESS CONTACT: Alia El-Assar | aelassar@americanbic.biz
ABIC Statement on Passage of $2 Trillion Coronavirus Economic Stimulus ABIC applauds bipartisan champions Chairman Marco Rubio and Chairwoman Nydia Velázquez on inclusion of $377 billion relief plan for small businesses, nonprofits and their workers
Chicago, Illinois – Today, Congress passed a $2 trillion economic stimulus package to provide relief for those suffering from the coronavirus pandemic, now on its way to President Trump’s desk. The package includes the bipartisan Keeping American Workers Paid and Employed Act, which provides more than $377 billion in relief for small businesses and nonprofits to meet their payroll and expenses. The Keeping American Workers Paid and Employed Act is Division A of the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
The American Business Immigration Coalition applauds the chairs of the Small Business Committees in the U.S. Senate and House of Representatives, Chairman Marco Rubio (R-FL) and Chairwoman Nydia Velázquez (D-NY), respectively, for their bipartisan and bicameral leadership in securing immediate relief prioritizing the needs of small businesses and their employees in the “Phase 3” stimulus package. ABIC also applauds the leadership of Sen. Cardin (D-MD), Sen. Collins (R-ME), Sen. Shaheen (D-NH), Sen. Durbin (D-IL), Leader McConnell (R-KY) and Leader Schumer (D-NY), for their bipartisan support of small businesses and their workers.
“The work that Senators Rubio and Cardin and Representative Velázquez have done for small businesses and their workers is heroic. Thank you for caring for the nation. Thank you for caring for those put out of work. And thank you for caring for the immigrant entrepreneurs and workers that are pillars of our communities and economy,” said John Rowe, Chairman Emeritus of Exelon and Co-Chair of the American Business Immigration Coalition.
“Chairman Marco Rubio and Chairwoman Nydia Velázquez’s focus on assisting small businesses will turn out to be one of the most important efforts to make sure the negative impacts of this crisis are as short-lived as possible. We applaud the main goal to get cash to small businesses as quickly and easily as possible, so that they can continue paying their workers and be ready to reopen as soon as it makes sense,” said Mike Fernandez, Chairman of MBF Healthcare Partners, and Co-Chair of the American Business Immigration Coalition.
“An estimated ten percent of the U.S. workforce is employed in the restaurant and hospitality industry. They are the backbone of our economy and are currently bearing the brunt of this crisis. Not only does this package address the dire need for relief for thousands of restaurants across the nation–but it does so in a way that reduces government bureaucracy and respects the integrity of employers and how they already operate,” said Sam Toia, President and CEO of the Illinois Restaurant Association, and a Member of the American Business Immigration Coalition. “With restaurants shutting their doors every day and thousands of workers losing their only source of income, I applaud Chairman Rubio, Chairwoman Velázquez, and our bipartisan, bicameral lawmakers for achieving real relief for all restaurants and workers.”
“The Keeping American Workers Paid and Employed Act of the CARES Act is about supporting small businesses, nonprofits, and workers, and will benefit immigrant-owned businesses and immigrant workers. It is an example of the type of bipartisan solutions that this nation needs on immigration issues, as well,” said Josh Hoyt, Executive Director of the National Partnership for New Americans, and Co-Chair of the American Business Immigration Coalition.
“We applaud our champions Chairman Marco Rubio and Chairwoman Nydia Velázquez for getting immediate relief to small businesses to pay their workers and keep their doors open,” said Rebecca Shi, Executive Director of the American Business Immigration Coalition. “We are eager to advance sensible, bipartisan solutions to strengthen our economy, public health and safety.”
If you run a small business or nonprofit that may benefit from the relief act, fill out this form to receive resources and updates on upcoming webinars for the small business loan program. Find a summary of the main provisions of the Keeping American Workers Paid and Employed Act here and below.
#####OVERVIEW: KEEPING AMERICAN WORKERS PAID AND EMPLOYED ACT (Division A of the Coronavirus Aid, Relief, and Economic Security (CARES) Act)
- Creates the Paycheck Protection Program, a nearly $350 billion program to provide eight weeks of cash-flow assistance to small businesses through 100 percent federally guaranteed loans to employers who maintain their payroll during this emergency. If employers maintain their payroll, the loans would be forgiven, which would help workers to remain employed and affected small businesses and our economy to quickly snap-back after the crisis.
- Allows the Paycheck Protection Program to cover payroll costs, paid sick leave, supply chain disruptions, employee salaries, health insurance premiums, mortgage payments, and other debt obligations to provide immediate access to capital for small businesses who have been impacted by COVID-19.
- Provides $265 million for grants to offer counseling, training, and related assistance to small businesses affected by COVID-19 to SBA resource partners, including Small Business Development Centers and Women’s Business Centers and $10 million for the Minority Business Development Agency’s Minority Business Centers and Minority Chambers of Commerce.
- Allows for expedited access to capital by establishing a $10 billion program for small businesses who have applied for an EIDL loan to request an advance of up to $10,000 on the loan to provide paid sick leave to employees, maintaining payroll, and other debt obligations.
- Requires SBA to pay all principal, interest and fees on all new and existing SBA loan products including 7(a), Community Advantage, 504, and Microloan programs for 6 months, and provides $17 billion for this purpose.
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The American Business Immigration Coalition (ABIC) promotes commonsense immigration reform that advances economic competitiveness, provides American companies with both the high-skilled and low-skilled talent they need, and allows the integration of immigrants into our economy as consumers, workers, entrepreneurs and citizens. For more information please visit https://abic.us.