U.S. Rep. Roger Williams wants small-business owners to take advantage of the federal resources available to them during the COVID-19 pandemic. He discussed those options during an April 7 webinar.
In March, President Donald Trump signed an economic stimulus package into law to help individuals and businesses during the COVID-19 pandemic. Two parts of the CARES Act — the Economic Injury Disaster Loan and Paycheck Protection Program — aim to help small businesses.
Williams (R-Austin) serves the 25th Congressional District of Texas, which includes Burnet County. As a small business owner himself, he understands the challenges.
“As a Main Street business owner for over 50 years, I know all too well the tough decisions that employers are faced to make right now,” he stated in a media release.
The Economic Injury Disaster Loan, administered by the Small Business Administration, provides low-interest loans to qualifying small businesses and nonprofits negatively impacted by the COVID-19 pandemic.
Business and nonprofit owners or leaders can apply for a loan through the SBA’s website.
Highlights of the program include:
- a maximum loan amount of $2 million with a 3.7 percent interest rate and terms of up to 30 years
- a loan advance does not have to be repaid if the loan is not approved for eligible businesses that applied
Williams’ office website has more information on the Economic Injury Disaster Loan.
Businesses can apply for Paycheck Protection Program loans through their local lenders. Loans are 100 percent federally backed. If a business maintains payroll for an eight-week period during the pandemic, it is eligible to have a portion of its loan forgiven, according to a media release from Williams’ office.
The loans are determined by a formula, and funds can be used to make payroll, mortgage payments, lease payments, and utility payments.
Williams’ office website has more information on the Paycheck Protection Program.
“I encourage small-business owners to contact their private lenders for more information or reach out to my office so we can assist in any way possible,” Williams stated in the media release. “Small businesses are the heartbeat of the American economy, and I will continue fighting for Main Street America throughout this crisis.”
For more on how COVID-19 is affecting the Highland Lakes, visit the DailyTrib.com coronavirus resources webpage.