By BRENT MARTIN
St. Joseph Post
Additional economic relief for small businesses could soon be on the way if President Trump signs the $900 billion coronavirus relief package passed by Congress.
The bill provides relief, but also requires some things from small businesses.
Rebecca Lobina with the Northwest Missouri State University Small Business Development Center says a measure approved by Congress early in the pandemic requires all businesses to pay workers who are forced to isolate due to COVID-19.
“Small businesses are not exempt from this. They are required to pay sick pay for a COVID-related quarantine,” Lobina tells host Barry Birr on the KFEQ Hotline.
Lobina says the massive bill does extend the Paycheck Protection Program, offering businesses forgivable loans if they keep workers on the payroll. It also offers a grant of up to $10,000 for businesses adversely impacted by the pandemic. Lobina says Congress has enhanced the SBA Economic Injury Disaster Loan, clarifying that any company that lost business due to the pandemic is eligible for the $10,000.
“Every business can receive the $10,000,” Lobina says. “So, even if you are a sole proprietor, self-employed, one person, before you would have gotten the $1,000. You can now go back and receive the additional $9,000, so that in a sense you got the full $10,000.”
Lobina says the grant could help a business survive the coronavirus pandemic.
“It will make a huge difference for them, especially for those self-employed individuals who don’t have other employees,” Lobina says.
The relief package is a massive bill. It covers more than 5,000 pages. Lobina says only about 300 pages deals with economic relief for small businesses.
President Trump has signaled his displeasure with the measure, saying it doesn’t provide enough relief for average Americans. Trump says the $600 per individual direct payment is too small. He suggests it should be $2,000 apiece. Trump has not signaled whether he will veto it.