March 26, 2020 3:55 a.m.
Oregon Senator Ron Wyden announced on Wednesday that he has secured several provisions in the COVID-19 stimulus package that will support workers and small businesses in Oregon.
Wyden said Democrats have made it clear that the top priority of the package must be workers and the small businesses they support. Wyden said small business is “the backbone of our state’s economy” and said the provisions will provide “some much needed relief during these challenging times”.
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 ensures every small business with a loan from the Small Business Administration will be relieved of their loan payments for the next six months. Wyden said when the package becomes law, over 4,000 Oregon small businesses could qualify for the debt relief.
*$10 billion for SBA emergency grants up to $10,000 to provide immediate relief for small business operating costs.
*$350 billion for all new small business loans of up to $10 million each, with language prioritizing small businesses in underserved and rural markets and those owned by economically disadvantaged individuals, people of color and women.
Once the legislation is signed into law, businesses seeking relief should consult the Small Business Administration, Internal Revenue Service and their payroll service providers, as applicable.