I wanted to pass along an update regarding the COVID-19: You must call your Senators Now blog post from March 19th, 2020.
I have been corresponding with Allyson Cavaretta, who spoke on our industry’s behalf to the Congressional House Small Business Committee, regarding Big Tech, on November 14th, 2019.
She has been working diligently with her state representatives on this relief act, along with Senator Rubio and Senator Collins. Which is currently being called the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
I have received a copy of the proposed 247 page CARES Act as of yesterday, and below is a brief overview:
- Provide cash-flow assistance quickly to small business employers who agree not to maintain preserve their workforce. This cash-flow assistance could be as much as the employer needs to stay in operation without lay-offs. The cash-flow assistance must be used to pay employees.
- When the crisis passes, the cash-flow assistance would be forgiven, so long as the employer keeps their workers employed and paid.
- This cash-flow assistance would be structured as federally guaranteed loans made available through any lender qualified to make SBA 7(a) or 504 loans, and also FINTECH lenders approved by the Secretary.
- Terms would match those of SBA’s Economic Injury Disaster Loans (EIDL), except that the loans would be fully forgiven if the employer keeps its workers employed through the crisis.
- The amount loaned could either be drawn from a line of credit as needed, or the employer could estimate up front the amount it needs to cover lost revenue needed to make payroll during the crisis.
- There are also provisions regarding debt servicing and operating expenses to keep the lights on!
The latest update from Allyson Cavaretta:
“Right now the Small Business portion is the part of the package with gaining support – IT IS WORKING! Continue to have Innkeepers, each member of their teams and staff call to support Division A in the CARES Act.”
Allyson also reminded all of us that we should contact both Republican and Democrat Senators to share your overwhelming support for the CARES Act, and why it’s so important to your business.
You can contact your Senators by clicking the button below. You will most likely need to leave a voicemail. But as Allyson said, your involvement is working!
I personally would like to encourage each of you to reach out to all your local small businesses in your area, and let them know about the CARES Act and have them make phone calls to your state Senators also.
It looks as if the CARES Act could be decided on late Sunday, so there isn’t much time.
Please work to get the word out ASAP.
Acorn Internet Services, Inc.