In my hometown here in Michigan, our community is rallying to do all we can to support our neighbors and local businesses during this difficult time. Thanks to President Trump, some more help is on the way.
President Trump’s first priority has always been the health and wellbeing of Americans. While he and his team are working to mitigate the spread of this novel coronavirus, he is also working to ensure that our economy can bounce back stronger than ever. That means taking care of our nation’s more than 30 million small businesses.
In a matter of just a few short weeks, small businesses that were bustling with activity have now gone empty as they play their part in slowing the spread of the virus and keeping our fellow Americans safe.
At a time when people’s lives and livelihoods are on the line, the president is ensuring that small businesses have the lifeline they need to help them weather the economic storm this virus has imposed.
Starting April 3, small businesses can now apply for relief under the brand-new Paycheck Protection Program. A product of the bipartisan relief package President Trump signed into law last month, the Paycheck Protection Program will be that lifeline by providing $350 billion of liquidity in the form of loans to small businesses all across America. Under this program, small-business owners will be able to apply for up to eight weeks of cash-flow assistance at their local bank or at any of the Small Business Administration’s approved lenders.
Critically, so long as the loans go toward things such as maintaining all employees’ salaries and keeping the lights on and the doors open, they will be forgiven in full. In other words, guaranteed cash with no strings attached.
During this incredibly challenging time of so much uncertainty, small-business owners need the certainty that the business they have spent years pouring their heart and soul into building will still be around once this crisis subsides. This program does that.
Additionally, giving small businesses the cash they need now to keep their employees on payroll isn’t just the right thing to do in a time of crisis. The more small businesses that can keep their employees on payroll, the easier it will be for them to get back up and running once the economy reopens, putting our country in the strongest possible economic position. Small businesses can find these details and more as well as apply at sba.gov/coronavirus.
America’s small businesses, and the hardworking men and women they employ, represent more than just our shared faith in the free-enterprise system. They are often the cornerstone of community life in towns large and small all across America.
As he has demonstrated throughout this crisis and throughout his presidency, President Trump is committed to fighting for them along with every single American. Thanks to his leadership, small businesses are going to weather this storm and they, along with our entire economy, are going to recover and come roaring back stronger than ever before.
Ronna McDaniel is chairwoman of the Republican National Committee. Follow her on Twitter @GOPChairwoman.
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