WASHINGTON, D.C. – Today, U.S. Senator Jacky Rosen (D-NV), a member of the Senate Small Business and Entrepreneurship Committee, launched an online resource portal to assist small businesses in Nevada affected by the COVID-19 pandemic. The resource portal, which can be accessed on the Senator’s official website, is aimed at helping Nevada’s small business community navigate new federal assistance programs, including loan and grant programs Rosen helped pass into law last week as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
“Thousands of Nevada’s small businesses and their hard-working employees are struggling as a result of the uncertainty that the coronavirus pandemic has unleashed around the world. Helping our small business community navigate this difficult time will be paramount for helping protect the health of our state’s economy in the long-run,” said Senator Rosen. “My team is taking steps to help Nevada small businesses understand the much-needed resources and federal support that is currently available to them, including the new loan and grant programs created by the CARES Act. I encourage Nevadans to reach out to my office, and I will continue fighting in Congress to ensure that our state’s small businesses owners, entrepreneurs, and the people they employ have the resources they need.”
BACKGROUND: Small businesses that are experiencing difficulties navigating federal assistance can send their inquiries and questions to SmallBusiness@Rosen.Senate.gov, and a team of dedicated professionals will respond to provide assistance.
Senator Rosen’s office is working around the clock to ensure that Nevadans stay up to date on the latest news regarding the coronavirus, as well as provide a list of resources to assist Nevadans.
During the COVID-19 pandemic, Senator Rosen has:
• Voted for the bipartisan Coronavirus Aid, Relief, and Economic Security (CARES) Act, which was signed into law on March 27, 2020. The $2.2 trillion spending package contains:
o $10 billion for SBA emergency grants of up to $10,000 to small businesses in order to provide immediate relief for their operating costs.
o $17 billion for SBA to cover 6 months of payments for small businesses with existing SBA loans, a provision from the Rosen-backed COVID-19 RELIEF for Small Businesses Act of 2020
o $350 billion for the new Paycheck Protection Program, which will provide low-interest loans to small businesses and nonprofits to maintain their existing workforce and help pay for other expenses like rent, mortgage, and utilities.
• Worked closely with the Governor’s office and the Small Business Administration (SBA) to ensure that Nevada received approval for the SBA Economic Injury Disaster Loans (EIDL). This led to Nevada becoming one of the first states to be approved for EIDL loans.
o EIDLs provide up to $2 million in assistance for a small business and private, non-profit organization.
o SBA EIDLs can be used to cover payroll, purchase inventory, pay debt, or other expenses if a business has no access to credit elsewhere.
• Helped introduce the COVID-19 RELIEF for Small Businesses Act of 2020. This bill would:
o Improve and leverage the tools available at the Small Business Administration. Provisions that provide emergency grants to small businesses and forgive exiting SBA loans were included in the CARE Act.
o Waive the disaster declaration requirements so that businesses in all states have immediate access to Economic Injury Disaster Loans. A similar provision was included in the CARES Act that authorizes the SBA Administrator to deem states eligible to apply for EIDL loans, which would be triggered by the President declaring a national emergency and invoking the Stafford Act.
• Voted for the bipartisan Coronavirus Preparedness and Response Supplemental Appropriations Act of 2020, which was signed into law on March 6, 2020. In addition to several billion dollars in direct public health support to combat the pandemic, the $8.3 billion supplemental contains:
o $1 billion in small business loan subsidies that would support $7 billion in low-interest loans for small businesses impacted by the coronavirus.
In addition to support for small businesses, the recently-passed Coronavirus Aid, Relief, and Economic Security (CARES) Act also includes the following key provisions:
Support for Workers
• Four months of enhanced unemployment insurance, including pandemic unemployment assistance for individuals who are unable to work due to the public health emergency.
• Provides an additional 13 weeks of unemployment compensation for individuals who have exhausted their state unemployment benefits.
o Covers ALL workers, including self-employed workers, gig workers, independent contractors, part-time workers, and individuals with limited work histories.
o Provides an additional $600 in Federal Pandemic Unemployment Compensation to every weekly unemployment benefit until July 31, 2020.
o Gives state unemployment agencies flexibility to staff up quickly.
Support for Nevada Travel & Tourism and Other Key Industries
• Temporary retention tax credit for employers to encourage businesses to keep workers on payroll during the crisis if experiencing economic hardship due to COVID-19.
• $10 billion in grants to help airports.
• $100 million to TSA for enhanced sanitation at airport security checkpoints, overtime and travel costs, and the purchase of explosives trace detection swabs.
• More than $6.5 billion in funding for CDBG, the Economic Development Administration, and the Manufacturing Extension Partnership to help mitigate the local economic crisis and rebuild impacted industries such as tourism or manufacturing supply chains.
• $500 billion to Treasury’s Exchange Stabilization Fund to provide loans, loan guarantees, and other investments to industry.