Economic Relief for Small Businesses: How an Unprecedented Stimulus Bill Seeks to Fix the Economy

The senate is set to vote on what is considered to be the single largest economic stimulus package in American history. After days of negotiations, Senate Majority Leader Mitch McConnell took to Twitter at 1:51 a.m., on March 25, 2020, and stated, “At last, we have a deal.” This bipartisan agreement hopes to provide the economic relief that many individuals and small businesses desperately need.

While we are still waiting on the $2 trillion dollar relief bill to be voted on, approved, and signed into law, the draft language, as well as several reports, outline the sort of economic relief that small businesses can expect. Specifically, it is believed that $350 billion will be allocated to small businesses to help mitigate layoffs and support payroll. Further, the stimulus bill is believed to include over tens of billions of dollars in emergency grant funds that will target small businesses across the country.

Small businesses are making significant sacrifices in order to keep their Commonwealth community safe during the COVID-19 pandemic. Over the coming days, weeks, and even months, small business owners may want to consider taking advantage of certain SBA funds that will be made available under the federal stimulus bill. As Miller Edwards Rambicure PLLC continues to follow the text of the bill closely, we are preparing to help facilitate applications and closings in order to help small businesses remain financially viable during the COVID-19 economic climate.