METAIRIE – From the Jefferson Chamber:
The House of Representatives officially passed the nearly $2T emergency relief package approved unanimously by the Senate on Thursday.
The Coronavirus Aid, Relief & Economic Security (CARES) Act includes:
Payroll Protection Program
You may have heard of the “Forgivable Loan” program that is included in the CARES Act. The stipulation on the loan being forgivable is that the money has to be used for employee payroll, rent, mortgage, insurance premiums, or utility bills. In other words, pay your people and keep the lights on!
Working with our chamber and economic development partners, we advocated for this measure based on lessons learned from Hurricane Katrina. Specifically, instead of business owners heading to strip shopping center spaces to apply for a loan through the SBA, businesses will be able to apply through their own banks. We believe this will make the process more efficient and certainly faster.
Individual Aid
$1,200 financial assistance for most individuals, plus $500 for children
(reduced to about $75K/$150K individuals/couples)
Payroll Tax Credit Refunds
Advance refunds of payroll tax credits enacted in the Families First Coronavirus Response Act, giving employers financial assistance to pay for mandated sick and family leave.
Enhanced Unemployment Insurance
Extension of unemployment to nontraditional employees, and increased overall unemployment assistance for four month.
