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Paso Robles Chamber of Commerce issues business update on COVID-19 

Gina Fitzpatrick

Gina Fitzpatrick

Paso Robles Chamber of Commerce Gina Fitzpatrick on Friday issued an update to the business community:

The Paso Robles Chamber of Commerce would like to update you on a major piece of legislation passed by the U.S. Congress in response to the economic impacts of COVID19. As the community’s organization dedicated to economic health, business prosperity and civic engagement, the CARES Act is significant to the Chamber’s core goals.

Below is a brief breakdown of the most relevant information for our community. This includes funds for individuals and small businesses. Read the full text of the bill HERE.

Individuals:

• One time payment of a maximum of $1200 to all Americans.

An additional $500 for each child for $75k/year earners.

  • Individuals making below $75k/year and couples making below $150k/year are eligible for the full payment.
  • Individuals making between $75k/year and $99k/year are eligible for incrementally less. $99k and above are not eligible.
  • Couples making between $150k and $198k are eligible for incrementally less. $198k and above are not eligible.

• The amount given will be calculated from 2019 tax filings or 2018 tax filings if 2019 has not been submitted yet.
• If the IRS has your bank account information the funds will be directly deposited to your account.
• Treasury Secretary Mnuchin has said that most payments will be distributed within the next few weeks.

• Unemployment benefits:

  • Additional $600/week added to maximum state unemployment.
  • Special exceptions for the self-employed and gig workers (Uber, Lyft, etc) who can now file for unemployment.
  • Click HERE to access the California Unemployment webpage.

 

Small Business Association Loans/Grants:

  • Up to $10k/business in emergency grants.
  • Up to 10 million/business in low interest loans. Any portion of the loan used to maintain payroll, keep workers on the books or pay for rent, mortgage and existing debt could be forgiven, provided workers stay employed through the end of June.
  • 6 months of existing SBA loan payments will be waived.

 

Click HERE to get started on your SBA loan.

This information was compiled from articles by NPR, New York Times, and Los Angeles Times. Please read these articles for more detailed information.

Visit PasoStrong.org for additional resources and ways to support local small businesses. If you would like your business included please email pasostrong@pasorobleschamber.com with any special offers, business hours, or services your business is offering at this time.

Thank you all so much for your patience and grace during this trying time. The Chamber continues to promote a robust and collaborative community made up of thriving businesses, strong leaders, a vibrant workforce and engaged citizens.




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