Thank you Congresswoman Schakowsky’s office for sharing this information with us:
FEDERAL LEGISLATION – UPDATED 3/27/20
On Friday, March 27th Congress passed the Families & Workers First bill
Coronavirus Supplemental Appropriations Act (signed into law): In early March, Congress passed and the President signed a supplemental appropriations bill that would direct about $8.3 billion in emergency relief funds. Some of this money will filter down locally. Some notable potential resources that may eventually benefit your community include:
Families First Coronavirus Response Act (signed into law): Over the past week, Congress passed and the President signed a bill providing significant additional resources to assist those struggling from the COVID-19 fallout. This bill provides free COVID-19 testing for all individuals, funding for nutrition programs, paid sick leave, and expanded unemployment benefits. As with the first supplemental appropriations bill, some of this money will filter down locally. Some key provisions that may benefit your community include:
Documentation required to apply:
General Loan Information: Currently, the interest rate for small businesses is 3.75% and the interest rate for non-profits is 2.75%. The maximum loan size is $2 million. Long term repayment plans are available. These funds can be used to pay fixed debts, payroll, and other expenses that these organizations may face. Additional information is available at this link.