Dear John, As you may be aware, President Trump recently approved an historic $2 trillion stimulus package, which is the largest emergency aid package in U.S. history. It represents a massive financial injection into our economy with provisions aimed at helping American workers, small businesses and industries grappling with the economic disruption. As the ongoing Covid-19 pandemic continues to take its toll on New York, I am hearing from many small business owners that they are interested in learning more about financial assistance and available loan options included in the federal Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Our small businesses are the backbone of our economy, and the NYGOP is proud to be a strong champion for the men and women who create jobs and deliver services across New York State. Please read more below about the various assistance options that are available to New York businesses and employees. Coronavirus Small Business Guidance & Loan Resources The U.S. Small Business Administration (SBA), which is the only cabinet-level federal agency fully dedicated to small business, has just launched a web page to help address the needs of our small business owners and entrepreneurs. The Coronavirus (COVID-19): Small Business Guidance & Loan Resources page includes important federal loan options included in the financial assistance package for U.S. small and mid-size businesses, including new information on the Payroll Protection Program and Economic Injury Disaster Loans. The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and certain other expenses. Under this program: Eligible recipients may qualify for a loan up to $10 million determined by 8 weeks of prior average payroll plus an additional 25% of that amount. Loan payments will be deferred for six months. If you maintain your workforce, SBA will forgive the portion of the loan proceeds that are used to cover the first 8 weeks of payroll and certain other expenses following loan origination. The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. The loan advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available within three days of a successful application, and this loan advance will not have to be repaid. For more information and to learn how to apply, click here. Unemployment Insurance and Pandemic Unemployment Assistance for NY  In addition, the federal CARES Act provides enhanced Unemployment Insurance (UI) benefits and Pandemic Unemployment Assistance (PUA) for New Yorkers. The NYS Department of Labor has created a web page dedicated to helping workers that have been affected by the pandemic. Currently, a person can collect unemployment insurance benefits up to 26 weeks per year. The federal government recently created a new program called Pandemic Unemployment Compensation that would allow claimants to receive up to 39 weeks of benefits. You can file a claim by visiting labor.ny.gov/signin. You can also call the Telephone Claim Center at 888-209-8124. Due to larger than normal call volume, they are strongly encouraging individuals who wish to file a claim to first visit the website, if possible. Pandemic Unemployment Assistance (PUA) provides payment to workers not traditionally eligible for unemployment benefits (self-employed, independent contractors, workers with limited work history, and others) who are unable to work as a direct result of the coronavirus public health emergency. To check y0ur eligibility for PUA, click here. If you believe you are eligible, apply online at www.labor.ny.gov/signin. Small businesses are the lifeblood of our economy and I want to do what I can to help our small businesses and employees weather this economic storm. Our economy was booming before Coronavirus struck and I have every confidence that we will get through this crisis and emerge stronger than ever. Please know that I am thinking of you and your families during this difficult time. I will be sure to keep you informed on any new resources as the law is implemented and as the new programs become available. Please stay safe and healthy. Sincerely, Nick Langworthy NYGOP Chairman ‌ ‌ New York Republican State Committee | 315 State Street, Albany, NY 12210 Unsubscribe [email protected] Update Profile | About Constant Contact Sent by [email protected] in collaboration with Try email marketing for free today!