Senate Reaches Deal on Stimulus PackageMarch 25, 2020
The Senate is poised to approve a massive stimulus bill today, the Keeping American Workers Employed and Paid Act, which includes $350 billion to help America’s small-business community. Despite high tensions and heated debate over the past week, it appears the Senate has reached a deal which is expected to pass in the Senate today and in the House sometime tomorrow.
Among the key provisions NSBA has advocated for in the bill:
- Guaranteed loans large enough to cover payroll, lease, and other key business expenses for four months;
- Complete forgiveness of all loan dollars spent on payroll and lease expenses, so long as payrolls are substantially maintained; and
- No loan repayment required for at least one year, and a low 4% interest rate for remaining balances.
NSBA’s staff and leadership has been at the epicenter of discussions on what our government must do to try and minimize and shorten COVID-19’s devastating economic impact. We will continue to analyze the legislation and provide more detailed updates in the coming days.