The San Antonio Hispanic Chamber of Commerce celebrates the passage of the Coronavirus Aid, Relief and Economic Security (CARE) Act through Congress this week. The $2 trillion bill will provide much needed additional support of businesses, workers, assist the medical response in states, and add liquidity into the economy.
The COVID-19 pandemic continues to disrupt the lives of everyone by forcing us to adjust our personal habits and practice distancing ourselves from loved ones. Unfortunately, businesses have either had to shut their doors or pivot by completely changing their business models to adjust to a new normal. This much needed relief provides security to those most vulnerable as we continue to chart an unknown path together.
“The size of this unprecedented disaster relief package is a testament to the devastating effects COVID-19 has had in our community and country,” said retired Marine Major General Juan Ayala, Interim President & CEO. “While this pandemic has greatly changed our lives, I have seen the great strength and resiliency our community has.”
The CARE Act includes:
- $350 billion in loan forgiveness grants to small businesses;
- 17 billion to provide immediate relief to small businesses with standard SBA 7(a), 504, or microloans;
- Additional $10 billion for SBA’s Economic Injury Disaster Loan (EIDL);
- $500 billion loan program for larger businesses;
- A one-time payment of $1,200 to many people making less than $75,000 a year;
- $100 billion to hospital currently battling the COVID-19; An increase in unemployment insurance of up to $600/week for 4 months, which is in addition to what states already pay as base unemployment salary.
For an interactive map of how small business will benefit from the CARE Act from the U.S. Chamber please click HERE.