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$484 billion Emergency Interim Coronavirus Relief Package becomes law

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Fri, Apr 24th 2020 09:30 pm

From the Niagara County Center for Economic Development:

www.niagaracountybusiness.com/716-278-8750

On Friday, the $480 billion Emergency Interim Coronavirus Relief Package was signed into law, with a focus on further assisting small businesses, while also providing much-needed aid to hospitals and ramping up testing capacity across the country.

The following is a breakdown of how the money will be allocated and who you should contact to learn the status of your application, or to apply for assistance through the programs listed below.

•CARES Act Paycheck Protection Program. An additional $320 billion has been allocated to the Paycheck Protection Program, which quickly ran out of funding shortly after being unveiled. It is important to note that $60 billion of this funding is reserved for small and medium-sized banks and credit unions, to encourage business owner from all communities to participate in the program.

•SBA Economic Injury Disaster Loan Program. An additional $60 billion in funding has been granted to the Small Business Administration to assist businesses throughout the country. $50 billion is for the Small Business Administration's emergency disaster loans, and $10 billion for disaster grants. One significant update is that agricultural businesses will now be eligible for funding.

•Hospital Relief. Hospitals across the country will be able to tap into $75 billion in funding designed to assist with costs associated with the fight against COVID-19 and losses associated with the virus.

•Funding for COVID-19 Testing. $25 billion is earmarked to help cover the costs associated with COVID-19 and antibody testing. This will allow for a significant increase in the testing capacity nationwide.

•Who to Contact for Assistance. If you would like to apply for assistance through the Paycheck Protection Program or the SBA Economic Injury Disaster Loan, you can contact an SBA approved lending institution to complete an application. Niagara County Community College Small Business Development Center specialists are available via email or at 716-210-2515 to assist you as you navigate through the process of either the Paycheck Protection Program or the SBA Economic Injury Disaster Loan Program.

If you have already applied for an SBA Economic Injury Disaster Loan and received an application number, you will be contacted by a representative from the Small Business Administration.

Stay engaged. Continue to look for emails from our office in the coming days and weeks updating you on what assistance is available as we work through this difficult time together. Our staff is working hard to compile a complete list of programs that are available. To learn more, be sure to visit our website at www.niagaracountybusiness.com and view the COVID-19 tab.

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