President Donald J. Trump Is Committed to Supporting Small Businesses Impacted by the Coronavirus

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President Donald J. Trump Is Committed to Supporting Small Businesses Impacted by the Coronavirus

We’re deeply committed to ensuring that small businesses have the support they require.

President Donald J. Trump

PROVIDING FINANCIAL RELIEF: President Donald J. Trump is working to provide financial relief for small businesses harmed by the coronavirus outbreak.

  • The President and his Administration are working to provide disaster loans and further support to small business owners affected by the coronavirus outbreak.
  • The President signed legislation to support billions in low-interest disaster loans for small businesses economically impacted by the coronavirus.
    • The Small Business Administration (SBA) has streamlined the application process for these loans, which offer up to $2 million in assistance for each affected small business.
    • SBA’s traditional loan programs also remain available, including approximately $18 billion in the 7(a) loan program.
  • The Department of Agriculture offers loan guarantees for rural businesses.
  • The Export-Import Bank of the United States is offering a number of relief measures for small businesses, including waivers and deadline extensions.
  • The Department of the Treasury has delayed Tax Day until July 15th, giving small business owners more time to pay their taxes without incurring interest or other penalties.
  • The Department of Commerce has a network of centers working with state and local partners that help small and medium-sized businesses reduce costs, fill supply chain gaps, find new buyers, and more through the Commercial Service and Manufacturing Extension Partnership.

ASSISTING IMPACTED WORKERS: President Trump is taking every step to help small business employees harmed by the coronavirus outbreak.

  • Included in legislation signed by the President, small business owners now receive a dollar-for-dollar tax credit for providing paid leave to employees affected by the coronavirus.
    • Certain small businesses qualify for an exemption if providing paid leave would jeopardize the viability of the business.
    • This legislation provides flexibility to small businesses and support for workers, instead of implementing an inefficient government-run program.
  • The Department of Labor issued guidance to allow States the flexibility to pay unemployment benefits when an employer temporarily ceases operations due to the coronavirus outbreak.
    • The Federal-State Unemployment Insurance Program provides benefits to eligible workers who become unemployed due to direct and indirect effects of the coronavirus.

LISTENING TO SMALL BUSINESS NEEDS: President Trump is listening to the needs of small business owners and working with Congress to pass new relief measures for those hurt by the coronavirus.

  • President Trump and his Administration are meeting regularly with and listening to the concerns of small businesses.
    • Last week, the President participated in a call with thousands of small business owners.
  • President Trump is working with Congress to pass more relief for workers and small businesses who need assistance.
    • As part of these negotiations, the Administration is looking to provide small businesses loan forgiveness for a portion of loans they spend on payroll and other expenses.
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