No family and no business should go bankrupt because of the financial hardships caused by the coronavirus. Every industry, business, and state is facing a financial impact, but small businesses are bearing the brunt of the disruption from COVID-19.
The immediate challenges facing many businesses is a sharp drop or complete loss in revenue. Without quick action and assistance, many businesses will face bankruptcy and/or will be forced to lay off workers. The CARES Act is a step in the right direction and would keep American families and businesses afloat through the crisis and reflects the Chamber’s most vital policy recommendations, namely:
- Pausing the payment of payroll taxes, which will grant businesses relief so they have more cash to keep employees on their payrolls.
- Lending and grants for small businesses that will enable this sector to endure through the crisis.
- Establishing a bridge loan facility that will enable businesses to continue to pay employees and provide essential operations for a time on far less, or no revenue.
Use the interactive map below to learn how aid available under the Small Business Paycheck Protection Program, created as part of the (CARES) Act, could help the small businesses in each state.
*Please note this data is based on the most recent government data (released 2020 covering 2017) and, with respect to the available aid, is an estimate of the fiscal benefits available to small businesses in each state and the District of Columbia assuming an equal up-take in aid by small businesses in every state. The total sum ($349 billion) will cover nearly half (48 percent) of three months of payroll for the entire country’s employers with under 500 employees.
The U.S. Chamber of Commerce is committed to helping American businesses respond to the coronavirus so they can support their employees, customers, and communities. We are equipping businesses with tools, resources, and information to help them navigate the challenges of the pandemic in real time. Learn more at uschamber.com/coronavirus.