Legislation that went through the United States Congress this weekend looks like it could be the first massive action taken by the government to address Coronavirus concerns. The $2 trillion bill addresses everything from direct payments to individuals to small business loans. Read on as we address how the COVID-19 Bill will impact your small business and how it can help you too.
Thinking about making changes to your business? ProStrategix knows how to help. Read some of our other articles below, or feel free to connect with us and get a complimentary thirty-minute consulting session.
The Logistics of the Coronavirus Bill
As of the writing of this post on Thursday afternoon, the Senate has passed the bill 96-to-0, meaning it now has to go to the House of Representatives and finally to President Trump himself. The bill comes after much debate between Democrats and Republicans about how best to pass a Bill protecting workers and businesses. This all comes following economic calamity across the country, from the stock market to employment numbers.
The two trillion dollars will go to a number of different services and industries. There are bailouts for major flight companies and for hospitals/healthcare. Right now, we will focus on the ones most likely to help small businesses and small business owners.
Payments to Individuals
The most talked about measure in this bill is likely going to be the individual payments for all. The federal government is providing direct deposit payments of $1,200 to millions of Americans. This is almost unprecedented in US history, a kind of universal basic income for all. That said, payments like this will allow millions to of people who are recently out of work to pay their bills this month.
This legislation will be a game changer for US politics, and it is going to have a massive impact on future initiatives. But for now, it is a necessary move. Too many people are having financial problems or looking at unemployment to ignore.
On top of this, a restructuring of the unemployment program is coming. This will help even more people that are in need of help today.
Small Business Help
The relationship between the Coronavirus Bill and small businesses is complicated. Different industries get more money, especially based on what can stay open and what cannot. That said, Democrats pushed for measures that allow for emergency loans issued by the Treasury Department. Furthermore, the legislation will “shore up hundreds of billions of dollars’ worth of loans” according to Business Insider. This is a boon to small businesses that are struggling as a result of Coronavirus, especially ones who need cash as soon as possible.
If you are having a hard time keeping your business open in these trying times, it might be the opportunity to recover your business. That said, there are a number of protections for workers that need to be noted as well, things that could change the relationship they have to the employer. Be sure too see what you are entitled to, and make sure you keep your staff healthy in this trying time.
This probably isn’t going to be the last bill passed due to Coronavirus in the US. In fact, it hasn’t even been passed yet as I write this (call it wishful thinking). But it is the first, and it sets a tone for what you can achieve. Stay informed about COVID and your business should stay above water through all of this.