U.S. Sen. Susan Collins (R-ME) joined fellow leaders of the congressional Small Business Task Force in urging the U.S. Treasury Department to implement employee payment provisions of the newly signed coronavirus relief package.
Specifically, Sen. Collins and U.S. Sens. Marco Rubio (R-FL), Ben Cardin (D-MD), and Jeanne Shaheen (D-NH) requested that the U.S. Small Business Administration (SBA) and the U.S. Treasury Secretary implement the Keeping American Workers Paid and Employed Act, which became law on March 27 as part of the newly signed Coronavirus Aid, Relief, and Economic Security (CARES) Act, H.R. 748.
Sen. Collins and her task force colleagues last week released the final bipartisan emergency economic relief plan, which provides $377 billion for small businesses to meet their payroll and expenses and receive education and assistance during the coronavirus pandemic, according to Collins’ office.
“It is critical that this relief is disbursed to small businesses as quickly as possible to help ensure that no small businesses are forced to choose between solvency and retaining their employees during this uncertain time,” wrote Sen. Collins and the members in a March 30 letter sent to the SBA administrator and the Treasury Secretary.
“We urge the Treasury Department and the SBA to quickly issue publicly available, comprehensive guidance to lenders and businesses on the assistance available, including the Paycheck Protection Program, emergency Economic Injury Disaster Loan grants, and debt relief provisions,” wrote the senators.
Their included legislation creates the Paycheck Protection Program, a nearly $350 billion program to provide eight weeks of cash-flow assistance to small businesses through 100 percent federally guaranteed loans to employers who maintain their payroll, and provides $265 million for grants to offer counseling, training and related assistance to small businesses affected by COVID-19 to SBA resource partners.