Culpeper Star-Exponent: Spanberger releases guide to help small businesses hit by pandemic

Mar 31, 2020
Economy & Jobs
In the News
Local Issues
National Defense & Foreign Affairs

CULPEPER STAR-EXPONENT, CLINT SCHEMMER

With a statewide stay-at-home order in effect and many Virginia businesses closed or running at low throttle, entrepreneurs need help navigating COVID-19’s financial impacts.

On Tuesday, U.S. Rep. Abigail Spanberger released a 12-page booklet of how-to FAQs and online tips to aid Central Virginia’s small businesses in learning about federal, state and corporate resources they can tap.

“Small businesses are the backbone of our regional economy, and many employers in our district are already feeling the immense financial pain created by this crisis,” the 7th District lawmaker said in a statement. “They are worried about the security of their employees, and they are worried about how they will make payroll in the weeks to come.”

Local businesses need immediate assistance, Spanberger said, expressing hope that her new guide can answer some of their questions.

“As this pandemic continues to disrupt the everyday lives of workers and businesses across Central Virginia, my office stands ready to help our small businesses access the resources and guidance they need to reopen their doors, restart our economy, and achieve long-term success,” she said.

The guide touches on the newly passed Coronavirus Aid, Relief, and Economic Security (CARES) Act, which Congress created to provide cash-flow assistance through loans guaranteed 100 percent by the federal government.

The CARES Act’s Payment Protection Program allows for loan forgiveness to employers who maintain their payroll during the national emergency the president declared due to the global coronavirus pandemic.

Via the program, businesses can apply for loan forgiveness for payroll costs, rent, utilities, and mortgage interest. But if a business fires employees or cuts employee pay, the loan forgiveness would be reduced.

The guide also offers information on Small Business Administration disaster loans and economic injury grants, as well as contacts for banks working with people whose finances have been affected by the COVID-19 outbreak.

The SBA disaster loans, for small businesses and nonprofit organizations throughout Virginia, offer up to $2 million to pay fixed debts, payroll, accounts payable and other expenses.

The guide also includes state and local resources, and details which Virginia retail businesses are considered “essential” and may stay open during normal hours.

To download a PDF of Spanberger’s small business resource guide, click here.

Last week, the freshman legislator voted with a big majority of the U.S. House of Representatives to pass the CARES Act, a bipartisan emergency-relief package that includes federal assistance to working families and small businesses.

The act includes $349 billion in low-interest loans for small businesses with 500 or fewer employees. Loans are available for independent contractors, self-employed workers and sole proprietors.

Earlier this month, Spanberger announced that Central Virginia businesses can apply for low-interest, emergency loan assistance through the SBA.

Recent Posts


Oct 3, 2024
Veterans' Issues

President Signs Into Law Spanberger-Backed Bill to Cut Red Tape for Veterans Joining the Trucking Workforce

The “Veteran Improvement Commercial Driver License Act” Would Cut Red Tape for CDL Schools & the Veterans They Serve WASHINGTON, D.C. — President Biden this week signed into law bipartisan legislation U.S. Representative Abigail Spanberger helped lead to cut red tape for Veterans looking to use their GI benefits to pay for commercial driver’s license […]



Oct 2, 2024
Press

Spanberger Grateful for FEMA Disaster Assistance for Virginia to Recover from Hurricane Helene, Urges Congress to Pass Emergency Appropriations Package to “Meet Any Unmet Needs”

Congresswoman: “Virginia’s Families And Businesses Will Need Additional Support As The Full Extent Of The Devastation Becomes Clear” WASHINGTON, D.C. — U.S. Representative Abigail Spanberger today released the following statement after President Biden granted additional federal disaster assistance from the Federal Emergency Management Agency (FEMA) to the Commonwealth of Virginia. The Congresswoman also urged congressional […]



Oct 1, 2024
Press

Spanberger, Wittman Lead Bipartisan Effort to Increase Military Leave for Federal Employees Serving in the National Guard, Reserves

The “Supporting Federal Employees in the National Guard & Reserves Act” is Endorsed by the National Fraternal Order of Police, International Association of Fire Fighters, American Federation of Government Employees, & Reserve Organization of America WASHINGTON, D.C. — U.S. Representatives Abigail Spanberger (D-VA-07) and Rob Wittman (R-VA-01) today introduced bipartisan legislation to increase military leave […]