WASHINGTON, D.C. – On Friday, Nevada U.S. Senator Jacky Rosen, a member of the Senate Small Business and Entrepreneurship Committee, released the following statement announcing the launch of the Small Business Administration’s (SBA) Paycheck Protection Program that is part of the coronavirus response legislation she voted for and helped pass, and encouraging Nevada small businesses and non-profits to apply.
“More than 99 percent of businesses in Nevada are small businesses, and during this difficult time, we must take action to ensure that our state’s small businesses and workers are not left behind,” said Senator Rosen. “The Paycheck Protection Program will provide much needed help in the form of federal loans and loan forgiveness incentives to assist businesses to keep their employees on payroll during the coronavirus pandemic. As we work to overcome this health crisis, I will continue fighting for the economic health of our small business community.”
The Paycheck Protection Program, which will be available until June 30th, 2020, is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.
SBA will forgive eight weeks of the loan if all employees are kept on the payroll and the money is used for payroll, rent, mortgage interest, or utilities. This program is available to virtually any small business with 500 or fewer employees (including sole proprietorships, independent contractors and self-employed persons), 501(c)(3) non-profit organizations, or 501(c)(19) veterans organizations affected by the coronavirus pandemic.
Small businesses that are experiencing difficulties navigating federal assistance can send their inquiries and questions to SmallBusiness@Rosen.Senate.gov, and a team will respond to provide assistance.