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In my newsletters during the COVID-19 outbreak, I have been making a point to share information that will be helpful to you, your family and our community. I have highlighted some recent developments below. You can also find daily updates and information by following me on Facebook and Twitter.
For individuals
If you are a federal student loan borrower, you may be eligible for relief. From now through September 30, certain loans will have interest rates drop to 0 percent and others will temporarily suspend payments. Click here to visit the Department of Education website to find out if you qualify for relief.
Qualifications for direct payments to individuals from the economic relief bill recently signed into law by President Trump will be based on your 2019 tax returns if you have filed this year and your 2018 returns if you have not. While the filing deadline has been pushed back to July 15, I encourage you to file sooner rather than later. If you receive Social Security and do not typically file a tax return, you will not have to change anything in order to receive these direct payments. Treasury Secretary Steven Mnuchin announced this change from a previously proposed policy. For more information on these payments, please click here.
For Businesses
Congress recently passed legislation that provides emergency financial assistance to American families and businesses affected by COVID-19. This legislation includes the Paycheck Protection Program (PPP). Many businesses are at risk of temporarily furloughing their employees because they simply cannot afford to keep paying them during this economic disruption. This is where PPP will be helpful. Businesses who enroll in the PPP will be better equipped to remain open and keep their employees on payroll. If you are a small business owner, click here to see if you qualify for this program.
I recently led a bipartisan letter to Small Business Administration (SBA) Administrator Jovita Carranza with several of my colleagues in the Wisconsin delegation expressing support for Governor Evers’ request for SBA Economic Injury Disaster Loans in the wake of the COVID-19 outbreak. With businesses in Wisconsin temporarily closing their doors and individuals self-quarantining, it is important that we provide the necessary assistance to the backbone of Wisconsin’s economy, our small businesses. Click here to view the full letter. Shortly after receiving my letter, the SBA announced they will be offering these loans to small businesses. With funding now available, I am pleased to share that these disaster loans will be accessible beginning on April 3. If you are a small business owner wanting to apply for a disaster loan, please refer to this fact sheet and the information below.
Ways for businesses to apply:
https://disasterloan.sba.gov/ela
(800) 659-2955
disastercustomerservice@sba.gov
Wisconsin’s Small Business 20/20 Program is providing support to small businesses who have loans from community development financial institutions. This means that if your business has a loan from one of the financial institutions found here, you may be eligible for these relief funds.
Additionally, the Hmong Wisconsin Chamber of Commerce (HWCC) has a COVID-19 Emergency Loan Fund for working capital to cover fixed expenses such as rent and payroll. Hmong business owners can click here for more information.
What businesses need now, more than this temporary government assistance, is our help. Wisconsin is special because we are quick to lend a helping hand and come together as a community to solve problems. I've lived in Wisconsin my whole life and have witnessed countless acts of kindness that, I believe, don't happen everywhere. Local businesses not only serve our community with goods and services, but they provide jobs to residents. Please remember that shopping locally and getting takeout for dinner is vitally important to small businesses and jobs in each of our neighborhoods.
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