How the Cares Act Supports America’s Small Businesses and Job Creators

"Together, we will curb the spread of this dangerous disease and ultimately defeat it"

Texas Insider Report: WASHINGTON, D.C. – All across the country, our neighborhood restaurants and stores are facing enormous challenges as a result of COVID-19. These small businesses are the backbone of the American economy – and it’s important we stand with them as we work to stop the spread of COVID-19.

That’s why I’m grateful President Trump signed the CARES Act into law last week. This bill provides immediate emergency relief to working men and women all across this country and will help keep America’s small businesses afloat during these challenging times.

If you’re a small business owner with 500 employees or less, you might be asking ‘How does the CARES Act help me keep my doors open and my employees on the payroll?’

The CARES Act:
  • Provides $377 billion in emergency relief for small businesses, including restaurants, bars, hardware stores, and nail salons, as well as those who are sole proprietors or self-employed.
  • Allows 8-weeks of loan forgiveness for expenses that include payroll, rent, mortgage interest, and utilities.
  • Takes meaningful steps to quickly get liquidity to businesses in order to stabilize our economy and protect jobs in Texas and across the country.
This emergency relief was specifically designed for job creators to be able to hire back their employees and keep the lights on. If that loan is used for payroll, rent, or utilities – it’ll be forgiven in year.

On Monday, I appeared on CNBC’s Squawk Box to talk about the ways the CARES Act protects American lives and livelihoods. 

While we have a long road ahead of us, I know we’re going to make it through this challenge. We’re already seeing the best of us shine through these uncertain times.

Together, we will curb the spread of this dangerous disease and ultimately defeat it.