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Rep. Andy Barr updated Commerce Lexington on federal actions to help with COVID-19 impact

Earlier this week, U.S. Congressman Andy Barr updated a group of Commerce Lexington small business members on other federal actions to help with COVID-19 pressures on business. 

Here is a brief summary of what’s happened so far: 

• Cash flow: The Federal Reserve has taken steps to help support companies and banks providing financing for a wide range of economic activity. For companies, that means banks and other financial institutions have more flexibility to help in their day-to-day operation like making payroll. For households, it means more funding to financial firms that provide auto loans and mortgages. Reach out to your financial institution to discuss options for assistance.
• Low Interest Loans: Low-interest loans for businesses are available through the U.S. SBA Economic Injury Disaster Loan program referenced above. Other options to provide cash flow to business through the U.S. Department of Treasury will likely be part of additional federal legislation.
• Tax Credits, Paid Sick Leave & Unemployment Benefits: The U.S. House of Representatives recently passed the Families First Coronavirus Response Act. The bill includes business and employee relief in the following areas: employer tax credits, paid sick leave benefits, increased funding for unemployment benefits. The legislation awaits consideration by the U.S. Senate. 
• Tax Deferment: U.S. Treasury Secretary Mnuchin announced a federal tax deferment for 90 days.  

Other legislative actions are expected to address issues for business and employees impacted by COVID-19, including avenues to help businesses gain access to capital. 

Commerce Lexington

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