UPDATE: January 8, 2021
Another round of funding for PPP loans was authorized in the latest COVID relief deal. The Small Business Administration (SBA) announced on Friday, January 8th that the process of distributing these loans will begin on Monday, January 11th.
According to the SBA, “To promote access to capital, initially only community financial institutions will be able to make First Draw PPP Loans on Monday, January 11, and Second Draw PPP Loans on Wednesday, January 13. The PPP will open to all participating lenders shortly thereafter.” More guidance on this new round of PPP distribution is available at: https://www.sba.gov/article/2021/jan/08/sba-treasury-announce-ppp-re-opening-issue-new-guidance
Other SBA guidance:
- SBA Guidance on Accessing Capital for Minority, Underserved, Veteran and Women-Owned Business Concerns (Released 1/6/2021)
- Interim Final Rule on Paycheck Protection Program as Amended by Economic Aid Act (Released 1/6/2021)
- Interim Final Rule on Second Draw Loans (Released 1/6/2021)
Oregon businesses are experiencing drastic levels of economic uncertainty and instability in the face of a global public health crisis. From the Senate, I’ve been fighting as hard as I can to get immediate relief to small businesses, workers, and the families and communities that rely on Oregon’s vibrant and expansive economy.
My team and I have been hearing from lots of Oregonians struggling to apply for the new SBA emergency relief loans. We are actively engaged on behalf of Oregon small businesses, non-profits, the self-employed, and independent contractors, trying to rectify the administration’s implementation of these funds and get resources into local communities ASAP. If you are having troubles applying for the SBA emergency loans, please notify my office using this short submission form:
- Merkley Demands Small Business Administration Provide Much-Needed Assistance to America’s Farmers, Agricultural Producers
- Merkley, Wyden, Colleagues Urge Administration to Take Action to Ensure Paycheck Protection Program (PPP) Funds Reach Small Businesses
- Merkley, Wyden Urge Feds to Make Farmers and Agricultural Businesses Eligible for COVID-19 Economic Injury Grants
- Merkley, Wyden Call for SBA to Accept Loan Applications from Cannabis Businesses in Cannabis-legal States
- Merkley, Murphy, Van Hollen Propose Massive Rescue Program for Small and Medium-sized Businesses
Late on March 25, the Senate passed the “Coronavirus Aid, Relief, and Economic Security (CARES) Act,” an unprecedented $2 trillion emergency aid package, which will direct a massive amount of funds towards stabilizing our economy and our health care system.
This follows the passage of the “Families First Coronavirus Response Act” on March 18, which also includes some key provisions to assist small and medium-sized businesses.
An incredible amount of resources have been set aside in these two bills specifically to help small and medium-sized businesses, along with nonprofits serving critical needs in this crisis.
Congress’s aim is to get these resources out into state and local communities as soon as possible, but given the scale and scope of this aid package, it may take several weeks for pieces to fully come online. I’ll be updating this hub regularly to make it easier for Oregon businesses and nonprofits to keep track of the many moving pieces in the federal response.
In addition to Operation: Main Street, I've also created a coronavirus resource page, which focuses on information and assistance for individuals and communities.
In light of newly confirmed case of coronavirus in OR, one of the most important things elected officials can do is make reliable info accessible. That’s why I created a NEW resource page at https://t.co/JjlZYpOa8M for Oregonians to get the info they need to stay safe & healthy.— Senator Jeff Merkley (@SenJeffMerkley) February 29, 2020