UPDATE: Following the signing of the Coronavirus Aid, Relief, and Economic Security (CARES) Act by President Donald Trump on March 27, Alex Azar, Secretary of the U.S. Department of Health & Human Service, issued the following statement: “Congress has responded to the President’s call for ambitious legislation to support our economy and bolster our pandemic response. The CARES Act will protect Americans’ health and economic well-being during these uncertain times by providing broad support for families, individuals, and businesses that are facing hardship.”
To help small business navigate the CARES Act, the Natural Products Association (NPA) released The Small Business Owner’s Guide to the CARES Act. The guide features FAQs and addresses:
Paycheck Protection Program Loans
Small Business Debt Relief Program
Economic Injury Disaster Loans and Emergency Economic Injury Grants
Small Business Counseling
Small Business Contracting
Small Business Tax Provisions
Washington, D.C.—In a unanimous vote of 96 votes to none, the U.S. Senate has passed a $2 trillion coronavirus relief bill and sent the economic legislation to the House of Representatives. Reuters reported that the Democratic leaders of the House hope to pass the bill on Friday, and that President Donald Trump is expected to sign the bill as soon as it passes the House.
NPR reported that this agreement is an expansion of the Coronavirus Aid, Relief, and Economic Security Act, or “CARES Act,” a proposal that was issued last week.
The Natural Products Association (NPA) expressed its support of the $2 trillion bipartisan economic stimulus package, noting that it contains a host of provisions that will help the industry. NPA outlined some of the relevant provisions in a press release, including:
- $17 billion for the Small Business Administration (SBA) to cover 6 months of payments for small businesses with existing SBA loans.
- $10 billion for emergency grants of up to $10,000 for immediate relief for operating costs.
- $562 million to ensure the SBA has the resources to provide Economic Injury Disaster Loans (EIDL) to businesses that need relief. Additionally, rent, mortgage, and utility costs are now eligible for SBA loan forgiveness.
- $1 billion for the Defense Production Act to bolster domestic supply chains, allowing industry to increase production of personal protective equipment (PPE), ventilators, and other urgently necessary medical supplies.
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NPA: Our Members Will Stay Open to Provide Essential Services
“This is much needed relief for thousands of small and large businesses who make up America’s natural products industry,” said Dr. Daniel Fabricant, President and CEO of the NPA. “They have demonstrated how critical they are to our country and our fellow citizens throughout this crisis, and this powerful combination of financial assistance and investment will help keep America strong.”
Information from the SBA on applying for disaster loan assistance can be accessed here.
Today, March 26, 2020, 1:00-3:00 PM ET, AHPA is hosting a free webinar: COVID-19 update for the herbal industry. Among the topics to be covered, AHPA will be addressing accessing emergency financial assistance. Register here.