*See below for an important message from the Missouri Chamber of Commerce and Industry
Congress has just passed a $2 trillion economic relief bill to offset the disruption coronavirus is causing to the American economy.
As we all know, business-as-usual has been intentionally paused in Missouri and across the nation. This is a painful, yet necessary, step to help stop the public health threat posed by COVID-19. However, without capital continuing to flow through the economy, this pause could easily turn into a complete halt for far too many companies and the workers they employ.
That is why this Coronavirus Aid, Relief, and Economic Security Act is crucial. This federal package includes $350 billion for small business loans, $500 billion for corporation loans, $250 billion in expanded unemployment benefits, $150 billion for medical supplies and health care providers and $350 billion in emergency government funds. It will also send relief checks to individual Americans. We will continue to keep our members informed about the details of this legislation.
If you haven’t already, I would also urge you to learn more about the Families First Coronavirus Response Act. This law was passed earlier this month and is taking effect April 1. It is aimed at helping workers who are sick or need to stay home for childcare reasons during the pandemic. It could grant up to 12 additional weeks of paid leave to impacted employees. The law requires the federal government to pay businesses for salary expenses incurred while employees are on paid leave.
You can find helpful guides to these new laws and many more free coronavirus resources for Missouri employers at mochamber.com/coronavirus. We are updating this page continually with the latest news and updates.
In addition, Missouri’s small businesses affected by the pandemic can now take advantage of disaster assistance loans from the federal Small Business Administration. We urge impacted small businesses to consider applying for these loans so that they can remain in business and keep their workers employed.
Even as we deal with the crisis at hand, the Missouri Chamber is hard at work on a plan to position our state for a strong recovery once the coronavirus threat passes.
Please take a moment to complete our short survey to let us know how your company is being impacted by coronavirus and the public health response. Your answers will be kept confidential. Your feedback will enable us to most effectively address your challenges and to push for policy action needed to get Missouri business humming again.
Finally, I’d like to thank you for being a member of the Missouri Chamber. Our staff has spent much of this week reaching out to our members and offering our assistance. If you need help navigating this crisis and understanding the new resources now available please contact us. We are ready to help.