Congressman Kim Announces Small Businesses Can Begin Applying for Direct Help from SBA Starting Tomorrow

Statement

Today, Congressman Andy Kim (NJ-03) announced that the Small Business Administration (SBA) will begin taking applications for the Paycheck Protection Program tomorrow, April 3rd. The Paycheck Protection Program is a loan program for small businesses created through the CARES Act that will help small businesses maintain payroll and pay for essential operating expenses.

"I've heard from countless small business owners trying to do the right thing to keep their employees paid and businesses afloat so they can open again when the pandemic is over," said Congressman Kim. "This program will be an essential lifeline for those small businesses and people they employ. I encourage every small business owner eligible for this program to take advantage of it."

"If you're a small business owner or get your work through a small business, I know that this program might not be enough," continued Congressman Kim. "That's why we're going to keep working to provide more resources for our entrepreneurs and will be reaching out to them in the coming weeks to ensure they have all the information and support they need to get through this crisis."

The CARES Act includes more than $375 billion in small business relief, including $349 billion for forgivable loans to small businesses to pay their employees and keep them on the payroll; $17 billion for debt relief for current and new SBA borrowers; and $10 billion in immediate disaster grants.

In addition to federal assistance through the CARES Act, the New Jersey Economic Development Authority will begin taking applications for their Small Business Emergency Assistance Grant Program tomorrow as well.

Congressman Kim is a member of the House Armed Services Committee and the House Committee on Small Business.

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