March 13, 2020 — The following Small Business Administration (SBA) loan opportunities and new Labor Department guidance announced yesterday by the Trump Administration may be of interest to commercial fishing companies.
The following was released by the SBA:
Small Business Administration Will Provide Disaster Assistance Loans (link)
SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance for a small business. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. Further resources can be found in the attached document as well as on SBA’s website: www.SBA.gov/coronavirus and www.SBA.gov/disaster. The announcement is available here: https://www.sba.gov/about-sba/sba-newsroom/press-releases-media-advisories/sba-provide-disaster-assistance-loans-small-businesses-impacted-coronavirus-covid-19
Read more about the SBA’s response to COVID-19 here
The following was released by the Labor Department:
Department of Labor Announces New Guidance on Unemployment Insurance Flexibilities (link)
Today DOL announced new guidance outlining flexibilities that states have in administering their unemployment insurance (UI) programs to assist Americans affected by the COVID-19 outbreak. States will be able to pay benefits where: (1) An employer temporarily ceases operations due to COVID-19, preventing employees from coming to work; (2) An individual is quarantined with the expectation of returning to work after the quarantine is over; and (3) An individual leaves employment due to a risk of exposure or infection or to care for a family member. In addition, federal law does not require an employee to quit in order to receive benefits due to the impact of COVID-19.The full announcement is available here: https://www.dol.gov/newsroom/releases/eta/eta20200312-0