Portman, Toledo Area Employers Discuss Coronavirus Response
CINCINNATI, OH – Today, U.S. Senator Rob Portman (R-OH) joined a conference call with Ohio members of the Toledo Regional Chamber of Commerce Board and the Toledo Area Small Business Association Board to discuss the federal response to the coronavirus health crisis and its economic impact. This is the latest in a series of conference calls Portman has had with outside stakeholders, such as employers, hospitals and health care providers, small business owners, workers and more.
“Northwest Ohio and the Toledo area have been hit hard by the coronavirus pandemic and its economic impact. That’s why it was important to talk to members of the Toledo Regional Chamber of Commerce Board and the Toledo Area Small Business Association Board, the employers of the area, to hear their input and discuss how the CARES Act rescue package the president recently signed into law will help. Small businesses, like many of those I spoke with today, are eligible for the legislation’s $350 billion in expanded SBA loans equal to two and a half times their normal payroll expenses for a month, up to $10 million. What’s more, if small businesses use the loan money on payroll or mortgage payments, that loan doesn’t need to be repaid. Additionally, we discussed the broad-based tax relief available to all businesses and the Main Street Business Lending Facility that gives mid-sized businesses access to liquidity.
“While I was encouraged to hear that some of the businesses on the call had already taken advantage of the relief we provided in the CARES Act, we also discussed ways to improve upon some of these programs, including the SBA PPP loans and the SBA Economic Injury Disaster Loan program. I will share the concerns and insights Toledo’s business leaders shared with me today with my colleagues as we continue to work to help individuals, families, and small businesses stay afloat during this public health emergency so we can get our economy back to full strength as soon as the crisis subsides,” said Portman.
NOTE: Portman supported the Senate passage of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The CARES Act will help American families, workers, and employers large and small around the nation during this coronavirus pandemic. Portman was involved in the bipartisan task force negotiations that led to this legislation and delivered remarks on the Senate floor various times urging the Senate to come together on a bipartisan basis to get this important rescue package passed.