By SEMA Washington, D.C., Staff
The Coronavirus Preparedness and Response Supplemental Appropriations Act of 2020 (H.R. 6074) signed into law on March 6 includes a provision allowing companies to seek a Small Business Administration emergency loan. Eligible small businesses—ranging from 1,000–1,500 employees or less for motor-vehicle parts manufacturers—must be located in a county declared by the President to be a disaster zone for the virus and be able to demonstrate economic harm.
Beyond small business loans, the law includes $8.3 billion to pursue testing and vaccine development and assist state and local governments. If deemed necessary, lawmakers may consider additional measures to help government and the general public respond to virus.
For more information, contact Stuart Gosswein at stuartg@sema.org.