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Chamber hosts Sen. Cornyn, provides update on CARES Act

Posted on: 04/01/2020

FORT WORTH, TX – The Fort Worth Chamber of Commerce hosted United States Senator John Cornyn for its Leaders Online on Tuesday afternoon, to provide an update on the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the Phase III coronavirus response bill signed by the President on Friday.

The virtual event, with approximately 375 attendees, also featured Elsie Collins, Deputy District Director for the Small Business Administration, who gave an overview of the Economic Injury Disaster Loan program in the Families First Coronavirus Response Act.

Sen. Cornyn focused on the most pressing issues regarding Coronavirus Aid, specifically the lack of testing kits and personal protective equipment, and acknowledged the biggest daily obstacle for average American families is closed schools and canceled travel.

Under this bill, a family of four earning up to $150,000 a year could receive up to $3,400 dollars. The second supporting element is expanded unemployment insurance eligibility. This provides an additional $600 per week in federal unemployment benefits on top of the state’s portion.

“We want to make sure  people have the money they need to pay their rent . . . until the smoke clears,” said Sen. Cornyn, “When that finally happens, I have every confidence Fort Worth small businesses communities will be standing strong.”

In reference to small business needs, Sen. Cornyn referred to paycheck protection programs through the SBA, which will be available through local credit unions and banks that are SBA certified lenders.

For businesses without access to SBA loans created by this legislation, Sen. Cornyn touched on a temporary refundable employer retention credit for businesses who continue to pay employees despite shutting down or losing a significant portion of their income.

“I know words can’t offer very much comfort during these trying times but, I want to assure you that I’ve listened to the breadth and scope of the challenges that you’re up against, said Sen. Cornyn, “and I’ll keep fighting to make sure that we do everything at the federal level to respond and get you the help that you deserve.”

Elsie Collins, Deputy District Director for the SBA, gave an overview of the SBA’s Economic Injury Disaster Loan program, which provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. Funds can be made available within three to five days of a successful application.

Additional details are below:

  • 30-year term
  • 3.75% interest
  • 11-month payment deferral
  • For more information or to apply, visit http://www.SBA.gov

Leaders Online, an alternative to in-person programming, was created to assist Fort Worth Chamber members with obstacles related to the COVID-19 pandemic. Leaders Online features industry experts via virtual livestreams to answer questions and guide local employers in situations they’re likely not familiar with, associated with COVID-19.

Replay the webinar here.

Tune in tomorrow at 2:00 pm CST to learn about the Stimulus Package with Scott Corley and Kasey S. Pipes from Corley Pipes Consulting.

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About the Fort Worth Chamber of Commerce

The Fort Worth Chamber of Commerce, with 1,700 member businesses, is one of the largest chambers in the North Texas region. Through its core functions of business attraction and retention, talent development, small business and entrepreneur support, and government advocacy, the Chamber’s vision is to drive the Fort Worth region to be the most thriving, inviting community for all. Contact the Fort Worth Chamber of Commerce at (817) 338-2491 or visit http://www.fortworthchamber.com/

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