BOULDER, Colo. (BRAIN) — On Friday Congress approved and the president signed a $2 Trillion stimulus package into law. PeopleForBikes plans a webinar next week to explain what it could mean to retailers and other members of the bike industry.
In the meantime, the organization also has details and analysis of the stimulus package on its blog, as well as other COVID-19 resources for the industry on a webpage.
According to PeopleForBikes, the package includes the following provisions that will benefit the industry:
- Small Business Administration (SBA) Paycheck Protection Program: Provides small businesses (500 employees or less) with funding to help retain workers and maintain payroll through loans to support salaries, paid sick leave or medical leave, insurance premiums, mortgage payments or other debt obligations.
- SBA Loan Forgiveness and Debt Relief: Provides loan forgiveness (for the amount spent during an eight-week period) on payroll costs, mortgage interest payments, rent and utilities. Additional funding for six months of payments is available for those holding existing SBA loans.
- Employee Retention Payroll Tax Credit: Enables a tax credit of 50% of eligible wages (up to $10,000 per employee) for employees who have been retained by companies temporarily shut down by the government. There is no "double-dipping" allowed with other credits.
- Social Security Tax Delay for Employers: Allows employers and self-employed individuals to spread the payment of their portion of the Social Security tax for employees over two years.
- Expansion of the SBA Economic Injury Disaster Loan: Allows for emergency grants (up to $10,000 per business for operating costs) administered by the SBA.
- Expanded Unemployment Insurance: Creates the Pandemic Unemployment Assistance Program, which would protect individuals not currently covered by Unemployment Insurance (UI); and provides an additional $600 per week payment for four months for anyone covered by the Pandemic Unemployment Assistance Program or UI.
The webinar will be Thursday, April 2 at 3 p.m. ET. Register on GoToWebinar.
PeopleForBikes said it continues to advocate to local, state and federal lawmakers and administrative officials that the bike industry should be recognized for the essential services, products and tangible benefits it provides.
