Small businesses in Montana could soon see financial relief due to a bipartisan bill. | Pixabay
Small businesses in Montana could soon see financial relief due to a bipartisan bill. | Pixabay
Sen. Steve Daines plans to introduce a bipartisan bill that will preserve Montana jobs and give critical relief to Montana's small businesses.
“Montana small businesses and our local community banks have been drastically impacted by the COVID-19 pandemic," Daines said in a press release. "They need relief to help protect jobs and workers, not unnecessary loans and payments during these hard times. That’s why I’ll be introducing small-dollar legislation to ensure small-dollar loans are forgiven.”
Daines plans to unveil his bill, joined by Sen. Angus King of Maine.
Meanwhile, Congress created the EIDL Advance program, as part of the CARES Act, which will allow businesses to receive a grant of $1,000 per employee. However, the amount that can be received will be capped at $10,000.
Moreover, small businesses who also received PPP loans will need to subtract the EIDL loan amount they received from their total forgiveness. This will lower the total amount granted to each business.
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