Wyden: ‘Small business forgotten piece of puzzle’

Coronavirus

Save America's Main Street Act directly targets small business

PORTLAND, Ore. (KOIN) — President Trump on Friday signed a $484 billion bill to help employers and hospitals under stress from the coronavirus pandemic. Most of the funding in the bill would flow to small business through the Paycheck Protection Program, which provides money to small businesses to keep workers on their payroll.

It’s the second wave of money to that program. The first wave of more than $330 billion was gone within days.

Oregon Sen. Ron Wyden continues to push legislation to rescue small businesses with cash.

The Save America’s Main Street Act would provide immediate cash flow through a tax rebate, help businesses maintain payroll through a tax credit and defer estimated tax payments.

Summary of Save America’s Main Street Act

Wyden said right now small businesses feel forgotten.

“Small business really sees itself as the forgotten piece of puzzle,” Wyden said. “The small amount of assistance could give them a really big boost to survive this economic wallop.”

Businesses with $1 million or less in gross receipts and 50 or fewer employees qualify in Wyden’s bill. The money would keep people on the payroll.

The credit would be available to small business with less than 500 employees that was forced to close during the pandemic or has seen a 25% drop in gross receipts.

The bill would also delay all 2020 taxes for small business owners until September — and it also reduces payments to 75%.

Wyden and co-sponsor Ben Cardin along with other lawmakers hope this effort can help save Main Street.

The Associated Press contributed to this report

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