To establish the Small Business Economic Assistance Program. 2020-07-09 Introduced in House This bill establishes the Small Business Economic Assistance Program to provide financial assistance to certain small businesses.

Among other eligibility requirements, a small business must have (1) more than 1 but fewer than 50 employees, (2) not received a payment under the Paycheck Protection Program, and (3) been established prior to January 1, 2020.

Such assistance shall consist of a financial assistance payment equal to $5,000 per employee, at least 80% of which the recipient shall use for employee compensation. The remaining amounts shall be used for business costs such as rent, mortgage payments, or utility payments.

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