Scott Wilk, R-Santa Clarita, is highlighting resources available for small businesses impacted by the coronavirus, COVID-19, officials said.

Wilk released a statement Thursday to make sure residents of the Antelope, Santa Clarita and Victor Valleys are aware of the new resources available for small businesses affected by the COVID-19 pandemic. The Coronavirus Aid, Relief, and Economic Security (CARES) Act signed into law last week establishes a variety of economic relief resources.

“We are in uncharted territory and I want to make sure people understand what is available so they can access the programs they need to make it through this situation. It is important that businesses take advantage of these programs so we get these federal dollars into California’s economy,” said Wilk.

The CARES Act establishes a new $349 billion paycheck protection program. The program is designed to provide much-needed relief to millions of small businesses so they can sustain their businesses and keep their workers employed.

The new loan program helps small businesses with their payroll and other business operating expenses. It provides critical capital to businesses without collateral requirements, personal guarantees, or SBA fees-all with a 100 percent guarantee from the SBA.

All loan payments are to be deferred for six months. Most importantly, the SBA is to forgive the portion of the loan proceeds used to cover the first eight weeks of payroll, rent, utilities and mortgage interest.

The new loan program is available retroactively from Feb. 15, 2020, so employers can rehire their recently laid-off employees through June 30, 2020.

Visit the SBA site for more information on their assistance to small businesses. For the most up to date resources and links visit California’s Coronavirus Response website.

“Getting information I receive out to constituents will ensure they have every opportunity to get the help they need while navigating this unprecedented pandemic,” Wilk said in the statement. “My office is open and we are ready to help as well.”

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