What's in the coronavirus bill for Silicon Valley

There are a few provisions for Silicon Valley in the massive $2 trillion package to cushion the coronavirus' economic impact that Congress is on the brink of passing.

Why it matters: Some startups are facing layoffs and shutdowns, and millions of gig economy workers and Airbnb hosts are being strained by the sudden shift in consumer behavior.

Startups: They may qualify for the $350 billion small business loans program that’s part of the package, aimed at companies with under 500 employees. But one hurdle will likely prevent most of them from doing so.

• Under "affiliation rules” that are standard for the Small Business Administration, which will administer this program, companies with minority investors — venture capitalists, in this case — have to count employees of fellow portfolio companies. This would put many venture-backed startups above the 500-person cutoff.
• What’s next: The National Venture Capital Association, which has been lobbying Congress to waive these rules, says there’s still a chance this could be amended as part of the guidance Treasury and the SBA will be issuing soon. The association successfully lobbied to remove a provision from the bill that would have required startup founders to personally guarantee their business' loans.
• Yes, but: Startups still may qualify for other small tax breaks and deferrals baked into the bill.

Gig economy: The bill provides two avenues for gig economy workers to get financial relief — small business loans and unemployment benefits.

• On Monday, Uber CEO Dara Khosrowshahi sent a letter to President Trump asking that gig economy worker be included in the stimulus package.

Short-term rental hosts, who rent out their properties via Airbnb and other marketplaces, will also get a bit of relief.

• Hosts may be eligible for expanded unemployment benefits and small business loans, if they meet certain criteria.
• Airbnb, which has received strong backlash from hosts for allowing all travelers to get refunds, lobbied Congress earlier this month to get these provisions into the bill.

Yes, but: Much of this is theoretical for now — the test will come when companies and individuals actually try to apply for these programs.

• And if the process becomes messy, it won't be surprising if workers and rental hosts get even more frustrated with gig economy companies for not providing more financial help.

Go deeper:

• The gig economy's coronavirus test
• House Democrats' virus bill would fund student Wi-Fi hotspots