Fast Company: “SBA loan programs are in disarray, and businesses hurt by COVID-19 need fast cash, says senator”

April 11, 2020

For companies in dire straits, the situation is increasingly untenable, and some members of Congress are finally starting to acknowledge that businesses will close forever if the chaos doesn’t end. Democratic senator Ron Wyden of Oregon today called for “cash assistance” to be included with the next package of coronavirus-related relief.

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Emergency Economic Injury Disaster Loans (EIDL) and EIDL Grants
April 11, 2020
There have been extensive updates to the SBA Disaster Loan program in both the FFCRA and the CARES Act. Because of COVID-19, essentially all small...
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US Federal COVID-Related Programs for Small Businesses
April 10, 2020
So far, Congress has passed two bills related to COVID-19 which have provisions specifically aimed at small businesses. They are: The Families First Coronavirus Response...
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FFCRA Paid Leave
April 10, 2020
This portion of the Families First Coronavirus Response Act (FFCRA) creates a paid leave program for employees where the cost of salaries and benefits is...
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Employee Retention Tax Credit
April 10, 2020
This portion of the CARES Act gives businesses a tax credit worth 50% of employee wages (up to $10k per employee) for wages paid between Mar 12, 2020 and the end of the year. Note that you can't do a PPP loan and also take this credit - you must choose between the two.
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Main Street Lending Facility
April 10, 2020
Summary of the Main Street Lending Facility the Federal Reserve is creating to encourage bank lending to medium-sized businesses.
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The Paycheck Protection Program (PPP)
April 10, 2020
This part of the CARES Act allows small businesses to borrow 2.5 months of payroll expenses (up to $10 mil) and not have to pay those loans back as long as they are spent on payroll and overhead per the rules the government lays out.
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