NYT: “Small Businesses Wait for Cash as Disaster Loan Program Unravels”

April 11, 2020

Owners were supposed to be able to get up to $2 million. Now they’re being told the cap is $15,000 — if they can get any answers at all.

Published in News and Uncategorized

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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