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Federal Loan and Tax Relief Programs


Federal Emergency Loans, Tax Relief and Other Programs


This legislation does two things. First, it requires employers with fewer than 500 employees to grant up to 10 weeks paid leave. The first two weeks of the FMLA 12-week leave provision can be unpaid. The second provision requires employers with fewer than 500 employees to provide up to 80 hours of paid leave to full-time employees who miss work due to coronavirus-related issues.
US Chamber of Commerce- Families First Coronavirus Response Act: What Businesses Need to Know:

Overview of Federal Emergency Loan Programs
There are several new programs recently passed by Congress to help small businesses and their employees cope with the fallout from the Coronavirus oubreak.
 
A bit of important advice: Apply early and expect delays
 
You should plan to apply as soon as possible, as there is are caps on the amount of money available in various programs.You should also be prepared to be patient and persistent. Most of the groups responsible for providing funding – your local bank, state unemployment offices, the Small Business Administration, and FEMA – are going to be overwhelmed trying to process record numbers of applications and supporting documents. It’s not unreasonable to expect long wait times, crashed websites, and very slow processing of successful applications.
 


CARES Act Language- This is the actual legislative language for the Coronavirus Aid, Relief and Economic Security Act.
Small Business Administration - Disaster Assistance in Response to the Coronavirus
US Chamber of CommerceCoronavirus Emergency Loan: Small Business Guide and Checklist
National Federation of Independent BusinessCoronavirus Small Business Guidance & Loan Resources

 

This is the primary source of relief for small businesses. Apply early! Funding has a cap.
US Treasury Paycheck Protection Program application:
US Treasury Paycheck Protection Program overview for small businesses:
US Chamber of CommercePaycheck Protection Program overview:
National Federation of independent BusinessGood overview of features and requirements of Paycheck Protection Program and other SBA loan programs:
 


Some NOWRA members may be able to secure assistance under SBA’s Economic Injury Disaster Loan (EIDL) Program. There are more restrictions on access to funds, but it may still be applicable to your business.
US Chamber of CommerceHow to apply for EIDLs:
NFIBhas a good side-by-side chart which explains the differences between Economic Injury Disaster Loans and the Payroll Protection Program:
Small Business Administration - COVID 19 Economic Disaster Loan Application
 


Internal Revenue Service – Coronavirus Tax Relief
US Chamber of CommerceBusiness Tax Changes