Coronavirus Aid, Relief, and Economic Security Act
Confused about whether your business qualifies under the size standard for certain loans or assistance programs under SBA? This page helps you learn more size standard definitions, numerical requirements, and general requirements.
Paycheck Protection Program (PPP) Resources
- This new legislation modifies some of the terms related to the PPP Loan Forgiveness. Summary of changes:
- Current PPP borrowers can choose to extend the 8 week period to 24 weeks to spend the funds.
- New PPP borrowers will have a 24-week covered period, but the covered period can’t extend beyond Dec. 31, 2020. This flexibility is designed to make it easier for more borrowers to reach full, or almost full, forgiveness.
- The payroll expenditure requirement drops to 60% from 75% but is now a cliff, meaning that borrowers must spend at least 60% on payroll or none of the loan will be forgiven.
- The June 30th deadline to restore workforce levels and wages to the pre-pandemic levels is extended to December 31st.
- The legislation includes two new exceptions allowing borrowers to achieve full PPP loan forgiveness even if they don’t fully restore their workforce.
- The borrower cannot find qualified employees to replace those let go
- The borrower is unable to restore business operations to February 15, 2020, levels due to COVID-19 related operating restrictions.
- New borrowers now have five years to repay the loan instead of two. Existing PPP loans can be extended up to 5 years if the lender and borrower agree. The interest rate remains at 1%.
- The bill allows businesses that took a PPP loan to also delay payment of their payroll taxes, which was prohibited under the CARES Act.
Treasury and the U.S. Small Business Administration (SBA) released new Paycheck Protection Program (PPP) guidance on May 22nd that provided some clarity on several loan forgiveness questions.
In this resource center designed for CPA firms, you’ll find tools to help you educate and advise your clients on the program.
Here is an exhaustive list of lenders alphabetized by state. In this recently updated list, there are over 250 options in the Washington DC area and well over five hundred to choose from in Virginia. Use this list to see if your bank is participating in the Paycheck Protection Program (PPP).
This resource will give you a general overview about eligibility requirements for the program, when to apply, stipulations for forgiveness, and how to apply.
Entities such as WBC can help your organization find a lender. Use this directory to locate a WBC nearby, so that you can call them to inquire about lenders in your area.
Economic Injury Disaster Loan (EIDL) Program
This is the online portal to the application for the EIDL Loan, provided by the U.S. Small Business Administration. Sections on the loan include disclosers, business information, business owner(s) information, additional information, and a summary.
Family First Coronavirus Response Act (FFCRA)
Here is a resource that can help your members understand the requirements for paid leave under the FFCRA. These provisions go into effect April 1, 2020 and expire December 31, 2020. Find information including the five qualifying reasons for leave, the duration for each qualifying reason for leave, guidelines for determining covered employers along with guidelines for determining small businesses that may be exempt, etc.
Employers covered by the FFCRA Act must place this FFCRA poster in a clearly visible location that employees will frequent.
Launch a brief ‘Covid-19 Impact Survey’ within 2-3 days to gain insight on how the pandemic is affecting market trends, shipments, production, supply chain, staffing, etc.
As the second wave of the Paycheck Protection Program opened in late April, here are some frequently asked questions and guidance for the tax-exempt community navigating the PPP.
During this era of drastic shifts in the workplace, our team is working harder than ever to develop and maintain internal control for our clients’ organizations. This white paper discusses the components necessary to reach strong internal control along with the repercussions that may derive from relaxed or nonexistent internal control.
Other Resources Related to Mitigating COVID-19 Business Implications
Currently, the president has issued guidelines to avoid social gatherings of groups larger than ten people, but If you have not yet decided whether or not you will be canceling your annual event because it is taking place months from now, use this guidance to help you determine the risk level of attendees, volunteers, or staff contracting the virus.
Use this helpful resource to understand ways of preventing stigma related to COVID-19, which may include helping staff become more knowledgeable on the coronavirus disease facts.