COVID19 Resource List

April 3, 2020

Both the CARES Act and the Families First Act include a variety of relief measures for small businesses, individuals and certain nonprofit organizations.  There are tax benefits, tax credits, direct payments, loan programs, grant programs, expanded unemployment benefits and other resources meant to incentivize businesses and nonprofits and encourage employee retention.

We’re sorting this out as fast as possible and we’ll do everything we can to keep you up to date.  This is a moving target – forms and links change as new information becomes available.

You can also check https://home.treasury.gov/cares for the latest information as updates are happening on a daily basis.

Payroll processing companies are working hard to figure out all of the mechanics of the Families First Act and how to report what employers pay for sick time to their employees that would qualify for the payroll tax credits.  We’ll keep you updated as we learn more.

Below is a partial list of resources for you to review and consider:

Economic Injury Disaster Advance Loan

In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000.

This advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available within three days of a successful application. This loan advance will not have to be repaid.

Apply for the Loan Advance       https://covid19relief.sba.gov/#/

Read the US Chamber Guide          https://www.uschamber.com/report/guide-sbas-economic-injury-disaster-loans

Small Business Emergency Loan Guide – Updated

The U.S. Chamber’s Coronavirus Small Business Emergency Loan Guide, first issued last week, outlines the steps small businesses need to take to access much-needed Payroll Protection Program (PPP) funds.

The guide now includes important information including key dates as the government moves toward implementation. Recently, the Treasury Department issued more details on this paycheck protection program and a loan application available for download.

Starting April 3, small businesses and sole proprietorships can apply for loans.

Starting April 10, independent contractors and self-employed individuals can apply for loans.

There is a funding cap, so the Treasury Department recommends applying as soon as possible.

Be sure to send data using secure methods – these forms include personal and confidential information

Read the US Chamber Guide    https://uschamber.com/sbloans

Download the Application           https://www.sba.gov/document/sba-form–paycheck-protection-program-borrower-application-form

Employee Retention Tax Credit Guide

The CARES Act created a new employee retention tax credit for employers who are closed, partially closed, or experiencing significant revenue losses as a result of the coronavirus.  Employers who receive a Paycheck Protection Program (PPP) loan are not eligible for this tax credit.

Read the US Chamber Guide https://uschamber.com/ertc

Families First Coronavirus Response Act: Employer Paid Leave Requirements

The Families First Coronavirus Response Act (FFCRA or Act) requires certain employers to provide their employees with paid sick leave or expanded family and medical leave for specified reasons related to COVID-19.[1] The Department of Labor’s (Department) Wage and Hour Division (WHD) administers and enforces the new law’s paid leave requirements. These provisions will apply from the effective date through December 31, 2020.

https://www.dol.gov/agencies/whd/pandemic/ffcra-employer-paid-leave

Stay Safe – Stay Healthy,

Rhonda Rosand, CPA