Last Updated: Friday, April 3, 2020
ACMA is committed to providing our members the most up to date information regarding the COVID-19 outbreak. Below, we have included links to various legislative and industry resources that may be helpful to you and your business during this time. This page will be updated regularly as new information becomes available.
These are programs provided by the federal government in response to the COVID-19 epidemic. Please contact John Schweitzer if you have information that could be included in this document. ACMA makes no express or implied endorsement of law firms or other organizations providing linked material.
ACMA’s COVID-19 Ongoing Webinar Series
Take a closer look at federal stimulus legislation with ACMA’s recent webinar COVID-19 – A Closer Look at Federal Legislation and Economic Stimulus. This webinar is available at no charge on the ACMA Education Hub.
ACMA’s Policy Spotlight | COVID-19 Updates
ACMA’s Policy Spotlight e-newsletter is your source for the latest industry COVID-19 updates. View the latest here:
- ACMA Policy Spotlight | COVID-19 Updates – April 2, 2020
- ACMA Policy Spotlight | COVID-19 Updates – March 31, 2020
Small Business Administration Relief Programs – Now Available
Small businesses affected by the coronavirus outbreak may be eligible to apply for the Paycheck Protection Program and other low-interest disaster loans.
- Funding Information to Access Paycheck Protection Program and other Loans and Debt Relief
- SBA Recently Finalized Regulations on Paycheck Protection Plan Rollout
- Paycheck Protection Program One Pager from US Treasury
Economic Impact Payments and Tax Relief
The US Treasury is giving direct relief to Americans and companies. The distribution of Economic Impact Payments will begin in the next three weeks and will be distributed automatically. New tax credits exist to keep your company viable.
- Economic Impact Payments: What you need to know
- Employee Retention Credit Under the CARES Act
- IRS Coronavirus Response Page
- Additional Information on how the Treasury is Taking Action
Key CARES Act provisions
Congress has passed a $2 trillion economic package called the CARES Act, designed to keep businesses afloat and Americans employed. Guidance on how to fully access these provisions will be forthcoming from federal agencies – continue to monitor this page to stay up to date. Learn more about key aspects of the bill now:
- CARES Act Summary
- Small Business Guide to the Cares Act including FAQs on programs to keep workers employed
- Paycheck Protection Program Details
- Details on Tax and Tax Credit provisions
- Details on Modifications to Unemployment Insurance
- Employee Retention FAQ by Senator Grassley (R-IA)
- Full Text of the CARES Act
Export-Import Bank of the United States (EXIM) – measures for small businesses
EXIM is offering waivers, deadline extensions, streamlined processing, and flexibility for customers of several of its programs.
Commerce Department Commercial Service and Manufacturing Extension Partnership
The Department of Commerce has a network of centers working with state and local partners that help small and medium-sized businesses reduce costs, fill supply chain gaps, find new buyers, and more through the Commercial Service and Manufacturing Extension Partnership
Paid sick time and family medical leave under the Families First Coronavirus Response Act (signed by President Trump on March 18)
Employers with fewer than 500 employees will be required to provide paid family leave and sick leave to certain employees and will receive a quarterly credit against the employer portion of Social Security taxes for amounts paid.
ACMA’s Summary of Families First Coronavirus Response Act
A breakdown of key components of the bill (from Bgov.com) that may be of interest to you as you make decisions for your business during this time.
- ACMA Summary (from Bgov.com)
- Information for Employers
- The Department of Labor guidelines on the Families First Coronavirus Response Act (FFCRA)
Tax payment deadline delayed
The Department of the Treasury has delayed Tax Day until July 15th, giving small business owners more time to pay their taxes without incurring interest or other penalties. Taxpayers are not required to file any documentation to take advantage of this delay.
Enhanced availability of unemployment benefits
The Department of Labor issued guidance to allow States the flexibility to pay unemployment benefits when an employer temporarily ceases operations due to the coronavirus outbreak.