The COVID-19 situation is evolving every day. As cases increase and more states and municipalities are issuing “stay-at-home” orders, the economic picture for the coming months looks uncertain, at best.
As we all know, Congress has passed the largest economic relief package in history and leaders are already discussing additional legislation to reinvigorate the broader economy. Programs are now already stood up or in the process of being finalized to help your company remain viable.
In my note earlier this week, I shared the Small Business Guide to the CARES Act and encourage you to review this document if you have not already done so. It’s a great primer on understanding key provisions of this legislation and how they can apply to you. The Paycheck Protection Program is a landmark new program, providing eight weeks of cash-flow assistance through 100% federally guaranteed loans to small employers who maintain their payroll. By maintaining your workforce, the portion of the loan used to cover payroll, as well as some other expenses, can be fully forgiven. It is also retroactive until February 15, allowing you to bring back workers that might have already been laid off. These loans are offered through the network of nearly 2000 SBA-affiliated lenders.
If you do not wish to apply for or cannot qualify for a Paycheck Protection Program loan, you may still qualify for the Employee Retention Credit to help offset the cost of maintaining your workforce. These and other elements of the CARES Act package will be discussed in our webinar today (Thursday, April 2) at 3:00 pm EST. Registration information for the webinar is below and I hope you’ll join us.
These are trying times and we will continue working to keep you informed. As further guidance and application information comes out from the federal government on these new programs, we will continue to update our COVID-19 Resource page and to send information directly to you. If you still have unanswered questions, reach out to me or my colleagues, John Schweitzer or Gabrielle Goldfarb. We want to help the industry navigate this situation as best we can, and likely one of your peers is struggling with the same issue.
Wishing you health and happiness – let’s stay in touch.
Director, Government Affairs
Latest ACMA Resources:
Webinar: A Closer Look at Federal Legislation and Stimulus
When: Thursday, April 2, 2020 3:00 pm EDT
FREE for ACMA members
Latest Industry Resources:
• Small Business Guide to the Cares Act – FAQs on programs to keep workers employed
• Information from Small Business Administration – including Paycheck Protection Program and other loan relief programs
• IRS FAQ on the Employee Retention Credit – discusses wages, eligible employers and more
• CDC Recommendations on PPE Fit Testing – includes information on methods and other considerations
• Click Here For Additional Resources.