The Treasury Department and the Internal Revenue Service announced March 30, 2020, that distribution of economic impact payments will begin in the next three weeks and will be distributed automatically, with no action required for most people. However, some taxpayers who typically do not file returns will need to submit a simple tax return to receive the economic impact payment.
This chart explains the differences between Economic Injury Disaster Loans and the Paycheck Protection Program.
The Paycheck Protection Program (“PPP”) authorizes up to $349 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis. All loan terms will be the same for everyone. Borrowers can learn more from this fact sheet.
The Arkansas Small Business and Technology Development Center hosted a webinar on applying for the SBA economic injury disaster loans. View it at the link.
The Arkansas Small Business and Technology Development Center hosted a webinar on applying for the SBA economic injury disaster loans. The webinar slides are available for download at this link.
Prepared by the U.S. Chamber of Commerce, this guide helps small businesses and self-employed individuals prepare to file for a loan through the Paycheck Protection Program, an initiative that provides 100% federally guaranteed loans to small businesses.
Title I of the Coronavirus Aid, Relief, and Economic Security Act amends the Small Business Act to create a new “Paycheck Protection Program.” The Program allows essentially any business or nonprofit with fewer than 500 employees to obtain low-interest, no-collateral loans from the SBA from February 15, 2020 to June 30, 2020 to cover operating costs. Further, under the Program, eligible employers are entitled to have up to the entire amount of their loan forgiven provided the employer has maintained employment levels during the pandemic.
The Families First Coronavirus Response Act (the “Act”) is the first of an expected series of new laws designed to address the economic impact of COVID-19 a/k/a the coronavirus. The law was passed March 19, 2020.
The U.S. Small Business Administration (SBA) is offering designated states and territories low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19). Upon a request received from a state’s or territory’s Governor, SBA will issue under its own authority, as provide by the Coronavirus Preparedness and Response Supplement Appropriations Act that was recently signed by the President, an Economic Injury Disaster Loan declaration.