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.
Mayor Bart Castleberry has issued two executive orders that suspend certain zoning and ordinance restrictions on Conway’s eating establishments, hotels, and motels. The executive orders permit eating establishments to sell food, ingredients, cleaning supplies, paper goods, or sundries inside the city limits for period of 30 days or until further notice. Similarly, hotels and motels have the ability to sell cleaning supplies, paper goods, or sundries for the next 30 days. By easing zoning restrictions, Conway citizens have alternative opportunities to purchase food, cleaning supplies, and other items during the COVID-19 pandemic.