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.
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.
An ordinance by the City of Conway regarding the use of masks in relation to the COVID-19 pandemic
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.
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 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 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 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.