President Trump signed the law on March 27, 2020 in order to provide economic support to individuals and businesses during the economic downturn related to COVID-19. While there are a few helpful provisions in this new legislation, the most beneficial to small businesses is the creation of the Payment Protection Program that will be administered under the Small Business Administration as an extension of the 7(a) loan program. While this loan program is fairly complex, what

President Trump signed the law on March 27, 2020 in order to provide economic support to individuals and businesses during the economic downturn related to COVID-19. $1,200 & $2,400 Payments The law provides $1,200 in a one time payment to individuals that reported less than $75,000 in adjusted gross income (AGI) on their tax return. The payment reduces gradually to zero between $75,000 and $99,000 of AGI. Married couples will receive $2,400 if they report less than $150,0

Due to the outbreak of Covid-19, the SBA has announced a special loan program to help with the economic slowdown. The SBA will work directly with state Governors to provide targeted, low-interest loans to small businesses and non-profits that have been severely impacted by the Coronavirus (COVID-19). The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small busines

Timing The FFCRA was signed into law on March 18, 2020 and the benefits must begin within 15 days of that date. The law will take effect on April 2, 2020 and is effective through December 31, 2020. Emergency paid leave One of the new benefits created by the FFCRA is what’s known as “emergency paid leave.” If an individual is unable to work because COVID-19 has affected them in one of the ways detailed below, they may be able to take up to two weeks (10 workdays) off and still