With respect to small businesses that have been impacted by COVID-19, certain small businesses with up to 500 employees will be able to take out loans (up to $10M depending on payroll costs and other factors), which will be eligible for forgiveness if used to cover payroll a...
The CARES Act establishes a new Paycheck Protection Program under the Small Business Administration’s Section 7(a) loan program designed to help eligible businesses stay open and retain employees by providing loans to pay operational costs during the COVID-19 emergency. These loans are forgivable ...
Waives affiliation rules under 13 C.F.R. 121.103 for any business with less than 500 employees in the Accommodation and Food Services Industry, certain franchise businesses and small businesses that receive financing through the Small Business Investment Company Act. Affiliation rules otherwise apply to...
The CARES Act changes the federal tax filing and payment deadline from April 15 to July 15, meaning you’ll have an additional three months to file your federal tax return and pay any taxes you owe. In the meantime, money you owe can earn interest for you. That said, if you expect t...
To apply for CARES Act funding, a school just has to fill out the Certificate of Funding and Agreement. However, there are stipulations for what the money can be used for. 50% of the money granted to an institution must be given to students to combat the impact of coronavirus, and can...
Since the CARES Act (also referred to as the Paycheck Protection Act, or “PPP”) rolled out on April 3, 2020, COVID-19-affected small businesses have claimed that banks processed loan applications to benefit themselves, rather than on the “first-come, first-served” basis, as the lawreq...
Congress to pass legislation that provides recovery funds and tax credits to help venues survive during the pandemic. First it was the Save Our Stages Act, which passed in the House; and now the HEROES Small Business Lifeline Act is being considered in the Senate as part of the CARES Act....
$37.5 billion for the Main Street Lending Facilities for loans to small and mid-size businesses; $17.5 billion for the Municipal Liquidity Facility to support municipal bond issuance; $10 billion for the Term Asset-Backed Securities Loan Facility; and $1.5 billion ...
On Wednesday, March 25, 2020, the U.S. Senate passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act, delivering a massive influx of cash for individual Americans, businesses and health care facilities reeling from the COVID-19 pandemic. The $2 trillion bill is thelargest in...
Open or closed, small businesses like hers have bills that need to be paid, like rent,property taxes, electricity and water fees, and interest and principal payments on loans. And that doesn’t factor in the money that she needs to live. ...