The coronavirus pandemic is creating significant disruptions and challenges for both businesses and individuals. The facts and circumstances of each person’s economic situation will differ, as will the resources needed to overcome the present challenges.
We hope the following information relating to potential resources and assistance will be useful in developing a strategic plan for navigating these challenging times. This article will continue to be updated as we become aware of additional resources.
Families First Coronavirus Response Act paid leave funding
Recently passed into law, this act includes provisions which require certain employers to provide payments for emergency leave and provide a funding mechanism for these payments in the form of tax credits. The resources listed below provide additional information on these provisions, including how taxpayers may currently access the funding provided by these credits as the related wage payments are made.
SBA 7(b) Disaster Loan availability
The Coronavirus Preparedness and Response Supplemental Appropriations Act recently passed into law and provides funding for the SBA to offer Economic Injury Disaster 7(b) loans to small businesses. Assistance under this program is now available in all U.S. states and territories. Under this program, businesses may apply for up to $2 million in assistance with repayment terms of up to 30 years and low interest rates. Additional information on this and other SBA programs may be found on the SBA Coronavirus web page.
Unemployment benefits and other labor related resources
The Families First Coronavirus Response Act includes additional appropriations for unemployment benefits and bills currently under consideration in Congress, which would provide for additional increases in funding and expansion of benefits. States in turn are actively amending laws to adapt their coverage in response to the coronavirus pandemic.
The Department of Labor coronavirus web page provides information on a number of labor-related resources, including information on unemployment insurance with a link to access state programs.
Currently, stimulus bills have been introduced in the Senate and the House. These bills include provisions for: immediate cash in the form of payments to individual taxpayers; further expansion of unemployment benefits and funding; additional paid leave support; and loan programs which may be converted to grants through loan forgiveness provisions and various tax incentives.
For more information, please visit our DHG COVID-19 web page or reach out to us at email@example.com.