Additional COVID-19 Business Relief Funds Expected

The US Senate passed another round of emergency COVID-19 relief funding yesterday, and the House is currently discussing the package. A vote is expected still this week.

The roughly $480 billion relief package is in addition to the $2 trillion CARES Act passed on March 25. The new relief package will include more funding for small businesses impacted by the pandemic, along with additional funding for hospitals and expanded testing.

Once passed, the small business disaster loan programs, Paycheck Protection Program, and Economic Injury Disaster Loans through the Small Business Administration are expected to reopen reasonably quickly.

Demand for the loans will again likely be high, so it's important to speak with your banker/lender right away if you want to apply for the PPP Loan and begin preparing your paperwork.

We've put together a high-level overview of loan and debt relief aid available and developed a comparison chart. With these tools, you can decide what options might work best for your small business and how you should apply.

As with most of the COVID-19-related legislation and new rules, the government will likely release additional information and guidance. Our expert team is closely monitoring all further information to keep you informed about any changes that may impact you or your business. If you have any questions about any of the new rules, don't hesitate to let us know.  

This communication is intended to provide general information on legislative COVID-19 relief measures as of the date of this communication and may reference information from reputable sources. Although our firm has made every reasonable effort to ensure that the information provided is accurate, we make no warranties, expressed or implied, on the information provided. As legislative efforts are still ongoing, we expect that there may be additional guidance and clarification from regulators that may modify some of the provisions in this communication. Some of those modifications may be significant. As such, be aware that this is not a comprehensive analysis of the subject matter covered and is not intended to provide specific recommendations to you or your business with respect to the matters addressed.