The U.S. Small Business Administration (SBA) is backing several financing options, without application fees, to small businesses and certain private nonprofits affected by the COVID-19 public health emergency:
April 24, 2020 -- Economic Injury Disaster Loan (EIDL) -- $60 BILLION EXPANSION
Economic Injury Disaster Loans (EIDL's) are loans to be given to a small business, according to SBA’s definition, suffering from significant economic negative effects due to coronavirus outbreak that cannot get credit or capital elsewhere.
April 24, 2020 -- Payroll Protection Program (PPP) & Healthcare Enhancement Act (HCE Act); EXPANSION ACT ADDS $310 BILLION IN ADDITIONAL FUNDING AS OF APRIL 24, 2020
The CARES Act includes a new Paycheck Protection Program (PPP) that offers forgivable loans to small businesses equal to two and a half times their monthly payroll – as long as the small business commits to maintaining payroll/employment for the next 8 weeks – by retaining employees or re-hiring laid-off workers.
April 30, 2020 -- Payment Protection Program (PPP) Update on Taxability (Huth Thompson)
April 21, 2020 -- Employer Tax Credits for EPSLA and EFMLEA
Employers can receive a credit against payroll taxes for 100% of the employer-paid qualified sick leave wages paid each calendar quarter, subject to specified limitations.
April 21, 2020 -- Tax Relief For Employers/Businesses Under The CARES Act
Included in the CARES Act are tax provisions intended to provide financial relief to people and businesses suffering as a result of the COVID-19 disease.
April 1, 2020 -- Economic Stabilization Loans & Loan Guarantees
The Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”) also includes Economic Stabilization Loans & Loan Guarantees. These loans and loan guarantees are for businesses of all sizes in industries most impacted by the COVID-19 pandemic .
April 14, 2020 -- SBA Debt Relief
The SBA Debt Relief program will provide a reprieve to small businesses as they overcome the challenges created by this COVID-19 health crisis.
The City of Lafayette and City of West Lafayette are offering loans or grants to locally owned, small businesses affected by COV-19 that have not received other government funding:
April 24, 2020 -- City of Lafayette CDBG Emergency Small Business Assistance Program
The City of Lafayette is offering forgivable loans up to $10,000 for locally owned businesses in Lafayette affected by COVID-19.
April 24, 2020 -- City of West Lafayette Small Business Stabilization Fund Grants
The City of West Lafayette has allocated $500,000 towards grants for West Lafayette locally owned businesses located in a low-moderate income area that have lost income due to COVID-19.
April 10, 2020 -- COVID-19 Unemployment Benefits for Independent Contractors
A PDF of Gutwein Law's presentation on unemployment benefits for real estate agents as independent contractors is linked above or a recording of the video can be viewed here.
April 17, 2020 -- FAQ's: What Employers Need to Know About the Families First Coronavirus Response Act Regarding Employee Leaves
Employers with fewer than 500 employees need to be ready by April 1, 2020 to implement paid leave for employees under the Families First Coronavirus Response Act passed on March 18, 2020.
March 31, 2020 -- COVID-19 Regulations and Relief Efforts Affecting Businesses & Employers (gener8tor Emergency Response Program)
gener8tor is hosting emergency one-week virtual programs for small businesses affected by the COVID-19 outbreak. A PDF of Gutwein Law's employment law presentation is linked above or a recording of the video can be downloaded here.
March 18, 2020 -- Communicating to Your Workforce and External Stakeholders
At this unprecedented time in the world, we strongly advise that you overcommunicate with your stakeholders – both those inside your company and external stakeholders like your customers and partners.
March 18, 2020 -- Policies
Companies should review and consider updating or adding to their policies that apply to the current landscape – including crisis management and COVID-19 specific practices for the safety and health of everyone who interacts with your company.
March 18, 2020 -- Employee Furloughs or Lay-offs Due to Operation Downturns/Interruptions
The global economy will no doubt be impacted by the COVID-19 (coronavirus) outbreak. In light of these events, companies may need to consider cutting back on expenses, including payroll. When considering options for reducing staff numbers, companies must account for how to comply with all the employment laws and regulations implicated.
March 18, 2020 -- WARN Act
Before executing a lay-off or any type of reduction in workforce, employers need to consider if they are governed by the Federal WARN Act or any state Mini WARN Acts that requires prior notice for any sizable employee lay-off or termination.
March 18, 2020 -- Insurance Coverage That Can Aid Your Company
Review your company’s policies now in order to be poised to provide timely notice for any potential insurance claims your company can pursue.
March 18, 2020 -- Force Majeure in Sports (and Everything Else)
If your company provides goods or services, you have likely already been affected by contractual provisions related to “acts of God,” also called Force Majeure clauses. These clauses may excuse one or more parties from performing its obligations under a contract that they would otherwise be bound to perform.
- U.S. Small Business Administration -- Disaster Loan Assistance
- World Health Organization (WHO)
- Centers for Disease Control and Prevention
- US Federal Agency Responses
- International Air Transport Association (AITA)
- US Department of State -- Travel Advisory
- Families First Coronavirus Relief Act (FFCRA)
- EEOC Guidance on Coronavirus and COVID-19 Pandemic Webinar
- IRS COVID-19 Related Tax Credit FAQ's
SBA UPDATES: With the updates and changes to law coming rapidly and often, you may sign up to receive updates from the SBA directly at: https://www.sba.gov/updates