PAYCHECK PROTECTION PROGRAM (PPP)

On July 4, 2020, President Trump signed a new law extending the deadline for applying for a PPP loan from June 30 to August 8, 2020.

PAYCHECK PROTECTION PROGRAM FLEXIBILITY ACT (PPPFA)

On June 5, 2020, President Trump signed into law the Paycheck Protection Program Flexibility Act, which changes a number of provisions in the original PPP loan program enacted as part of the CARES Act. Notable PPPFA changes include the following:

  • Changes amount of loan needed for payroll to 60%
  • Extends time period to use funds from 8 to 24 weeks
  • Pushes back a June 30 deadline to rehire workers to December 31, 2020
  • Eases rehire requirements
  • Extends the repayment term from 2 years to 5

PAYCHECK PROTECTION PROGRAM (PPP)

  • The U.S. Small Business Administration (SBA), which oversees PPP, will not be accepting applications for PPP loans after Tuesday, June 30. According to SBA, roughly $129 billion in PPP funding is still available as of June 12. Click here to access the most recent (updated May 27) PPP Loans FAQs for more information on PPP.

SBA LOANS

  • The SBA, through its Economic Injury Disaster Loan (EIDL) and EIDL Advance Program, offers qualified entities working capital loans to help overcome the temporary loss of revenue. On June 15, the SBA began accepting new EIDL and EIDL Advance applications from qualified small businesses. Applicants who have already submitted their applications will continue to be processed on a first-come, first-served basis. Eligible small businesses may apply for the SBA EIDL and EIDL Advance here.

MAIN STREET LENDING PROGRAM

  • The Federal Reserve has announced that it is establishing a Main Street Lending Program to support lending to small and medium-sized businesses that were in sound financial condition before the onset of the COVID-19 pandemic.

INTERNAL REVENUE SERVICE (IRS)

OCCUPATIONAL SAFETY AND HEALTH ADMINISTRATION (OSHA)

CENTERS FOR DISEASE CONTROL AND PREVENTION (CDC)