Business Support during Covid-19 outbreak.

Find all that’s happening related to Disaster Funding and support for SMEs. Contact us for further details.

What’s the Status of Your Economic Injury Disaster Relief Loan (EIDL)?

By cpadepartment | April 4, 2020

This message was shared by a colleague after calling the SBA yesterday, 4/3/2020, to inquire about her EIDL status: EIDL applications (Application # starts with a 2) that are IN REVIEW are frozen in review.  If you applied for this prior to 3/31, you received an email confirming your submission.They are ONLY processing the $10K…

Step by Step Guidance and Application Forms – A Small Business Owner’s Guide to the CARES Act

By cpadepartment | April 1, 2020

Please open or download this guide from the US Chamber of Commerce for detailed, step by step instructions for accessing assistance. The following files contain documents to assist calculating the Payroll Protection Act Loan amount, as well as the Borrower Application and Program Details.

Help for Small Businesses in VA

By cpadepartment | March 30, 2020

Virginia Governor Ralph Northam released Workforce Innovation and Opportunity Act (WIOA) Rapid Response funding to support Northern Virginia employers to remain open during this emergency. The funds are intended to assist local employers to avert layoffs and support other operational needs.  These strategies and activities are designed to prevent, or minimize the duration of, unemployment…

Interest on all student loans held by the Federal Government Waived due to COVID-19

By cpadepartment | March 30, 2020

Contact your loan servicer online or by phone to determine if your loans are eligible. Your servicer is the entity to which you make your monthly payment. If you do not know who your servicer is or how to contact them, visit StudentAid.gov/login or call 1-800-4-FED-AID. See link below for more information from studentaid.gov, including Q&A. https://studentaid.gov/announcements-events/coronavirus

Comprehensive List of Private and Public Loans, Grants, and Financial Support for Small Businesses

By cpadepartment | March 30, 2020

In light of the global COVID-19 pandemic, federal, state, and local governments, along with private entities, are mobilizing to provide economic relief as businesses and workers enter a period of uncertainty. Gusto compiled  a comprehensive list of public and private loans, grants, and financial support programs aimed at small businesses: https://docs.google.com/spreadsheets/d/1SRBZE2_6Nftwd02M6Oxj8MoeuZ7y93spXIgIPhkkp2w/htmlview#gid=0

New Guidance from the DOL on Administering FFCRA Leaves

By cpadepartment | March 30, 2020

The DOL has provided Questions and Answers document for employers, to provide guidance ahead of the implementation date on Wednesday, April 1. The following are some highlights from the updated guidance: These leaves are not available to employees with reduced hours, furloughed employees, or employees whose workplaces are closed. See questions 23-28. These leaves are…

COVID-19 Poster – Required Distribution by April 1 for all Businesses

By cpadepartment | March 30, 2020

Required FFCRA PosterThe Department of Labor (DOL) has released a mandatory employee rights poster for the FFCRA. It should be posted or distributed to employees electronically (via email or online portal) by April 1.

Q&A – COVID-19 Emergency Loans

By cpadepartment | March 30, 2020

3 Sources of Federal Relief for Small Businesses

By cpadepartment | March 29, 2020

Economic Injury Disaster Loans (EIDL) through the SBA The Coronavirus Preparedness and Response Supplemental Appropriations Act provided $1Billion of loan subsidies for the SBA Economic Injury Disaster Loan program for small business entities financial impacted as a result of the coronavirus. Please see our post here for more information about the program and how to…

For Individuals: New COVID-19 Federal Assistance – CARES Act

By cpadepartment | March 29, 2020

The Cares Act, passed March 27, 2020, provides economic relief to individuals to help families cope with the financial impact of the pandemic. Below follows a summary of the provisions, with more to come as details unfold. Provisions for Individuals Retirement Plans Withdrawals no 10% penalty on early withdrawals up to $100,000 for coronavirus-related distributions.…