Disaster Funding
Q&A – COVID-19 Emergency Loans
3 Sources of Federal Relief for Small Businesses
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…
Read MoreFor Individuals: New COVID-19 Federal Assistance – CARES Act
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.…
Read MoreFor Small Businesses: New COVID-19 Federal Assistance – CARES Act
The Cares Act, passed March 27, 2020, provides payroll and rent relief to small businesses. The Act includes a loan forgiveness provision for funds used to pay employees, rent, utilities or a mortgage. There is also a provision to defer payment of employer social security taxes with payment permitted over two years. Here is a…
Read MoreHelp for Small Businesses in Maryland
Maryland offers two programs to assist small businesses with fewer than 50 employees. The first is an emergency relief grant fund, and the second is an emergency relief loan funds. Maryland Small Business COVID-19 Emergency Relief Grant $ 50M Fund This fund offers working capital to assist Maryland small businesses and nonprofits with disrupted operations…
Read MoreFairfax County Help For Businesses due to Covid-19
Resources for Small Businesses – SBA EIDL Funding
U.S. Small Business Administration Disaster Loans The SBA is offering low-interest federal disaster loans for working capital up to $2 million to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19). Apply for a loan online Read an overview of loan eligibility and terms For questions about the loan program or…
Read MoreTax Credits Provided to Small Businesses
The Family First Coronavirus Response Act requires Small Businesses to provide Emergency Family and Medical Leave, and Paid Sick Leave for employees. It also provides tax credits to small businesses. The FFCRA includes a 100 percent payroll tax credit for qualified sick leave wages paid under the EPSLA and for qualified family leave wages paid…
Read MoreFamilies First Emergency Family and Medical Leave Expansion Act
Help for Employers and Employees Emergency Family and Medical Leave Act Requires companies with fewer than 500 employees to provide paid time off. Employers with fewer than 50 employees may be exempt if it would “jeopardize the viability of the business” Employers with fewer than 500 employees now must allow employees who have been employed…
Read MoreSBA EIDL Help for Small Businesses
Economic Injury Disaster Loan (EIDL) from the SBA The Coronavirus Preparedness and Response Supplemental Appropriations Act, 2020 Providing help to small businesses through the U.S. Small Business Administration (SBA) through low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19). Read an overview of…
Read More