COVID-19 INFORMATION & RESOURCES FOR EMPLOYERS - Federal Resources
SBA updates guidance on applicant deadlines for COVID loan program
WASHINGTON – The U.S. Small Business Administration on Friday, Nov. 19 announced updated guidance for COVID Economic Injury Disaster Loan (EIDL) program applicants to better serve small business owners in need, while funding remains available.
EIDL loan and Targeted Advance applications will be accepted until Dec. 31 and will continue to be processed after this date until funds are exhausted.
Supplemental Targeted Advance applications will be accepted until Dec. 31, however, the SBA may be unable to process some Supplemental Targeted Advance applications submitted near the Dec. 31 deadline due to legal requirements. The SBA cannot continue to process Supplemental Targeted Advance applications after Dec. 31 and strongly encourages eligible small businesses to apply by Dec. 10 to ensure adequate processing time.
Borrowers can request increases up to their maximum eligible loan amount for up to two years after their loan origination date, or until the funds are exhausted, whichever is soonest.
The SBA will accept and review reconsideration and appeal requests for COVID EIDL applications received on or before Dec. 31 if the reconsideration/appeal is received within the timeframes in the regulation. This means six months from the date of decline for reconsiderations and 30 days from the date of reconsideration decline for appeals – unless funding is no longer available.
How to apply
Eligible small businesses, nonprofits, and agricultural businesses in all U.S. states and territories can apply. Visit www.sba.gov/eidl to learn more about eligibility and application requirements. The last day that applications may be received is Dec. 31. Applications received by Dec. 10 for Supplemental Advance will be processed in the order received and the SBA cannot guarantee processing of all applications by Dec. 31. All applicants should file their applications as soon as possible to allow for processing. For additional information on COVID EIDL and other recovery programs, please visit www.sba.gov/relief.
The U.S. Chamber has created a new "Guide to Small Business COVID-19 Emergency Loans" to provide businesses with the latest information and answers to FAQs about the changes that have been made to the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loans (EIDL) Program as part of the end-of-year pandemic relief package Congress has passed. Follow this link to view the US Chamber guide.
SBA, Treasury Issue Revised PPP Guidelines
The U.S. Small Business Administration and the U.S. Treasury Department have issued new and revised guidance for the Paycheck Protection Program (PPP). The new rule updates provisions relating to loan maturity, deferral of loan payments, and forgiveness provisions. SBA is planning to issue additional guidance regarding PPP loan forgiveness and a revised forgiveness application soon. Follow this link for more information and to view the new interim final rules.
SBA provides new federal resources page for small businesses
The US Small Business Administration is providing a concise, user-friendly website for small businesses to review all the federal funding programs available to them. Especially timely is a link to an online application for consideration of Payroll Protection Program Loan Forgiveness. Follow this link to the new SBA federal resource page for small businesses.
SBA/Treasury Department release Payroll Protection Plan Forgiveness guidelines
The US Small Business Administration and the Treasury Department have released information on how small businesses can apply for loan forgiveness under the Paycheck Protection Program. The Loan Forgiveness Application explains how to calculate the forgiveness amount, determine eligible payroll and nonpayroll costs, document eligibility for loan forgiveness and apply the CARES Act’s safe harbor for remedying payroll or headcount reductions. Use this link to read more about SBA/Treasury PPP forgiveness. You can access the application form and instructions by using this link.
SBA Updates PPP Frequently Asked Questions
The Small Business Administration, in conjunction with the Treasury Department, has released new FAQs providing lenders and borrowers with guidance on issues relating to the Payroll Protection Program. You can access the full updated Payroll Protection Program FAQ using this link.
US Department of Agriculture provides COVID 19 Resource Page for rural communities
The USDA is providing a COVID 19 landing page providing information regarding programs that can be used to provide immediate and long-term assistance to rural communities affected by the COVID-19 pandemic. These programs include support recovery efforts for rural residents, businesses and communities through technical, training, and management assistance; financial assistance; and state and local assistance. Use this link to access the USDA COVID 19 Federal Rural Resource Guide
OSHA issues guidance for retail employers/employees
The US Occupational Safety and Health Administration is issuing a series of industry-specific alerts designed to help employers keep workers safe. The latest alert is targeted at retail employers and employees (e.g., pharmacies, supermarkets, and “big box” stores). Read the Retail Sector Alert here.
Small Business Administration “Landing Site” for Small Business COVID 19 Assistance
The SBA has four “products” to help small businesses hit hard by the COVID-19 pandemic. Follow this link to their website for more information on the Payroll Protection Plan, Economic Injury Disaster Loan advances, SBA Express Bridge Loans and SBA Debt Relief.
Preparing Workplaces for COVID-19
The CDC has also updated information for essential employers on best practices for preparing workplaces to slow the spread of COVID-19. The Occupational Safety Health Administration (OSHA) has also offered guidelines for preparing the workplace for COVID-19. This will also be the subject of BIA’s Wednesday Webinar, Preventing & Responding to COVID-19 in the Workplace.
SBA Offers “One Stop Shopping” Page for Payroll Protection Program, Emergency Loans and More
The Small Business Administration is making it easier for employers to get the financial help they need to sustain business operations throughout the COVID-19 pandemic. There are many new programs available through the SBA as a result of the recently enacted CARES Act. Follow this link to an SBA page that provides the latest information for all SBA financial programs available to employers, including the Payroll Protection Program, Economic Injury Disaster Loans and Loan Advances, SBA Debt Relief and more.
US Department of Labor Wage and Hour Division Issues Guidance for Paid Leave
The US Department of Labor, Wage and Hour Division has released new guidance for implementing paid leave under the Families First Coronavirus Response Act. The document provides clarification for employers required to provide paid sick time and paid family leave under the new federal act. Follow this link to access the new rules.
The following links are provided to employers seeking more information on best practices for responding to Coronavirus:
US Department of Labor