COVID-19 Relief Programs: Updated Information & Action Steps
By Whitney Harper
The terms and rules regarding COVID-19 Relief Programs are subject to change as the government agencies flesh out the details of how the programs will be implemented. We’ve received updated guidance and regulations regarding the FFCRA and the Paycheck Protection Program (“PPP”) forgivable loans, and have updated our fact sheet accordingly. (Updates are in green so you can easily identify them.)
Access the updated fact sheet here.
Immediate Action Items:
- Get ready to apply for the PPP loan. The PPP loan applications for businesses are being accepted starting TOMORROW, April 3. If you intend to take advantage of this program, you’ll want to be sure you get your application in as early as possible tomorrow. (You will apply through your banker, not through a government agency.) There is extremely high demand for this program, and it is possible that it will be over-subscribed – but we are hearing that applications will be funded in the order they’re received.
- Apply online for the $10k EIDL Grant. The EIDL Grant (also referred to as an “advance”) application is surprisingly quick and easy, and we are hearing that the Grant funds are being deposited very quickly (some faster than the 3-day window). This Grant is available even if you do not ultimately enter into the EIDL loan, and does not have to be repaid. Click here to apply.
As always, you are welcome to call your ADVOS lawyer with any questions you have about these programs or about other aspects of the FFCRA and CARES Act. We’re on-call for you.
We’ll keep you posted as new information is released.
In your corner,
Whitney (+ the ADVOS team)