The legislative changes we’ve seen so far this year have been record-breaking. The Families First Coronavirus Response Act (FFCRA) and the Coronavirus Aid, Relief, and Economic Security (CARES) Act were signed in March and made significant changes to tax and employment law for American individuals and businesses.

On June 15, the Small Business Administration (SBA) again started accepting applications for the Economic Injury Disaster Loan (EIDL) and EIDL Emergency Advance program portal. The program, which was created as part of the Coronavirus Aid, Relief, and Economic and Security (CARES) Act provides financial relief to qualifying businesses and nonprofit organizations impacted by COVID-19. The initial round of funding was exhausted in April, eliminating this important option for those affected the most.

The Families First Coronavirus Response Act (FFCRA) and the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) encourage employers to retain employees while experiencing economic hardship in their businesses. 

The recently issued PPP loan forgiveness application is noticeably shorter than its predecessor (reduced from 11 to 5 pages) and is accompanied by a new instructions supplement. The application also includes guidance on the new 24-week covered period, covered period elections, required expense minimums, FTE safe harbors, FTE reductions, and an overview of the necessary documentation.

On June 17, 2020, the Small Business Administration (SBA) issued a new Paycheck Protection Program loan application guidance. Also, there is now a new short loan forgiveness application Form 3580 EZ designed especially for self-employed and other qualifying borrowers.

In the search for assistance in managing the COVID-19 crisis, many businesses have turned to the Paycheck Protection Program (PPP). Borrowers can receive a low-interest loan and have a portion, or all, of the loan forgiven if proceeds are spent on certain expenses.

Nonprofit & Education partner Chris Maynard authored an article, “5 Things Independent Schools Should Know About PPP Loans,” published in the June 11, 2020 edition of NetAssets, a NBOA publication.

Frank Sweeney authored an article that appeared in the June 2, 2020 issue of Construction Executive, regarding retirement planning amid the COVID-19 pandemic.

The Paycheck Protection Program (PPP) has been an important lifeline for businesses impacted by the COVID-19 emergency. Many businesses were required to manage expenses while obeying stay-at-home orders and forced business closures. To provide immediate help, the PPP was launched to provide low-interest loans, with favorable terms, to provide the necessary cash infusion.