The U.S. Small Business Administration (SBA) is providing a financial reprieve to small businesses during the COVID-19 pandemic.
Last week, APCA provided information on the CARES Act and the nearly $350 billion it allocated to support emergency loans to qualifying businesses through the Paycheck Protection Program. The Act also includes $17 billion to subsidize existing small business loans.
The Cybersecurity and Infrastructure Security Agency (CISA) released the Version 2.0 (attached) of its Essential Critical Infrastructure Workforce advisory liston March 28 to help state/local entities protect their communities while ensuring continuity of functions critical to public health and safety as well as economic and national security. APCA submitted comments on a previous version of this guidance last week. CISA noted that the list should not be considered a federal directive or standard but is intended to be the exclusive list of critical infrastructure sectors, workers, and functions. It “identifies workers involved in the construction and services that are typically essential to the viability of maintaining and repairing critical infrastructure, including preforming the construction who support crucial supply chains and enable functions for critical infrastructure.”
Today [March 27], President Trump signed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the $2 trillion stimulus package that is the third phase of the federal government's response to the COVID-19 pandemic. Importantly for APCA members, the bill authorizes emergency loans to distressed businesses.
With respect to small businesses, the CARES Act
* Establishes, and provides funding for, forgivable bridge loans; and
* Provides additional funding for grants and technical assistance.
The Act also provides funding for $1,200 tax rebates to individuals, with additional $500 payments per qualifying child. The rebate begins phasing out when incomes exceed $75,000 (or $150,000 for joint filers).
The CARES Act, through the Paycheck Protection Program, allocates almost $350 billion to support emergency loans to qualifying businesses.
Below is guidance on the Paycheck Protection Program from the Senate Committee on Small Business & Entrepreneurship. You can learn more on the Small Business Administration website: https://www.sba.gov/funding-programs/loans/paycheck-protection-program.
WASHINGTON, DC – Today, the U.S. Department of Labor’s Wage and Hour Division (WHD) announced its first round of published guidance to provide information to employees and employers about how each will be able to take advantage of the protections and relief offered by the Families First Coronavirus Response Act (FFCRA) when it takes effect on April 1, 2020.
It’s important to show your workers that you care about their health and safety at work and at home during times of uncertainty. Talk to your workers and ask them what they need to stay safe. Involve workers in decision-making to determine the best way to stay safe while maintaining continuity of operations.
As the Nation comes together to slow the spread of COVID-19, on March 16th, the President issued updated Coronavirus Guidance for America. This guidance states that:
If you work in a critical infrastructure industry, as defined by the Department of Homeland Security, such as healthcare services and pharmaceutical and food supply, you have a special responsibility to maintain your normal work schedule.