Federal News & Resources
- On March 6, Congress passed and President Trump signed into law H.R.6074 – Coronavirus Preparedness and Response Supplemental Appropriations Act, an $8 billion emergency funding measure for government entities such as the Department of Health and Human Services, the Center for Disease Control and Prevention, the National Institute of Health, the Indian Health Service, and the Food and Drug Administration. This measure is intended to develop and purchase vaccines, medical supplies and products, as well as provide state and local governments with preparedness grants, training and other forms of assistance.
- On March 18, President Trump signed into law H.R. 6021, the Families First Coronavirus Response Act. This legislation provides free testing, paid emergency leave to qualified employees, increased Medicaid funding and expanded unemployment insurance, nutritional assistance and small business loans. It expands the Family Medical Leave Act (FMLA) to cover 14 days paid sick leave, then 10 additional weeks of FMLA leave paid at two-thirds the regular pay rate. Employers with less than 50 employees and greater than 500 employees are exempted.
- The CARES Act is the third bill to provide assistance towards the adverse economic impacts of the coronavirus, including targeted economic relief through grants, loans, tax incentives, or tax credits to affected industries. The bill will provide $2 trillion in economic aid to individuals and businesses impacted by the coronavirus public health emergency. The bill will provide for $1,200 relief checks to many Americans, create a $367 billion loan program for small businesses, and establish a $500 billion lending fund for industries, cities and states.
The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and certain other expenses. Small businesses and eligible nonprofit organizations, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards. Eligible recipients may qualify for a loan up to $10 million determined by 8 weeks of prior average payroll plus an additional 25% of that amount.
- Eligible recipients may qualify for a loan up to $10 million determined by 8 weeks of prior average payroll plus an additional 25% of that amount.
- Loan payments will be deferred for six months.
- If employers maintain their workforce, SBA will forgive the portion of the loan proceeds that are used to cover the first 8 weeks of payroll and certain other expenses following loan origination.