What you need to know now about the U.S. Coronavirus relief effort

by Tony Gruber, ControllerpaycheckProgram
Heartbeat International

The coronavirus is perceived by many as the largest challenge our world has faced in many decades. In answer to that challenge, the United States has enacted the largest aid package in the history of the country – with a $2.2 trillion estimated price tag. Help and aid is being offered to individuals, businesses and non-profits.

We’re going to unpack many of these benefits in a webinar next Tuesday. However, we’d like to quickly highlight one opportunity because it won’t last long!

 

The Paycheck Protection Loan program

If you have employees, you can borrow up to 2.5 times your monthly payroll, and if you keep your employees on your payroll after 8 weeks, the loan could be converted to a grant.

We learned that the applications for this program will be ready as soon as Friday, and that funds are made available on a first-come first-served basis.

Experts believe this program will be more popular than toilet paper, so act fast! These funds could be gone by Monday.

Check with your financial institution as soon as possible to find out if they are helping process these loans. If so, ask them to get you an application as soon as they are available.

Here are some resources that you may find helpful.

The National Council of Nonprofits published a resource explaining the benefits available to non-profits, in response to the COVID-19 threat:

https://www.councilofnonprofits.org/trends-policy-issues/initial-analysis-of-the-coronavirus-aid-relief-and-economic-security-act-cares

The Small Business Administration also published a summary of programs and resources available.
https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources

 

The information in this article is accurate as of its publication date. We are working to keep our articles up-to-date as changes surrounding COVID-19 occur, and we encourage everyone to check the CDC, WHO and their local authorities as the situation is ever-evolving.

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