Resources for Businesses and Non-Profits Addressing the COVID 19 Pandemic

The $2 trillion economic stimulus bill passed by Congress makes small businesses, independent contractors, sole-proprietors, and 501c(3) non-profits (including museums, historic sites, independent libraries and scholarly societies) eligible for a “Paycheck Protection Program” from the federal government. Beginning on Friday, banks will accept applications for these monies.

What the Paycheck Protection Program Covers:

The bill, called the Coronoavirus Aid, Relief, and Economic Security (CARES) Act, includes $350 billion to provide 8 weeks of cash-flow assistance via 100% federally-guaranteed loans. If the employer maintains payroll, the portion of the loans used for covered payroll costs, interest on mortgage obligations, rent, and utilities would be forgiven.

It is retroactive to February 15, 2020 to help bring workers who have been laid off already back onto payrolls. The U.S. Department of Labor’s website provides additional details about eligibility and answers to frequently asked questions.

How to Apply for the Paycheck Protection Program:

Banks will begin accepting applications on Friday, April 3rd. If you’d like to apply, please contact your lender as soon as possible to notify him/her that you’ll be submitting an application. Demand is expected to be very high, and it would be prudent to ensure that your paperwork is at the front of the queue. Additional details are available on this Fact Sheet.