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COVID-19 Resources

Business Community Resources

  • Below is a very brief summary of two key areas of the legislation. The section by section summaries HERE provide extensive information of the bill, which also details the significant limitation and conditions in the various programs. 

    • Small Business Paycheck Protection Program

      • $350 billion in funding for SBA loans to companies with up to 500 employees. The loans will be administered through the 7(a) program available through banks and other financial institutions. 

      • The maximum loan amount will be 2.5 times a company's January payroll with certain additional limitations. 

      • Loans will be forgiven provided companies meet certain requirements such as maintaining payroll. 

      • Forgiveness would decline by a formula if headcount is reduced. Reductions in salary beyond 25% would also reduce the amount of forgiveness. 

    • Business Tax Provisions

      • Refundable payroll tax credit for 50% of wages paid by employers to employees during the COVID-19 crisis. 

      • Available to companies whose operations were partially or fully suspended or have seen a 50% loss in gross receipts in the current calendar quarter compared to the same three-month period a year earlier.

      • Delay of payment of employer payroll taxes.

      • Temporary repeal of limitation on use of net operating loss.

      • Increase allowable business interest deduction from 30% to 50%.

      • Qualified Improvement Property allows 100% expensing of interior improvements to restaurants and retail facilities.

  • Paycheck Protection Program Fact Sheet (How To Apply)

  • Differences Between Economic Injury Disaster Loans and Paycheck Protection Program

  • NRA - COVID-19 Information and Resources

  • NRA - COVID-19 Business Continuity Planning Basics

  • - COVID-19 Pandemic Unemployment Payment

  • MyWelfare - Unemployment Payment

  • Yelp - Response and Support for Local Businesses

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