Coronavirus: The CARES Act & PPP Loans – What Your Agency Needs To Know

How U.S., state, and local crisis responses may affect your agency

 

The domestic emergence of COVID-19 in March has whiplashed not just the American public and the American economy, but also Congress and the Administration. Since the first COVID-19 relief bill was passed in early March, Congress has now passed four relief bills with a price tag approaching just slightly over three trillion dollars. The social, economic and political reverberations of COVID-19 will be felt for years to come, but in the short-term, the most immediate business impact for many agencies has been applying for and using The CARES Act Paycheck Protection Program (PPP) small business loans.

The Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act

(December 2020) This $325 billion title would provide additional assistance to the hardest-hit small businesses, nonprofits, and venues that are struggling to recover from the impact of the COVID-19 pandemic. The title would:

 

  • provide funding for a second round of forgivable loans through the Paycheck Protection Program for small businesses and nonprofits experiencing significant revenue losses,
  • make programmatic improvements to PPP,
  • fund grants to shuttered venues, and
  • enact emergency enhancements to other SBA lending programs.

This critical assistance will provide small business owners with the capital they need to survive the pandemic and includes critical resources for the smallest businesses.

Read More from Venable LLP Here

4A's Business as Unusual Color 261

View the webinars conducted by the 4A’s regarding the CARES Act.

CARES Act Economic Stimulus Plan

March 31, 2020

Watch the Webinar
The CARES Act, Part II: You’ve Got Your PPP Funds—Now What?

April 30, 2020

Watch the Webinar
The Paycheck Protection Program (PPP): The latest on the new stimulus bill

January 27, 2021

Watch the Webinar

The CARES Act Overview

Read the full text of the bill

What’s in the CARES Act? Here’s a Summary, courtesy of Peter G. Peterson Foundation

What's in the CARES Act? Here's a Summary

The CARES Act & PPP Loans

Regulatory Guidance From The U.S. Department of the Treasury and the Small Business Administration:

 

Statistics On PPP Loans Made

Recent PPP News Coverage

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Business as Unusual: The Paycheck Protection Program (PPP): The latest on the new stimulus bill, including second draw loans and the tax implications for your agency.

The Paycheck Protection Program (PPP): The latest on the new stimulus bill, including second draw loans and the tax implications for your agency January 27, 2021 Now that Congress has passed a second major round of stimulus relief, what can agencies expect in terms of new second-draw PPP loans and tax treatment of first-draw PPP […]

The Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act

summary provided by Venable LLP This $325 billion title would provide additional assistance to the hardest-hit small businesses, nonprofits, and venues that are struggling to recover from the impact of the COVID-19 pandemic. The title would provide funding for a second round of forgivable loans through the Paycheck Protection Program for small businesses and nonprofits […]