Sadly, it did not take long for scammers to take advantage of the programs being offered to help individuals and businesses through this current situation. Don't let your guard down! Remember, the IRS and banks will not contact you for bank account information or to verify social security numbers or information on your tax return. Also, you should not pay anyone a fee to process your stimulus check. The Federal Communications Commission (FCC) is receiving reports of potential scams, warning on their website.

The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides for an emergency advance of $10,000 to small businesses and private non-profit organizations affected by COVID-19.

In order to receive the advance, you must apply for the Economic Injury Disaster Loan (EIDL) and request the advance at the end of the application process. The loan advance funds will not have to be repaid even if the EIDL application is denied.

As mentioned in our previous email and blog post, on Friday President Trump signed a $2 trillion stimulus package. In a move designed to keep small businesses afloat, the CARES Act allocates $349 billion to loans the Paycheck Protection Program loans under the Small Business Administration. We provided details on the Program in a previous post.

President Trump has signed into law the Coronavirus Aid, Relief and Economic Security (CARES) Act just a few hours after the House of Representatives passed the legislation. The historic $2 trillion economic recovery package includes direct payments to individuals, significantly expanded unemployment coverage, business relief through payroll credits and attractive SBA funding options, and significant resources for health care facilities in dire need of relief.

The White House, Treasury Department, Small Business Administration, and other agencies now must quickly implement the law to flood the economy with economic relief. Over 3.3 million employees filed for unemployment last week. The law authorizes Treasury to send $1,200 payments to millions of Americans and creates programs to disburse close to $1 trillion in business loans and guarantees to millions of large and small companies throughout the entire economy.

As of today, the Coronavirus Aid, Relief and Economic Security (CARES) Act has been passed by the Senate. As of this writing, the CARES Act still requires approval from the House and the President’s signature before becoming law. Included in this Act is the authorization of $349 billion of federally guaranteed loans to qualifying small and medium-sized businesses through the expansion of the SBA 7(a) with the “Paycheck Protection Program.” The Senate debated the legislation before it was approved late last night and the House is expected to vote on it tomorrow.

Program guidelines for CWCA, a program supplying working capital to businesses negatively impacted by the COVID-19 pandemic, were approved by the PIDA (PA Industrial Development Authority) Board on March 23, 2020. Please contact your county’s Certified Economic Development Organization (CEDO) for where to submit the application. Some counties are set up to receive applications.

A list of county CEDO organizations can be found here: https://dced.pa.gov/cedo/

The White House and congressional leaders from both parties reached a $2 trillion stimulus deal early Wednesday that will include direct payments to most Americans and an unprecedented amount of money to small businesses that have been pushed to the brink.

“Ladies and gentlemen, we are done,” declared White House legislative affairs director Eric Ueland just before 1:00 AM this morning. Although the fine details of the plan haven't been released, there will be $250 billion set aside for direct payments to individuals and families, $350 billion in small business loans, $250 billion in unemployment insurance benefits, and $500 billion in loans for distressed companies.

In response to the Coronavirus (COVID-19) outbreak, city, state, and national governments are offering various types of relief for small businesses. Below is a summary related to the relief offered by the Small Business Administration (SBA) related to the epidemic, we suggest you apply as soon as possible as processing delays are expected. The SBA has indicated that online application will result in the fastest method to receive a decision.

President Trump signed the Families First Coronavirus Response Act (FFCRA H.R. 6201) shortly after it passed through the Senate on March 18, 2020. The legislation applies to companies with 500 employees or fewer employees. The employer cost of these expanded programs will be absorbed by available tax credits included in the bill.