Small Business Loan Assistance

• The Small Business Administration is implementing a host of new programs aimed at providing low-interest loans and resources to small- and medium-sized businesses.
• Paycheck Protection Program: provides a direct incentive for small businesses to keep their workers on payroll with loans up to $10 million for firms with 500 or fewer employees.
• Disaster Loans: provides small businesses with working capital loans of up to $2 million; firms are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000.
  • Apply here.
• SBA Express Bridge Loans enable small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly.
• BA is providing financial reprieve to small businesses during the COVID-19 pandemic for current 7(a), 504, and microloans.

Federal Tax Guidance

• The Treasury Department and Internal Revenue Service are responsible for implementing many COVID-19 tax-related provisions enacted into law.
• Tax Credits: provided for SMEs to recover costs associated with Coronavirus-related leave for workers.
• Tax Filing Deadline: extended until July 15, 2020.
• Employer Payroll Taxes: Employers are allowed to defer payment of the employer share of the Social Security tax; the deferred employment tax must be paid over the following two years.

Defense

• Office of the Secretary of Defense (OSD) memorandum on Managing Defense Contracts Impacts of the Novel Coronavirus
• Defense Pricing and Contracting (DPS) resource page for defense contractors
• Office of Industrial Policy resource page for the defense industrial base

Critical Infrastructure:

• The Department of Homeland Security has issued an updated advisory on identifying essential critical infrastructure workers during the COVID-19 response.

Trade

• The U.S. Trade Representative is inviting public comment on modifications to the 301 tariffs that may assist in the U.S. response to COVID-19.
  • Comments can be submitted here.

Labor

• The U.S. Department of Labor oversees many employer-employee issues associated with the COVID-19 response.
  • Employee paid sick leave and expanded family and medical leave.
  • Employer paid leave requirements.