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Several pieces of legislation have been passed federally to provide emergency financial relief for businesses of all sizes, navigating the COVID-19 pandemic.
Phase 1: March 6

  •  $8 Billion for Public Health Agencies including the Center for Disease Control (CDC) to ramp up and focus resources on earlier stricken communities.
  • Small Business Administration (SBA) Economic Injury Disaster Loan (EIDL) - $10,000 loan advance to small businesses which will not have to be paid back.

As of mid-April funding has run out of the SBA’s EIDL program, however, Congress is expected to pass a bill this week that would provide another $60 billion for EIDL loans.

Phase 2: Family First Coronavirus Response Act – March 18

  • Emergency Paid Sick Leave Act:
    • Employers with fewer than 500 employees are required to pay two weeks of sick leave to their employees who are quarantined or experiencing symptoms, caring for a quarantined individual or caring for a child whose school/daycare is closed because of COVID-19.
    • Employers are reimbursed.
  • Emergency Family & Medical Leave Expansion Act:
    • 10 weeks of paid expanded family and medical leave.
  • Guarantees COVID-19 testing is free to everyone regardless of health insurance.
  • Expands federal funding of Medicaid.

Phase 3: Coronavirus Aid Relief & Economic Security Act (CARES Act) – March 27th

  • $2 trillion Package.
  • Unemployment assistance.
  • $500 billion loans/grants programs for large companies.
  • Delay of payroll tax payments for six months to a year.

Paycheck Protection Program (PPP)

    •  $350 billion to help small businesses.
    • ELIGIBLE BUSINESSES: Fewer than 500 employees, nonprofits, self-employed, 1099 workers.
    • 2-year term loan with 1% interest rate, 100% federally guaranteed loans.
    • AMOUNT: Average monthly payroll for 2.5 months (8 weeks), rent or mortgage payment, utilities up to $10 million.
    • Full loan converts to grant if employer maintains current employees on the payroll or brings them back by June 30 and maintains their salaries. If not, the amount forgiven decreases.
    • A list of the banks/lenders in Irving-Las Colinas who are participating in the Paycheck Protection Program can be found here.
    • On April 24, Congress added an additional $310 billion to the program after the funds were depleted in two weeks. 

Payroll Tax Expense Deferral

    • Allows business to postpone paying the employer portion of Social Security taxes due in 2020.
    • Half of those taxes are due at the end of 2021 and the other half at the end of 2022.

Employee Retention Credit 

    • Helps employers suffering financial losses but continue to pay workers who are unable to perform their duties.
    • Tax credit, not deferral, against federal employer taxes, up to $5,000 per full-time employee.

Main Street Lending Program

    • Loan program for businesses with fewer than 10,000 employees. Business goes to a bank and borrow additional funding to help with expenses during the pandemic.
    • Minimum loan is $1 million. All currently being discussed to see if can lower the minimum loan amount to help small businesses and start-ups, so they aren’t left behind.
    • This program will likely not be available until May 1.

For additional resources and information on relief opportunities, click here.

 
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Irving-Las Colinas Chamber of Commerce
5201 N. O'Connor Boulevard
Suite 100
Irving, TX 75039

214.217.8484 phone
214.389.2513 fax

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