To help you and your business navigate the COVID-19 pandemic, Smith & Howard has published this COVID-19 resource information hub. The page will be updated regularly to bring you the latest information on this global pandemic. The Smith & Howard team is closely monitoring legislation like the Families First Coronavirus Act, the Coronavirus Aid, Relief and Economic Security (CARES) Act stimulus bill and any others that may be forthcoming so that we can keep you abreast of fast-moving changes to tax and other laws.
As economies continue to be battered around the world, the United States government is implementing measures to give people the financial assistance they badly need at this difficult time. In this hub, we will be sharing information on how the legislative actions that have been taken to bring financial relief to the masses will be of help to you.
If you have any questions, please let us know. We have a specific newsletter that provides detailed updates on COVID-19. Click here to subscribe.
Impact on Businesses
As the COVID-19 pandemic forces some businesses and industries to lay off employees and close their doors, businesses of all sizes, including nonprofits, are receiving help from the federal as well as state and local governments. More help is on the way as the government works on passing new laws to provide financial aid to businesses in need. We have put together a list of resources that are currently available, including how to apply for small business loans. The Coronavirus Aid, Relief, and Economic Security (CARES) Act stimulus bill contains a lot of provisions for businesses, and we are compiling detailed information on how it affects you.
Impact on State and Local Policies
States across America are feeling the financial impact of COVID-19. The federal government is working around the clock to provide some relief. Already, the Small Business Administration (SBA) has expanded eligibility for access to Economic Injury Disaster Loans (EIDLs). With this, businesses in all 50 states will be able to apply for loans to help them cope with fallout from the pandemic. Additionally, the federal government is working on expanding unemployment benefits to supplement what states currently have in place. Tax relief measures are being introduced in support of businesses whose viability is being threatened by local shut-down policies.
We have also compiled a list of lock-down or social distancing policies that cities and counties have implemented for the safety of their residents.
Impact on Individuals and Families
To help people who are suddenly facing financial hardship because of the COVID-19 pandemic, the federal government has been working hard to introduce legislation that will bring some financial relief. Some policies have already been implemented to help people navigate these turbulent waters, and more assistance is on the way. We have put together information on the legislation that has already been passed, highlighting the benefits that have been put in place for individuals and families in need.
We also have some helpful hints for you while social distancing and self-isolation policies are in place.
The CARES Act
On March 27, Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act. This is the third federal legislation meant to address the COVID-19 crisis.
Paycheck Protection Program
As the COVID-19 pandemic forces more businesses to consider layoffs, the Paycheck Protection Program, part of the CARES Act that was passed on March 27, provides businesses with short-term loans that will either be forgiven or come with low interest rates.
Read this article to see if your business qualifies.
The FFCRA Act
The Families First Coronavirus Response Act (H.R. 6201), became law on March 18, 2020. The Act guarantees free testing for the novel coronavirus (COVID-19), establishes emergency paid sick leave, expands family and medical leave, enhances unemployment insurance, expands food security initiatives, and increases federal Medicaid funding.