Coronavirus (COVID-19) Resource Center

Supporting Businesses and Individuals Through Uncertain Times

In response to the ongoing coronavirus public health crisis, the federal government has taken unprecedented steps to provide economic relief to individuals and businesses. Several programs have been created to ensure small businesses have the working capital they need to survive during this difficult time.

Loan programs available to help your business include:

  • Paycheck Protection Program Loans: A $659 billion business loan program established by the CARES Act and implemented by the Small Business Administration to help small businesses, self-employed workers, sole proprietors and certain nonprofit organizations continue paying their workers. Available at a one percent interest rate for amounts generally up to the lesser of $10 million or 2 ½ times average monthly payroll for 2019, PPP loans can be used for payroll, benefits, mortgage interest, rent, utilities and other debt, and may be partially or fully forgiven if a business maintains its employee count and wage levels. The deadline to apply for a PPP loan was initially June 30, 2020, but on July 4, 2020 the deadline was extended to August 8, 2020. As of July 10, 2020 approximately $130 billion in funds remained available.
  • Economic Injury Disaster Loans: An established Small Business Administration loan program that helps small businesses, independent contractors, nonprofit organizations and agricultural organizations overcome the loss of revenue during a declared disaster, including the COVID-19 pandemic. Loans carry an interest rate of 3.75% (2.75% for nonprofits) and can be used for payroll, benefits, working capital and other expenses. Loan amounts were originally up to $2 million and included an advance of up to $10,000 that was automatically forgiven, but are now capped at $150,000, and the advance is no longer available.

Resources & News

Bennett Thrasher is dedicated to keeping you up to date on the many COVID-19 legislative measures and related resources available. Our articles below capture the latest news and insights.

  • Paycheck Protection Program Frequently Asked QuestionsThe Small Business Administration (SBA), in consultation with the Department of the Treasury, intends to provide timely additional guidance to address borrower and lender questions concerning the implementation of the Paycheck Protection Program (PPP), established by section 1102 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act or the Act). This document will be updated on a regular basis.
  • Paycheck Protection Program – Interim Final Rule: The Paycheck Protection Program and loan forgiveness are intended to provide economic relief to small businesses nationwide adversely impacted under the Coronavirus Disease 2019 (COVID-19) Emergency Declaration (COVID-19 Emergency Declaration) issued by President Trump on March 13, 2020. This interim final rule outlines the key provisions of SBA’s implementation of sections 1102 and 1106 of the Act in formal guidance and requests public comment.
  • Trump Signs PPP Flexibility Act, Provides Greater Flexibility to Use Loan Funds: On June 5, 2020, President Trump signed into law the Paycheck Protection Program Flexibility Act of 2020 (the “PPP Flexibility Act”). In a nearly unanimous vote, the House approved the bill on May 28 with only one representative casting a dissenting vote. The bi-partisan legislation makes extensive changes to the Small Business Administration’s Paycheck Protection Program (PPP) by providing employers with more flexibility and time to use PPP funds and still qualify for loan forgiveness.
  • Paycheck Protection Program Interim Final Rule on Revisions to First Interim Final RuleThis guidance updates the First Interim Final Rule to take into account the changes made to the Paycheck Protection Program by the Flexibility Act.
  • SBA Releases New PPP Loan Forgiveness ApplicationsOn June 16, 2020 the Small Business Administration (SBA) released a revised PPP Loan Forgiveness Application, unveiled a new simplified version of the application that requires fewer calculations and documentation, and issued new guidance to reflect changes made by the Paycheck Protection Program Flexibility Act of 2020 (PPP Flexibility Act).

For more coronavirus coverage, visit our blog.

BT is Here to Help

Bennett Thrasher is here to offer the guidance and insights you need during the current pandemic. Contact one of our professionals to learn more about our services.

Services we can provide include:

  • Loan Forgiveness Calculations & Documentation Assistance
  • Bankruptcy & Restructuring
  • Estimated Tax Payments
  • Disaster Relief Credits
  • Insurance Coverage & Claims Reviews
  • Stimulus Package Benefits & Resources
  • Small Business Loans
  • Considerations for Cash Flow Management
  • Payroll Considerations
  • Cash Flow Modeling
  • Contract Compliance Reviews
  • Valuations for Tax
  • Secure Remote Access Systems/Endpoint Protection Solutions
  • SaaS/Cloud System Integrations and Migrations
  • Family Office/Advisory

Stay Informed

We are continuing to monitor developments and updates that affect you and will provide you with alerts on a regular basis to ensure you are informed on how to respond to tax and regulation changes as they occur.

To sign up for our general newsletter that captures the latest COVID-19 news, click here.