Legal Update

Update COVID-19: Keeping American Workers Paid Act

This proposed stimulus package, which should be finalized in the next few days, would provide $350 billion to help prevent workers from losing their jobs and small businesses from going under due to economic losses caused by the COVID-19 pandemic. The Paycheck Protection Program would provide 8 weeks of cash-flow assistance through 100 percent federally guaranteed loans to small employers who maintain their payroll during this emergency.

If the employer maintains its payroll, the portion of the loans used for covered payroll costs, interest on mortgage obligations, rent, and utilities would be forgiven. The proposal would be retroactive to February 15, 2020.

Loans would be available immediately through existing SBA-certified lenders, including banks, credit unions, and other financial institutions.

Here is the SBA page with the program application portal (currently undergoing maintenance):  https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources

See this flyer for more info.