COVID-19 Update March 27, 2020

March 28, 2020

Big news! The Stimulus Bill was passed in the house today and the President has signed it into law!

So much new information to share we hope we are not overloading you.

There are 4 downloads below that cover various topics. Here is a brief description of each:

  • Cares Act all slides – this is a webinar that was put on by the National Association of Professional Employer Organizations. It simplifies both the last weeks and this week’s laws.
  • CARES Act Summary – this is a comprehensive update of the law without too much legal jargon from the actual bill. Its lengthy but it gives you the details of all the items in this new legislation.
  • Guide to Express Loan – The SBA Payroll Protection Program, (PPP) allows a bridge loan for up to $25,000.00 to allow you to get funds while you wait for the PPP loan that is forgivable.
  • The basics of the Payroll Protection Program courtesy of Greater New Orleans, Inc.

The SBA said today, due to overloading their website they will no longer allow anyone to apply online for these loans. Below are the links you need to fill out the data. Today I was informed they are advising every business to apply for the loans (kind of scary).

Yesterday I learned that the SBA this past week had already hired a couple thousand new employees. You can apply for the SBA business disaster loans here, and download all the forms necessary (not the Payroll Protection Program).

We are working on getting all the details on these new laws. Delta will be holding another webinar most likely on Wednesday to review the information and how it will affect you.

There are many questions to which we are seeking answere, and we will be able to give you more guidelines once the IRS, SBA, DOL gives insight into the actual regulations.

One bit of information I learned regarding these new regulations is that they gave the SBA 30 days to clarify any of the details.

Your banker will be playing a large role in this process. Be sure to start getting all your documents in order to be ready to apply for this new SBA 7(a) loan.

We will be providing as many details as possible and as soon they come through. Know that we are here to help you.

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