Small Business Loans – Where to apply:

  • CARES Act Payroll Protection Program (Forgivable loan) – not yet available
    • To be available though all SBA lenders
    • Being severely impacted is not a requirement
    • Loan amount up to 2.5x of monthly payroll
  • SBA Disaster Assistance
    • Available to apply here
    • MUST be severely impacted by COVID-19
    • This loan may not be “forgivable”
    • Loan amounts can be more than the amount though CARES Act funds
  • NYC Small Business Continuity Fund

Resources from Payroll Companies

Legislation Review

David C. Baker Resources:

AMI Resources:  

COVID-19 Agency Survival Tools (Drew McLellan)


Friday March 27, 2020

  • President signs into legislation CARES Act
  • To grant $350b in federal funding through the SBA
  • Funding is eligible for loan forgiveness
  • Eligibility for all small and mid size businesses

Wednesday March 25, 2020

  • Congress passes $2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act
  • $350 billion for small businesses
  • We expect clarity of how there funds will be available to small businesses later this week.
  • Payroll Protection Program – Loan Forgiveness

Friday March 20, 2020

  • Tax Day is extended 90 days
  • Filing and tax payment deadline is now July 15, 2020
  • We recommend still filing extensions and saving estimated taxes.

Thursday March 19, 2020

  • Families First Coronavirus Act is passed
  • Paid sick leave is implemented for employers under 500 employees
  • This will increase layoffs as employers will be fearful of covering these costs
  • Families First Coronavirus Response Act

Tuesday March 17, 2020

  • Treasury announced businesses can defer up payments to the IRS for 90 days – interest free interest-free (Notice 2020-17)
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