Last week, Congress unanimously passed legislation (S. 4116) to extend the enrollment deadline for the Paycheck Protection Program (PPP) through August 8, 2020. The PPP provides eligible small businesses with government-backed interruption loans, which are forgiven if the borrower keeps its employees on payroll.
Participation in the program is open to all businesses and 501(c)(3) nonprofits with fewer than 500 employees, or that meet the Small Business Administration’s (SBA) small business criteria, as well as sole proprietors, independent contractors, and self-employed persons.
In addition, the SBA has reopened the Economic Injury Disaster Loan (EIDL) Advance program to accept new applications from qualified small businesses. The EIDL Advance program allows eligible applicants to receive an emergency advance of up to $10,000 on a traditional EIDL loan. While this payment is technically an advance, it explicitly does not need to be repaid.
Visit ASHA's webpage on Federal Support for Small Business Owners and Independent Contractors Impacted by COVID-19 to learn more or contact Eric Masten, ASHA's director of federal affairs, education, at email@example.com.