Coronavirus Crisis Relief for Small Businesses
The United States federal government has passed a series of acts to provide relief to small businesses impacted by the coronavirus (COVID-19). I give an overview of the loan programs and tax relief provided by these acts. You'll get plain-English explanations of the programs. I'll focus on just the major points of the programs to cut through the fog of too much information. You'll receive a PDF document with links to where you can get more information. I also give you a one-page summary of the PPP and EIDL that highlights key differences between the two programs. It also includes a strategy to consider for these loan funds. I'll cover: - Paycheck Protection Program (PPP) - Economic Injury Disaster Loans (EIDL) and Loan Advance - SBA Express Bridge Loan (EBL) Pilot Program - SBA Debt Relief - Tax Relief Tax relief explained in this course include: - Paid Sick Leave Refundable Credit - Paid Family Leave Refundable Credit - Employee Retention Payroll Tax Credit - Employer Payroll Tax Delay - Net Operating Losses Can Be Carried Back Five Years - Excess Business Loss Limitation Removed for 2018-2020 - Many others Note: This course was recorded on April 10, 2020 and was current as of that date. Since that date, an additional $320 billion was allocated to the PPP and an additional $60 billion was added to the EIDL program in the Paycheck Protection Program and Health Care Enhancement Act signed on 4/24/20. That ACT did not significantly change the framework of the PPP and EIDL programs. It did clarify that agricultural enterprises with no more than 500 employees are now eligible for EIDL loans and grants.