Lifelines for Business: Paycheck Protection and Economic Injury Disaster Loan Programs
The Coronavirus Aid, Relief, and Economic Security (CARES) Act, signed in to law March 27th, authorizes up to $349 billion toward job retention and certain other expenses for small businesses and eligible organizations. Additionally, the Act expanded the Economic Injury Disaster Program, offering loans of up to $2 million directly to small businesses (those with fewer than 500 employees) at interest rates topping out at 3.75 percent and for up to a 30-year payback period.
In this latest video alert, McAfee & Taft employment lawyer Paul Ross is joined by McAfee & Taft business lawyers Bob Luttrell and Rich Johnson discuss the details of these two financial assistance programs, including what is available, who is eligible and how to participate.
This video was recorded April 2, 2020.
NOTE: This alert is not eligible for continuing education credit (e.g. HRCI, SHRM or CLE).
- SBA’s COVID-19 Economic Injury Disaster Loan Program website
- SBA Interim Final Rule implementing Paycheck Protection Program (released April 2, 2020)
- Paycheck Protection Program website
- Paycheck Protection Program application (PDF)
- Paycheck Protection Program information sheet for borrowers (PDF)
- Paycheck Protection Program information sheet for lenders (PDF)
Additional Employer Resources
- VIDEO ALERT: “A Closer Look: What’s inside the new relief programs for employers and employees (released March 31, 2020)
- VIDEO ALERT: “Impacts of COVID-related legislation on employer health plans” (released March 30, 2020)
- VIDEO ALERT: “Impacts of COVID-related legislation on employer retirement plans” (released March 30, 2020)
- VIDEO ALERT: “Practical workplace implications of the Families First Coronavirus Response Act” (released March 23, 2020)
- McAfee & Taft COVID-19 Resource Center
- Subscribe to future COVID-related alerts and publications
April 3, 2020