CARES Act Provider Relief Fund

covid loans and grants

CARES Act Provider Relief Fund

April 21, 2020

Key Provisions and Eligibility Requirements On March 27, 2020, the Provider Relief Fund (the “Fund”) was created as part of the CARES Act, the Fund provides $100 billion in relief funds to hospitals and other healthcare providers that must be used to support healthcare-related expenses or lost revenue attributable to COVID-19, and to ensure uninsured Americans can get testing and treatment for COVID-19.  Payments received under this program, which are being administered by the Department of Health and Human Services (”HHS”), are not loans and, therefore, do not have to be repaid.  The Fund is being distributed in two separate tranches […]

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WEBINAR: Loan Forgiveness Under the CARES Act Paycheck Protection Program

April 18, 2020

Gettry Marcus CPA, P.C. presented: Loan Forgiveness Under the CARES Act Paycheck Protection Program: Understanding the Forgiveness Provisions and What Businesses Need to Do Now to Maximize Loan Forgiveness Now that many small businesses have received or are waiting for funding of their Paycheck Protection Program (“PPP”) loans, focus should now turn to the Loan Forgiveness phase of the PPP Loan program. While applying for loan forgiveness does not start until after June 30, 2020, what you do during the 8-week “Covered Period”, which begins on the date of loan origination, can impact the amount of loan forgiveness received. For this […]

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Summary of Government Loans Available as a Result of the COVID-19 Health Crisis

April 16, 2020

While many of you have become well-versed in the CARES Act’s Payroll Protection Program (PPP) loan application process and are giving thought to addressing the PPP Loan Forgiveness Calculations, we thought that now would be a good time to consider and understand what other loans are available from the Federal Government as a result of the COVID-19 health crisis.  As always, the Gettry Marcus Financial Assistance Services Group is here to help. SBA Economic Injury Disaster Loans (EIDL) Maximum borrowing under this program is $2m with loan proceeds used to pay fixed debts, payroll, accounts payable, and other bills that […]

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The Main Street Lending Program

Key Provisions and Eligibility Requirements On April 9, 2020, in response to the current health pandemic, the U.S. Treasury established the Main Street Lending Program (the “Program”), a $600 billion government-backed program that is being administered by the US Treasury under the Federal Reserve Act.  The loans available under the Program are intended for larger businesses that generally do not meet the eligibility requirements of SBA Economic Injury Disaster Loans (“EIDL”) or the CARES Act Payroll Protection Program (“PPP”) loans.  For this reason, loan sizes in this Program will be significantly greater than EIDL or PPP loans.  It should also be noted that […]

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Loan Forgiveness Under the CARES Act Paycheck Protection Program

April 15, 2020

Understanding the Forgiveness Provisions and What Businesses Need to Do Now to Maximize Loan Forgiveness It is hard to believe that the CARES Act’s Paycheck Protection Program (“PPP”), and specifically PPP loans for small businesses, became law just two weeks ago. In that short time, small businesses across the country, as well as SBA lenders and financial advisors, have been busy trying to interpret PPP loan guidelines and started applying for the loans. Now that many small businesses have applied and will soon find out if their loans were approved, they need to start preparing for the next phase in […]

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CARES Act’s Payroll Protection Program (“PPP”) Loans

March 27, 2020

Summary of PPP Loan Provisions Gettry Marcus Crisis Advisory Task Force (“Task Force”) has been advising our clients on the financial resources available through government-backed stimulus packages and disaster loan programs. Our Task Force is also providing tax and other business-related guidance, as well as assisting clients with budgeting and cash flow management, during the heath pandemic. As most of you are aware, the CARES Act (the “Act”), the third and largest stimulus package, has been signed by the president. In an effort to provide a general understanding of the Act’s PPP loan provisions and how they can potentially benefit […]

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SBA Disaster Assistance Loans for Small Businesses Impacted by Coronavirus (COVID-19)

March 24, 2020

The U.S. Small Business Administration (“SBA”) is offering low-interest federal disaster working capital loans to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19). Important Items to Note Before beginning the SBA loan application process, it is important to verify that you qualify as a “small business”. You can check whether your business is small by using the SBA Size Standards Tool. Size is measured by the number of employees or average annual receipts. While this program is available to any and all small businesses that are in need of credit, it is also important to recognize […]

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