CARES Act Provider Relief Fund

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 […]

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 […]

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 […]

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 […]

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 […]