HOUSE & SENATE HAVE PASSED THE CORONAVIRUS ASSISTANCE BILL
POTUS will sign it today. it will then take some time for the details to be worked out and the systems put in place. There is plenty of good news. Many things specific to particular industries. We will send you more info as it develops. Below is information on the small business loans/grants.
FEDERAL AND STATE PROGRAMS COMPARISON CHART-WHICH ONE IS RIGHT FOR YOU???
HAVING ISSUES WITH APPLYING FOR SBA LOANS?
Please note the changes to the SBA Disaster website. Please share with your customers if they contact you on issues with the site.
Changes to the application process:
·
it’s no longer live for on line upload (New Application Screen)
·
Now it directs you to print the forms (New Application Screen)
·
You then manually fill downloaded documents and
·
then upload them to “box” – Upload Your Loan Documents
·
If the applicant wants to mail documents:
U.S. Small Business Administration
Processing and Disbursement Center
14925 Kingsport Rd.
Ft. Worth, TX 76155-2243
If you have any questions, please contact 1-800-659-2955 or
(TTY) (800) 877-8339
·
If you want to check “Application Status” it refers you to call or email (Front 2 Pages attachment screen)
This new set-up allows for more applications to go through without system crashing.
UNEMPLOYMENT BENEFITS-NEW MONEY & BENEFITS
Once you're on unemployment insurance in your state, you will be eligible for an extra $600 per week in emergency federal compensation through July 31, 2020. That's in addition to what you'll receive in state benefits.
Yes.
Sorry. People who are employed and working from home aren't eligible.
It depends on your state. Some provide benefits to part-time workers, but others don't.
It's a similar situation for those whose hours are cut. The bill provides funding for states that want to provide benefits when companies slashed workers' hours without laying them off. But not every state provides those benefits, and it appears the federal government is deferring to them on this.
Yes. If you were scheduled to start a job, but lost the job or are unable to get to it as a result of coronavirus, you'll be eligible.
Yes. This bill creates a new program, called Pandemic Unemployment Assistance, that extends benefits to gig workers, contractors and others who wouldn't otherwise qualify for unemployment compensation but cannot work due to the coronavirus emergency. You'll get the $600 per week, plus half the average unemployment benefit in your state.
No. If you qualify for unemployment, the $600 per week applies regardless of what your salary was. (There was a last-minute kerfuffle where a few Senate Republicans tried to reduce the benefits for those who were earning less, but that effort failed.)
Yes.
You should be eligible for assistance once you certify that you're ordinarily able and willing to work but can't because of the virus emergency. That includes if you've tested positive or exhibit symptoms of COVID-19, or if you're caring for a member of your household or family who has been diagnosed with the illness.
You should also be covered if you're out of work due to an inability to reach the office due to a quarantine imposed as a direct result of the coronavirus crisis.
In most states, people who lose their job can typically get up to 26 weeks of unemployment, and then it stops, even if you haven't found a new job. This bill will provide another 13 weeks once it runs out. After those 39 weeks, if an "
extended benefits
" program is triggered, that can provide an additional 13 to 20 weeks of compensation.
Some states require a one-week waiting period for people who become unemployed before they start collecting benefits. Under this bill, Washington will pick up the full cost for states that want to provide those benefits immediately, instead of waiting one week. But ultimately, it’s up to the state you live in to decide whether to provide benefits during that first week.
If you knowingly misrepresented your situation, you could be cut off from receiving any further pandemic unemployment compensation and face a fine and jail time
under the law
.
