4/6/2020 Update: SBA’s EIDL & PPP Programs

Executive Order re: Evictions and Foreclosures: Governor Hogan issued an executive order on April 3rd that covers both residential and commercial properties. Review the Executive Order here.

Key Points re: the SBA’s EIDL and PPP programs:
Economic Injury Disaster Loan (EIDL): the up to $10,000 emergency advance is entirely forgivable, but only available if you apply for an EIDL loan through the SBA. The main loan is not forgivable.
Paycheck Protection Program Loan (PPPL): offers a 1% interest, 2 year loan with 8 weeks of qualified forgivable expenses if payroll is maintained.
Small employers should not include independent contractors (1099s) in “payroll costs.” The PPPL and EIDL loans are available to independent contractors separately. 

Small business owners can apply for both SBA loan programs but cannot use the funds for the same expenses or take advantage of both forgiveness programs. Sole proprietors, independent contractors, self-employed and nonprofits are also eligible for both loan programs. An EIDL can be refinanced into a PPP loan.
(Note: application to the federal programs does not affect a company’s ability to apply to state programs.)
Unemployment assistance will now extend to self-employed workers, including independent contractors, freelancers, farmers and gig workers.
Grant Opportunity from the Restaurant Workers Association:

Go here for more information and the application process.
CDC Guidelines on steps an employer should take if an employee tests positive for COVID-19.
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