With daily updates about the economic impact of the Coronavirus (COVID-19) on businesses and questions about the relief offered by the U.S. Government agencies, EACC has put together an overview of state and federal relief available to offset economic losses. American & European small and medium size businesses are facing an unprecedented economic disruption due to the COVID-19 outbreak Congress has put together various loan programs to help those businesses.
Concrete as a first step the U.S. President signed into law the CARES Act, which offers up to $376 billion in relief for American workers and small businesses.
Programs available for relief funding are:
1. The CARES Act for Small Businesses, by the U.S. Department of Treasury: The Paycheck Protection Program (under the CARES Act) is providing small businesses with the resources they need to maintain their payroll, hire back employees who may have been laid off, and cover applicable overhead. This resource also includes the necessary application forms.
2. Economic Injury Disaster Loan Emergency Advance, by the U.S. Small Business Administration: This loan advance will provide up to $10,000 of economic relief to businesses that are currently experiencing temporary difficulties.
3. Paycheck Protection Program by the U.S. Small Business Administration: An SBA loan that helps businesses keep their workforce employed during the Coronavirus (COVID-19) crisis.
NEED MORE HELP:
If you have questions or need assistance applying for the above relief programs, we encourage you to reach out to the EACC. We are here to help you connect you with the right resources to help you through the process and manage the labyrinth of paperwork. You can reach us by email at ybr[at]eaccny.com.