Important Information for Businesses

Families First Coronavirus Response Act

The U.S. House of Representatives has passed this legislation. It is currently undergoing some revision, but is expected to pass the Senate soon. President Trump has announced his support. This bill addresses Unemployment Compensation and Sick Leave Compensation for employees laid off from work due to businesses slowdown brought about by the Coronavirus outbreak. Requirements for laid off individuals seeking Unemployment Compensation will be more flexible and funds will be dispensed faster. Small businesses will be able to seek reimbursement for sick leave paid out to employees out ill or caring for family. See a Summary of bill as it stands now

SBA Disaster Assistance in Response to the Coronavirus

The Small Business Administration is making the process of seeking disaster assistance loans easier for applicants. Small business impacted by the economic slowdown will be able to apply for loans up to $2 million at a 3.75% interest rate. States must be able to document that a minimum of 5 businesses have been affected in a disaster area to qualify. Natural disasters (e.g., floods, tornadoes, etc.) restrict this to small regions often; however, SBA is making the entire state qualify at this point. The state of Texas is in the process of receiving the designation. You can obtain more information U.S. Small Business Admin Response to Coronavirus



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