Good evening Members,
President Donald Trump today signed an additional coronavirus-related stimulus bill to provide more relief for small businesses. The U.S. House passed the measure Thursday 388 to 5. The Senate had passed the bill by voice vote on Tuesday.
Previously on March 27, the CARES Act had been signed into law with $376 billion in relief for workers and small businesses. That funding was exhausted quickly. Now, small businesses, including law firms, have another opportunity to apply for loans and grants.
Specifically, the bill provides:
- $321 billion increase for the Paycheck Protection Program’s (PPP) forgivable loans to cover payroll and other fixed costs for small businesses ($60 billion is reserved for smaller lenders)
- $50 billion for Economic Injury Disaster Loans for small businesses
- $10 billion for Economic Injury Disaster Grants – up to $10,000 (limit $1000 per employee)
Information on the U.S. Small Business Administration’s (SBA) Economic Injury Disaster Loan (EIDL) and Economic Injury Disaster Grants, as well as the Paycheck Protection Program, can be found here:
The SBA will resume accepting PPP loan applications on Monday, April 27 at 10:30 a.m. from approved lenders on behalf of any eligible borrower. If you have already applied, you can check on the status by calling 1-800-659-2955 24 hours a day, although expect significant wait times.
To apply for the Paycheck Protection Program, contact your lender. If you do not have one, a list of SBA approved lenders is available here: https://www.sba.gov/paycheckprotection/find.
Court of Appeals’ June Session
The Court of Appeals has announced that it will hear oral arguments at its June 2020 session by videoconference. The oral arguments will be webcast and available to the public from the court’s website.
The Court of Appeals will continue to consider previously filed pending matters and issue decisions. The court has not been hearing oral arguments during its April-May session, instead considering appeals submitted on the briefs without argument.
Click here for the Court of Appeals’ full notice to the bar.
On Monday, April 27, NYSBA will host two coronavirus-related webinars. Click the links below for more details and to register.
COVID-19 Tax Relief for Individuals, Trusts and Estates – including extensions of the tax reporting and payment deadlines, liberalization of the distribution and loan rules applicable to IRAs and other tax-favored retirement and saving plans, and the exclusion for employer payments of student loans.
Attorney Marketing: How to Grow During a Time of Crisis – COVID-19 will disappear someday, and life will return to a new normal. Instead of bouncing between panic and boredom, why not prepare for that new normal.
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