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COVID19 Disaster Assistance (4-18-20 Update)

Congress is working with the Administration on a new appropriation bill to further fund the SBA PPP and EIDL emergency assistance programs.

CNBC reports:

•   As of Sunday night, Senate Democrats and Republicans were negotiating a deal that would allocate $310 billion more into the Paycheck Protection Program, setting aside $60 billion for rural and minority groups
•   The remaining $60 billion would go to the Economic Injury Disaster Loan program, a separate program offering loans for small businesses.
•   Treasury Secretary Steven Mnuchin told Republicans on a call Sunday afternoon that open items are limited to increased federal funds for coronavirus testing.
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SBA PPP Loan Program for Independent Contractors

update 4-16-20

When originally launched, the SBA Paycheck Protection Program (PPP) loans were targeted at employers of W-2 employees.

On Friday, April 17, a new PPP program will launch for sole-proprietorships and independent contractors.

As with the original PPP Loan program, these are facilitated through local banks. You will need to find a participating bank to accept your application. The SBA has a lender tool on their website.

Your federal income tax filings will be the primary documentation, specifically Schedule C (Form 1040), Profit or Loss from Business (Sole Proprietorship)

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New Details About the EIDL Loan Advance

When the SBA Economic Injury Disaster Loan (EIDL) Loan Advance program was announced, information only stated “up to $10,000”. We have now learned the amount will be calculated as $1,000 per employee.

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Gov Abbott, Goldman Sachs, LiftFund Announce $50M

https://gov.texas.gov/news/post/governor-abbott-goldman-sachs-liftfund-announce-50-million-in-loans-for-texas-small-businesses

Governor Abbott, Goldman Sachs, LiftFund Announce $50 Million in Loans For Texas Small Businesses