Good morning,
Yesterday, President Trump—joined by SBA Administrator Jovita Carranza, Treasury Secretary Steven Mnuchin, and other members of the Coronavirus Task Force—announced details of the $350 billion Paycheck Protection Program to assist small businesses in keeping their workforce employed during the COVID-19 epidemic. Specifically, the Paycheck Protection Program:
- Provides nearly $350 billion in loans to small businesses.
- Certain non-profits, self-employed individuals, and independent contractors are also eligible for these loans.
- Small businesses can qualify for a loan of up to $10 million, based on their payroll expenses.
- If an employer maintains their workforce, the SBA will forgive the portion of the loan used to cover the first 8 weeks of payroll and certain other expenses.
- The Administration is working with banks so small businesses will be able to go directly to their local lenders to access these loans.
- Offers enhanced Economic Injury Disaster Loans for businesses that are facing a loss of revenue as a result of the coronavirus.
- SBA’s Economic Injury Disaster Loans can provide up to $2 million in long-term, low-interest loans to help small businesses overcome a loss of revenue due to the coronavirus.
- Small businesses are eligible to apply for an advance of up to $10,000, providing rapid assistance to help them cover critical expenses.
- SBA has streamlined the application process for these loans to make it easier for small businesses.
- Allows small businesses to still receive financial relief through the SBA’s traditional loan programs.
- Small businesses can access SBA’s 7(a) loan program, which provides loans of up to $5 million to cover eligible expenses.
- SBA’s express loan program offers qualified loans up to $350,000.
- Through the SBA’s Community Advantage loan pilot program, mission-based lenders can assist small businesses in underserved markets with loans of up to $250,000.
- The SBA provides export loans to help small businesses achieve sales and respond to challenges such as the coronavirus that impact trade.
Yesterday, President Trump invoked the Defense Production Act to increase the number of N95 masks produced by 3M. The President separately issued a memorandum to expand production of ventilators by several other companies. The President also issued major disaster declarations for the Commonwealth of the Northern Mariana Islands, Virginia, U.S. Virgin Islands, and Tennessee.
Today, President Trump participates in a roundtable with energy sector CEOs. Members of the Coronavirus Task Force hold a press briefing at 5:00pm ET.
Additional Guidance (as of 4.2, 6:00pm):
- WH - Memorandum on Order Under the Defense Production Act Regarding the Purchase of Ventilators (Click here) and POTUS Statement (Click here)
- WH - These 30 Days: How You Can Help (Click here)
- HHS/DOJ - DOJ and HHS Partner to Distribute More Than Half A Million Medical Supplies Confiscated From Price Gougers (Click here)
- HHS - OCR Announces Notification of Enforcement Discretion to Allow Uses and Disclosures of Protected Health Information by Business Associates for Public Health and Health Oversight Activities During The COVID-19 Nationwide Public Health Emergency (Click here)
- CDC - Decontamination and Reuse of Filtering Facepiece Respirators using Contingency and Crisis Capacity Strategies (Click here)
- CDC - FAQs for Event Organizers & Individuals (Click here)
- CDC - Public Service Announcements (Click here)
- CDC - Healthcare Infection Prevention and Control FAQs for COVID-19 (Click here)
- CDC - How COVID-19 Spreads (Click here)
- CDC - COVID-19, Pregnancy & Breastfeeding (Click here)
- CMS - CMS News Alert April 2, 2020 (Click here)
- FDA - 4/1 Daily Roundup (Click here)
- FDA - Food Access and COVID-19 (Click here)
- FDA - FDA Provides Updated Guidance to Address the Urgent Need for Blood During the Pandemic (Click here)
- Treasury-IRS - IRS issues warning about Coronavirus-related scams; watch out for schemes tied to economic impact payments (Click here)
- FEMA - 4/1 Photos of the Whole-of-America Response to COVID-19 (Click here)
- FEMA - Coronavirus (COVID-19) Pandemic: Private Nonprofit Organizations Fact Sheet (Click here)
- DOT - U.S. Transportation Secretary Elaine L. Chao Announces $25 Billion to Help Nation’s Public Transportation Systems Respond to COVID-19 (Click here) and FAQs (Click here)
- DOT - FMCSA Statement on State and Local Shelter in Place and Other Restrictions on Movement Relating to COVID-19 (Click here)
- DOL - Statement by Secretary of Labor Eugene Scalia on Unemployment Insurance Claims (Click here)
- HUD - HUD Moves Quickly to Make $3 Billion of COVID-19 Relief Funding Available to Communities Across the Nation (Click here)
- HUD - HUD Issues Availability of Regulatory Waivers for CoC, ESG, and HOPWA Programs to Help Prevent the Spread of COVID-19 and Mitigate Economic Impacts (Click here)
- HUD - HUD Issues New CARES Act Mortgage Payment Relief For FHA Single Family Homeowners (Click here)
- DOC - USPTO announces extension of certain patent and trademark-related timing deadlines under the Coronavirus Aid, Relief, and Economic Security Act (Click here)
- DOC-Census - U.S. Census Bureau Statement on 2020 Census Call Centers (Click here)
- DOE - U.S. Department of Energy to Make Strategic Petroleum Reserve Storage Capacity Available to Struggling U.S. Oil Producers (Click here)
- DOD - Top Navy Official Provides Update on Aircraft Carrier COVID-19 Cases (Click here)
- DOD - General Compares DOD's COVID-19 Response to All-Out War (Click here)
- DOD - Manpower Chief Discusses Personnel Aspects of COVID-19 Response (Click here)
- DOD - Wisconsin National Guard Takes on New COVID-19 Missions (Click here)
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