Updated: Aug 4, 2020
As you have probably heard, the US Congress on Friday passed a sweeping Coronavirus Relief Bill (the "CARES Act"), which has implemented a number of new relief programs. We've updated our Coronavirus Relief Resources Guide to list these new benefits.
We'd like to call your attention to several urgent items that we have identified in the Guide:
SBA Economic Injury Disaster Loans ("EIDLs") are available at favorable terms to all small businesses impacted by COVID-19. We encourage all of our clients who may need short-term funding for their business to consider an EIDL (and now you can get an "Emergency Grant" of $10,000 within 3 business days, which doesn't have to be repaid). You can apply here online.
SBA Paycheck Protection Loans ("PPP Loans") are available to employers to cover the cost of payroll for up to 8 weeks (as well as rent and utilities for your office) -- these are forgivable by the government as long as certain conditions are met. You apply for these loans through your preferred SBA lender (most banks participate). We strongly encourage you to reach out to your bank(s) to tell them you're interested. More details on the application process should be forthcoming this week.
Prosper Portland Small Business Relief Fund Grants (up to $10,000 per business) are available -- the application process opened today and only goes through Wednesday, April 1st. If you are interested, you should apply today.
Please review the updated Coronavirus Relief Resources Guide and let us know if you have any questions or need any assistance with obtaining relief in these trying times.
As always, your Cobalt Compliance and Advisory Services Team is hard at work keeping up on these shifting regulations and relief resources, and we'll continue to reach out as we have updates to share. Meanwhile, visit our COVID-19 Resources Page for the most up-to-date information and Financial Response Plans. Thank you, -Adam