The United States federal government has passed a series of acts to provide relief to small businesses impacted by the coronavirus (COVID-19). I give an overview of the loan programs and tax relief provided by these acts. You'll get plain-English explanations of the programs. I'll focus on just the major points of the programs to cut through the fog of too much information. You'll receive a PDF document with links to where you can get more information. I also give you a one-page summary of the PPP and EIDL that highlights key differences between the two programs. It also includes a strategy to consider for these loan funds.
I'll cover:
- Paycheck Protection Program (PPP)
- Economic Injury Disaster Loans (EIDL) and Loan Advance
- SBA Express Bridge Loan (EBL) Pilot Program
- SBA Debt Relief
- Tax Relief
Tax relief explained in this course include:
- Paid Sick Leave Refundable Credit
- Paid Family Leave Refundable Credit
- Employee Retention Payroll Tax Credit
- Employer Payroll Tax Delay
- Net Operating Losses Can Be Carried Back Five Years
- Excess Business Loss Limitation Removed for 2018-2020
- Many others