While the last few weeks have been unusual for some and devastating for others, your team at PMB wanted to provide you with the most up-to-date resources that are currently available. The federal government has released landmark legislation in the form of the CARES act and the Families First Coronavirus Response Act (FFCRA or Act), but as with any new law that includes tax and financing implications, navigating this space can be complicated and overwhelming.
The list below won’t be all-inclusive, but it should provide a great starting point to determine what benefits you or your business may be eligible for, how to apply for those benefits, and what information is needed for those applications.
From the Small Business Administration (SBA)
After the passing of the CARES act on March 27, 2020, the SBA was tasked with creating and implementing the guidelines and provisions that will be used by SBA lending institutions to make these much-needed loans. As of late last week, the SBA began releasing the first iteration of these guidelines along with several resources that are designed to facilitate lending. For the SBA Loan Application, click here. For the SBA Guidance and other resources, click here.
Please be aware that the guidelines for these loans and applications are changing daily and different banks may use variations of the form linked above. Additionally, Senate Majority Leader Mitch McConnell (R., Ky.) announced on April 7, 2020, lawmakers’ intention to make more funds available soon.
From the Department of Labor (DOL)
Similar to the requirements placed on the SBA, the DOL has also released its first round of guidelines and resources. For the DOL main resource page, click here. For the DOL page for the Families First Act and paid leave, click here.
From the State of Texas
While most of the provisions of the CARES Act and Families First Coronavirus Response Act are applicable at the Federal level, certain provisions are handled specifically by each state. For the State of Texas’ main resource page, which includes unemployment benefit resources, click here.
The Tax Foundation typically offers a great breakdown of the specific provisions of the latest legislation. Their current FAQ page is no exception and touches on most of the highlights.
If you have any questions regarding payroll calculations or other provisions of the CARES act, the Families First Coronavirus Response Act, or any other topics, please reach out to us.