We have another update for you this morning concerning a new $10,000 forgivable loan through the SBA Economic Injury Disaster Loan program.
This is an add-on through the CARES Act. Companies that applied for the EIDL before Monday 3.30.20 need to reapply in order to get this add-on because it’s done through the EIDL portal. The application has been streamlined and will take only about 15 minutes. This money comes quickly.
When the application is processed, even if SBA subsequently determines the applicant doesn’t qualify for the underlying loan, the forgivable portion does not need to be repaid. New, simplified EIDL application: https://covid19relief.sba.gov/
The centerpiece of the CARES Act is the Payroll Protection Program:
Loans can be up to 2.5 x the borrower’s average monthly payroll costs, not to exceed $10 million.This is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. The SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities. Loan portal not yet open; Treasury is working on guidelines.
UNEMPLOYMENT: MD Department of Labor has updated its website to reflect the changes in the CARE Act. There is expanded eligibility for unemployment insurance as well as waivers for work search requirements for the unemployed.
Updates also attached.
Due to extended wait times, if a claimant has issues regarding UI benefits, email Unemployment at email@example.com .
For employers: dluiemployerassist
When sending emails, be specific in the Subject line such as ‘Benefits Stopped’ or ‘Telecert Question’, to help make the process more efficient.Beginning today, UI Claims Centers’ telephone lines will be open from 7 a.m. to 6 p.m., Monday through Friday. To contact a Claim Center, call 410-949-0022.
We also have a series of helpful resources here for you to download including an FAQ on SBA Loans, Eligibility Guidelines, and changes to the way Unemployment works during this time.