COVID-19 Update April 8, 2020

Today’s message is short with no documents to download. I learned today that the SBA is projecting that they will run out of money based on the amount of submissions in the que so far. After speaking with our banker, there has not been much money released to any companies yet, which means they are behind in releasing any fnds but realize that the pace of loan requests will outstrip availability.

This information coincides with my call today on our Federal Government Affairs Committee for NAPEO. Based on this information, Congress is having a call-in vote tomorrow with the goal being to allocate an additional $250 Billion to the SBA for both the PPP and the EIDL loan programs.

The vote is supposed to be unanimous. We should find out about this tomorrow afternoon (along with any other items they may have snuck in the bill to keep our lives interesting).

More to come tomorrow after this either gets passed or not!

Reminder, we have a COVID-19 update tomorrow at 2 Pm Central time. Please share it with your staff supervisors, or feel free to share it with any other company that needs practical advice on how to deal with the new Leave Laws and Return-to-Work procedures.

Again, please feel free to share this with anyone that needs a refresher on the leave laws passed in the Families First Act and an update on the CARES act.

Lastly I will say that we have sent all clients their PPP reports requested. If you have not received them, please email us and we will get these to you.

Stay safe and please let us know if we can help.