As we continue to monitor the evolving policies enacted in response to COVID 19 we are working to connect you to information and resources that can help. The following information offers an overview of an article provided by Kilpatrick Townsend and Stockton, LLP detailing the following programs:

Paycheck Protection Program
Economic Injury Disaster Loans
Main Street Lending Program
Payroll Tax Credits for Leave
Employee Retention Credit
Payroll Tax Deferral

The information contained in this article may require updating as the COVID 19 pandemic continues to develop. To access detailed information on any of the programs above, see the article PDF:

PDF Version

Paycheck Protection Program (PPP)

On April 21, 2020, the Senate approved an additional $310 billion infusion into the Paycheck Protection Program, which bill is expected to be passed by the House and signed by the President in the coming days. Of this amount, $60 billion will be set aside for small, midsize and community lenders. Otherwise, the bill provides additional funding without changing the existing structure or rules of the PPP.

See article for loan specifics, use of proceeds, eligible borrowers, and application process.

SBA PPP Application – Form 2483

Economic Injury Disaster Loan (EIDL)

The bill approved by the Senate on April 21, 2020 also provided an additional $10 billion in new funding for the EIDL program, without changing any of the existing structure or rules of the program. EIDL offers a loan amount up to $2 Million, based on borrower’s actual economic injury and financial need, with potential for immediate, non-refundable advance of up to $10,000.

Main Street Lending Program

The Main Street Lending Program is a Federal Reserve Program offered in conjunction with the Treasury Department. There is $600 billion available and loans will be taken through private banks.

Applications have not opened yet, and it will likely take substantial time to flesh out details and implement this new program, much more so than the PPP which provided massive additional funding for an already established loan program.

See article for loan specifics, eligibility, and restrictions.

Payroll Tax Credits

Federal legislation in response to the COVID 19 pandemic includes several adjustments to employment law. See article for details on paid leave requirements, payroll tax credits, employee retention credit, and more.

PDF Version

Thanks to the authors at Kilpatrick, Townsend, and Stockton, LLP: David A. StocktonVictoria C. LiuHeather L. PrestonDesmond M. DennisRichard Cicchillo, Jr. and G. William Joyner, III