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COVID-19 Business Resources

  • 1 Apr 2020 2:27 PM
    Message # 8872616
    Anonymous member (Administrator)

    As federal agencies begin to implement the recently passed CARES Act, there are multiple documents/resources being published for small businesses. We will be sending out new resources and information once daily in Today in Washington, in order to avoid overpowering your inbox. Please look for the communication for any new resources and let us know if you have any questions. See today’s below:

    1. Security and Exchange Commission (SEC) meeting tomorrowThe SEC’s Small Business Capital Formation Advisory Committee is scheduled to host a meeting via video conference tomorrow, April 2 at 1:30 EST  in response to the challenges small businesses are facing in coping with COVID-19. It can be watched live on the Committee’s website HERE.
    1. IRS Paycheck Protection ProgramNew program where SBA will forgive the portion of the loans used for payroll, rent, utilities, etc. if all employees are kept on payroll for eight weeks. 
    • For a top-line overview of the program click HERE
    • The application for borrowers can be found HERE ** this link has changed, IRS moved it offline and into a PDF form
    • If you’re a borrower, more information can be found HERE
    • If you’re a lender, more information can be found HERE
    • More information from the Treasury can be found HERE
    1. For federal contractors:
    • New agency guidance documents can be found:
      • Here: https://www.acquisition.gov/coronavirus 
      • Also look HERE under "Acquisition Letters", "Class Deviations" and "Other Documents" (GSA couldn’t fit all of these documents under the acquisition/coronavirus page)
      • Our team is also periodically updating our blog with these HERE
    • Terminations for Convenience Guide HERE
    1. CRS Report on CARES Act Tax Relief ElementsThe Congressional Research Service does detailed analysis of legislation. They have published a report on the tax relief elements of the recently passed CARES Act for individuals and businesses HERE.
    1. Letter on inclusion of start-ups in CARES Act implementation: Speaker Pelosi is calling on the Treasury and the SBA to consider startups as it implements the $2 trillion coronavirus stimulus package. Pelosi and Rep. Ro Khanna(D-CA), who both represent Silicon Valley, sent a letter today to Steve Mnuchin and SBA Administrator Jovita Carranza. The letter urges the Administration to include startup companies as it writes regulatory guidance for the CARES Act relief package.

    2. Note from SBA Office of Inspector General: Beware of Scams and FraudThe Office of Inspector General recognizes that we are facing unprecedented times and is alerting the public about potential fraud schemes related to economic stimulus programs offered by the Small Business Administration in response to the Novel Coronavirus Pandemic (COVID-19). The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the largest financial assistance bill to date, includes provisions to help small businesses. Fraudsters have already begun targeting small business owners during these economically difficult times. Be on the lookout for grant fraud, loan fraud, and phishing. Report any suspected fraud to OIG’s Hotline at 800-767-0385 or online at, https://www.sba.gov/about-sba/oversight-advocacy/office-inspector-general/office-inspector-general-hotline.

     Scam and Fraud Scheme Advisory List 

    1.        SBA does not initiate contact on either 7a or disaster loans or grants.  If you are proactively contacted by someone claiming to be from the SBA, suspect fraud.

    2.        If you are contacted by someone promising to get approval of an SBA loan, but requires any payment up front or offers a high interest bridge loan in the interim, suspect fraud. 

    3.        Look out for phishing attacks/scams utilizing the SBA logo.  These may be attempts to obtain your personally identifiable information (PII),to obtain personal banking access, or to install ransomware/malware on your computer.

    4.        If you are in the process of applying for an SBA loan and receive email correspondence asking for PII, ensure that the referenced application number is consistent with the actual application number.

    5.        SBA limits the fees a broker can charge a borrower to 3% for loans $50,000 or less and 2% for loans $50,000 to $1,000,000 with an additional ¼% on amounts over $1,000,000.  Any attempt to charge more than these fees is inappropriate.

    6.        Any email communication from SBA will come from accounts ending with gov.

    7.        The presence of an SBA logo on a webpage does not guaranty the information is accurate or endorsed by SBA.  Please cross-reference any information you receive with information available at sba.gov.

    8.        If you have a question about getting a SBA disaster loan, call 800-659-2955 or send an email to disastercustomerservice@sba.gov.

    9.        If you have questions about other SBA lending products, call SBA’s Answer Desk at 800-827-5722 or send an email to answerdesk@sba.go


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