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1 1 (May 22, 2020)

handle is hein.crs/govdauy0001 and id is 1 raw text is: Researh Sevice Small Businesses and COVID-19: Relief and Assistance Resources Updated May 22, 2020 This CRS Insight presents selected websites and CRS products potentially relevant to small businesses that are directly affected by the Coronavirus Disease 2019 (COVID- 19) pandemic and seeking economic relief and assistance. For an analysis of the small business provisions in the Coronavirus Aid, Relief, and Economic Security (CARES) Act, enacted on March 27, 2020, see CRS Report R46284, COVID-19 ReliefAssistance to Small Businesses: Issues and Policy Options, by Robert Jay Dilger, Bruce R. Lindsay, and Sean Lowry. For a list of all CRS products related to COVID- 19, see the CRS COVID- 19 Resources page. Selected Resources Small Business Administration The Small Business Administration's (SBA's) Coronavirus (COVID-19) resource page provides information on new assistance programs, such as the Paycheck Protection Program (PPP) (a loan program established by the CARES Act). PPP loans may be forgiven if the borrower maintains its number of full- time equivalent employees and does not reduce their compensation by more than 25% during the eight- week period after the loan's origination date. The SBA briefly stopped accepting new PPP loan applications on April 15, 2020, before resuming on April 27, 2020, following enactment of the PPP and the Tlcalth Care Enhancement Act. SBA Economic Injury Disaster Loans (EIDL) are low-interest loans available to eligible small businesses; the CARES Act also established the Emergency EIDL Grant program to provide EIDL advance payments of up to $10,000, which do not need to be repaid. The SBA stopped accepting COVID- 19-related EIDL and Emergency EIDL grant applications on April 15, 2020, because the SBA was approaching its disaster loan assistance credit subsidy limit. On May 4, the SBA began accepting EIDL and EIDL grant applications again but on a limited basis-only to provide relief to U.S. agricultural businesses. See CRS Insight IN11370, SBA EIDL and Emergency EIDL Grants for COVID-19, by Bruce R. Lindsay; CRS Report R44412, SBA Disaster Loan Program: Frequently Asked Questions, by Bruce R. Lindsay; and Congressional Research Service https://crsreports.congress.gov IN11301 GRS }NStGHT Prepaed for Membeivs and Cornm ittees o4 Cor~qress ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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