Treasury Releases Initial Guidance Document
As we have previously reported, Congress enacted the Coronavirus Aid, Relief and Economic Stimulus (CARES) Act last week, which may benefit many ISPA members. Among other things, the CARES Act authorizes favorable loans to small businesses that have been hurt by the COVD-19 pandemic.
Specifically, small businesses with fewer than 500 employees are eligible to apply for loans of up to $10 million. Recipients may use the loans to fund payroll and salary, mortgage payments, utilities and to pay any debt obligations. The amounts that businesses spend on these costs in the first 8 weeks can be fully forgiven if the recipient maintains prior year employment and pay.
The U.S. Treasury Department has released initial guidance on these loans. Click here
for more details.