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Interest on all student loans held by the Federal Government Waived due to COVID-19
Summary of Keypoints Relief measure announced: Interest on all student loans held by the Federal Government was waived due to COVID-19, providing temporary financial relief to borrowers. Eligibility confirmation: Borrowers are instructed to contact their loan servicer online or by phone to confirm whether their loans qualify for the interest waiver. Finding your loan servicer:…
Read MoreComprehensive List of Private and Public Loans, Grants, and Financial Support for Small Businesses
Summary of Keypoints Purpose of resource: The post highlights financial relief efforts launched in response to COVID-19 by federal, state, local governments, and private organizations to support small businesses. Compiled by Gusto: Gusto created a comprehensive, centralized list of available loans, grants, and financial support programs. Scope of assistance: The resource includes both public and…
Read MoreNew Guidance from the DOL on Administering FFCRA Leaves
Summary of Keypoints Source of guidance: The U.S. Department of Labor released a Questions and Answers document to help employers administer FFCRA leave provisions ahead of the April 1 implementation date. Employee eligibility limits: FFCRA leaves are not available to employees who are furloughed, have reduced hours, or work at locations that are closed due…
Read MoreCOVID-19 Poster – Required Distribution by April 1 for all Businesses
Summary of Keypoints Mandatory requirement: The U.S. Department of Labor released a required employee rights poster related to the Families First Coronavirus Response Act (FFCRA). Distribution deadline: All businesses were required to post or distribute the poster by April 1. Acceptable distribution methods: Employers may satisfy the requirement by physically posting the notice or distributing…
Read MoreQ&A – COVID-19 Emergency Loans
3 Sources of Federal Relief for Small Businesses
Economic Injury Disaster Loans (EIDL) through the SBA The Coronavirus Preparedness and Response Supplemental Appropriations Act provided $1Billion of loan subsidies for the SBA Economic Injury Disaster Loan program for small business entities financial impacted as a result of the coronavirus. Please see our post here for more information about the program and how to…
Read MoreFor Individuals: New COVID-19 Federal Assistance – CARES Act
Summary of Keypoints Overview of the CARES Act for individuals: The CARES Act, enacted on March 27, 2020, provides economic relief aimed at helping individuals and families manage the financial effects of the COVID-19 pandemic, with provisions summarized as guidance available at the time. Retirement plan relief: Individuals may take coronavirus-related retirement plan distributions of…
Read MoreFor Small Businesses: New COVID-19 Federal Assistance – CARES Act
Summary of Keypoints Overview of CARES Act relief for small businesses: The CARES Act, enacted March 27, 2020, provides payroll, rent, and cash-flow relief for small businesses, including loan forgiveness for eligible expenses and the option to defer employer Social Security tax payments over two years. Paycheck Protection Program (PPP) and loan forgiveness: The Act…
Read MoreHelp for Small Businesses in Maryland
Summary of Keypoints Overview of Maryland small business relief: Maryland offers two COVID-19 emergency assistance programs for small businesses and nonprofits with fewer than 50 employees: an emergency relief grant fund and an emergency relief loan fund. Maryland Small Business COVID-19 Emergency Relief Grant Fund ($50M): This program provides grants of up to $10,000 to…
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