Last updated: Tuesday, May 26, 2020 @ 12:01 PM Pacific
IBPA knows our members are feeling the effects of the coronavirus on their businesses and personal lives and that there will be repercussions for months to come. It’s during difficult times like these that we’re most proud to be part of an independent
publishing community that leans in to help one another.
IBPA is committed to providing as many resources as possible to independent publisher members. This page will be updated with new information as available. IBPA members should send resources they'd like to see posted here to IBPA CEO Angela Bole at firstname.lastname@example.org.
The Lawyers for Good Government Foundation (L4GG) has launched a Small Business Remote Legal Clinic,
offering pro bono legal consultations for small business owners to help them understand and act upon the options available under the COVID-19 stimulus package and other grant and loan programs that may be available to them. (March 31, 2020)
As of April 15th, the $350 billion Paycheck Protection Program is out of money. There is currently a stalemate in Congress on how to pass new funding. See section on CARES 2 below.
If you have been approved for Paycheck Protection Program funding the next step is obtaining a full understanding of the forgiveness. Additional guidance is still required from the SBA. Take the time to read this article from Forbes.com (April
15, 2020) so you're aware of the possible roadblocks for full forgiveness. Here are some article highlights:
Costs incurred and payments made? What does it mean?
What does covered periods mean?
Are payments with forgiven funds deductible?
Can self-employed taxpayers have mortgage interest/rent/utilities forgiven?
Is payroll cost based on gross wages or gross wages less federal income tax withholding, FICA and Social Security?
How is the forgiveness calculated if the number of employees has been reduced?
How is the forgiveness calculated if salaries have been reduced by greater than 25%?
CARES 2 and/or COVID-4
As of April 14th, House, Senate, and Administration leadership are negotiating a potential interim bill to increase funding for the Paycheck Protection Progarm (PPP) ahead of the next major package, which is commonly referred to as CARES 2 and/or COVID-4.
It is possible any interim funding ahead of the next major package would simply add funds to the PPP and not expand eligibility.
Congress isn’t scheduled to return to Capitol Hill until April 20th at the earliest, but discussions about the next bill are underway. According to vox.com (April
3, 2020), some of things under consideration for the new bill include:
Extending expanded unemployment insurance
Hazard pay for health care and essential workers
Expanded OSHA regulations for health care and other essential workers
More direct payments to Americans
Expanded health care access
On April 14th, Congress extended its recess until May 4th "to avoid transmitting coronavirus and practice
social distancing, decisions that mean the House and Senate will continue operating in skeleton form for at least three more weeks." (April 14, 2020)
On April 21st, the Senate passed a $484 billion bill to replenish the PPP and boost spending
for hospitals and coronavirus testing. The House plans to vote on the bill on the April 23rd.
Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act
On May 12th, Democrats in the House of Representatives released a proposal for the next phase of major COVID-19 relief legislation
– the Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act.
Following are a few provisions, among many, included in the over $3 trillion relief package:
The covered period for PPP loans would be extended to December 31, 2020;
PPP funds could be stretched over 24 weeks instead of the eight weeks originally passed in the CARES Act;
Businesses and organizations that receive PPP loans would be allowed to defer payroll tax payments;
The legislation would direct the Federal Reserve to create a nonprofit-specific program within the Main Street Lending Program.
On May 15th, the House of Representatives passed the HEROES Act. The relief package is now being considered by the Senate with Senate Republications largely unsupportive.
The Senate is likely to vote on the relief package in late June or early July 2020.