Small businesses of all kinds are being challenged by the current COVID-19 pandemic. Foremost on most business owners’ minds is how to protect their employees and meet their financial obligations. As always, RxOwnership is here to help independent pharmacies. We urge you to regularly check this space for new information on the CARES Act and other resources for small businesses.
- On January 11, 2020, the SBA announced the reopening of the PPP economic stimulus package which began under the CARES Act of 2020. In addition to making additional funds available to first time borrowers and further clarifying general PPP eligibility, Congress gave a subset of existing PPP borrowers a chance at a “Second Draw Loan.”
- On October 8, 2020, The SBA and Treasury announced a simpler loan forgiveness application for Paycheck Protection Program (PPP) loans of $50,000 or less. This action streamlines the PPP forgiveness process to provide financial and administrative relief to America’s smallest business while also ensuring sound stewardship of taxpayer dollars.
- On June 3, 2020, the Paycheck Protection Program (PPP) Loan Flexibility Act was passed. This bill provides hope that greater flexibility to the PPP loan forgiveness will help many small business owners survive the COVID-19 crisis.
- To further meet the needs of the U.S. small businesses and non-profits, the U.S. Small Business Administration reopened the Economic Injury Disaster Loan (EIDL) and EIDL Advance program portal to all eligible applicants experiencing economic impacts due to COVID-19 today.
- President Donald Trump on Saturday, July 4, signed into law a temporary extension of a subsidy program for small businesses battered by the coronavirus. The legislation extends the June 30 deadline for applying for the program to Aug. 8.
Tools and Resources
- PPP Loan Forgiveness Application Form 3508S – This application is for borrowers who received a total PPP loan amount of $50,000 or less from their lender
- PPP Loan Forgiveness Application Form 3508S Instructions – Provided are instructions for borrowers on how to fill out the PPP Loan Forgiveness Application Form
- COVID-19 Vaccination Program Planning Assumptions for Jurisdictions – With many COVID-19 vaccine candidates in development and under review, vaccination program plans must be flexible and accommodate multiple scenarios. Use this document as a resource for the purpose of initial planning.
- Frequently Asked Questions (FAQs) on PPP Loan Forgiveness – Updated August 4, 2020
- Visit the free PPP Loan Forgiveness Application Calculator. The tool was designed specifically for PPP borrowers and advisors.
- S. Chamber of Commerce resource page explaining the stimulus package’s different components
- The U.S. Senate Committee on Small Business & Entrepreneurship guide on the CARES Act
- Paycheck Protection Program Report: Approvals through April 13, 2020
- Paycheck Protection Program Report: Approvals from April 27, 2020 through May 1, 2020
- Access the Paycheck Protection Program: Loan Forgiveness Application with detailed instructions. We advise stores that have received aid from the PPP to work with their banks by the application’s deadline of 10/31/2020.