Emergency Funding for Business – UPDATE!
April 13, 2020Emergency Funding for Business – UPDATE!
As reported last week, a series of federal and state grants have been announced to help those businesses who may be experiencing decreased demand and need financial assistance. Below are resources for you in this challenging economic time.
Unsure where to start? There is a comprehensive Small Business Guide available at https://bit.ly/348QXng that can help. It describes the various programs available to small businesses under the Federal CARES Act. This document easily directs you to which program might be best for you depending on your needs. Programs include the Payroll Protection Program, Emergency Economic Injury Grant and Small Business Debt Relief Program. There are FAQs for each program, as well as information on how to apply.
MMTA is aware of at least one member who has obtained money through the Payroll Protection Program. This program provides eight weeks of cashflow assistance to employers to help maintain payrolls and cover other operating expenses. The Treasury Department recently clarified that businesses are eligible for PPP loans if they:
- have 500 or fewer employees;
- qualify as a small business concern under existing Small Business Act criteria (which, in the trucking industry, typically means average annual receipts of $30M or less); or
- have a maximum tangible net worth of $15M or less and average net income of $5M or less for the most recent two fiscal years.