Federal
and state authorities have or are in the process of establishing various loan
and grant programs designed to assist businesses affected by the COVID-19
crisis with the potential availability of additional relief literally changing
by the hour. As of this writing, the only two programs that have gone
“online” are the Small
Business Administration’s Economic Injury Disaster Loan Program and
the Federal
Emergency Management Agency’s Public Assistance Program.
Generally,
the SBA is making low-interest loans available to businesses that have suffered
losses associated with COVID-19, while FEMA is providing grants to certain
eligible Nonprofit entities. It is anticipated that additional business
aid will be part of any federal relief program that might eventually be adopted
by Congress. Stay tuned.
Please
contact Maria Dantas, Jason Navarino or Rich Lomuscio if you have any questions
regarding how these programs might apply to your business.
Please
visit Riker Danzig’s COVID-19
Resource Center to stay up to date on all related legal issues.
