New guidance came out today on the CARES Act, making clear that companies that have had layoffs—but re-hire—are eligible:
The new rules (1) require businesses to spend 75 percent of their loans on payroll in order to qualify for forgiveness, and (2) clarify that firms that have already done layoffs can secure forgiveness by “quickly” rehiring laid-off workers. Taken together, this provides a powerful incentive for businesses to bring staff back on.
Guidance today from SBA and Treasury.
SBA briefing – question and answer session on Economic Injury Disaster Loan (EIDL) Program for COVID-19: Each session will cover what the EIDL Program is, who is eligible, how the application process works, and a provide a brief question and answer session.
Thursday, April 2, from 2:30 to 3:00 p.m. PDT
866-590-5055, then code 751480
or
Friday, April 3, from 10:00 to 10:30 a.m. PDT
866-590-5055, then code 751480
