COVID-19 Federal Updates: April 4
Updated: Jun 9
Everything you and your business need to know about federal coronavirus response efforts for April 4, 2020.
On April 3, the Small Business Administration Paycheck Protection Program launched, offering nearly $350 billion in loans to small businesses.
If an employer maintains their workforce, the SBA will forgive the portion of the loan used to cover the first 8 weeks of payroll and certain other expenses. Learn more here.
In addition to its traditional loan programs, the SBA is also providing Economic Injury Disaster Loans and forgiveness for up to six months of new and existing loans. You can read our blog post on EIDL’s here.
Friday, the U.S. Department of Labor announced more guidance to provide information to workers and employers about how each will be able to take advantage of the protections and relief offered by the Families First Coronavirus Response Act, which went into effect April 1, 2020.
Senate Democratic Leader Charles Schumer said Friday that Congress "probably will" need to appropriate even more money for jobless claims after a record 6.6 million Americans filed for unemployment benefits last week.
Senate Majority Leader Mitch McConnell said Friday that there will be a fourth coronavirus bill and that health care should be a top priority as lawmakers draft the legislation, softening his initial resistance to further spending.
McConnell's movement toward a fourth bill comes as Speaker Nancy Pelosi appeared to scale back her ambitions for the next package, saying that things like improvements to drinking water systems and expanded access to broadband may have to wait.
The IRS has established a special section on IRS.gov focused on steps to help businesses and other taxpayers affected by the Coronavirus. This page will be updated as new information is available. The Department of Treasury also has a resource page at Coronavirus: Resources, Updates, and What You Should Know.
Mayors and Governors looking to get assessments of certain sites that have the potential to temporarily act as medical facilities can look to the U.S. Army Corps of Engineers for help.
The President announced Friday that he has selected a member of the White House Counsel's office to serve as the inspector general overseeing the disbursement of hundreds of billions of dollars in federal funds as part of the coronavirus relief package.
The Trump administration announced Friday that the federal government will reimburse hospitals treating uninsured patients for the novel coronavirus using funds allocated in the recent relief package passed by Congress. Read more here.
The Centers for Disease Control and Prevention is recommending that people wear masks or face coverings in public. President Trump stressed that it would be "voluntary". The new recommendation, issued by the CDC, is a reversal for the agency.
Federal Reserve Bank of Cleveland President Loretta Mester said U.S. unemployment could rise as high as 15%.