By SEMA Washington, D.C., Staff
SEMA members are invited to view free webinars to help navigate small business loan programs, including the Payroll Protection Program (PPP), in addition to labor and employment requirements resulting from the Coronavirus. Presented by SEMA’s government and legal affairs staff and subject matter experts, the webinars were broadcast on April 8–9, 2020, and now available as recordings.
Daniel Ingber, SEMA’s vice president of government and legal affairs, and C.E. “Tee” Rowe, president and CEO of America’s Small Business Development Centers, review financial assistance programs available through the U.S. Small Business Administration (SBA).
The webinar walks-through the small business assistance programs, including the Paycheck Protection Program (PPP), and Economic Injury Disaster Loan (EIDL) program, and discusses how to apply.
- The PPP waives collateral and personal guarantee requirements in addition to borrower and lender fees, defers payments for six months, and caps the interest rate at 1.0% on the two-year loan. The SBA will forgive the portion of the loans used to cover payroll, mortgage interest, rent payments and the cost of utilities for a period of eight weeks if small businesses retain their employees and payroll levels.
- The EIDL program provides low-interest loans (3.75% for small businesses and 2.75% for non-profits) up to $2 million and now offers $10,000 advance grants that do not have to be repaid.
Leslie Stout-Tabackman, a principal in the D.C. region office of the national employment and labor law firm, Jackson Lewis P.C., and Ingber review new federal leave mandates, expanded unemployment benefits and help businesses to understand key labor and employment laws, including new requirements imposed on small business as a result of the COVID-19 pandemic.
The webinar highlights unemployment benefits in the Coronavirus Aid, Relief, and Economic Security Act (CARES); new paid sick leave and expanded federal Family and Medical Leave Act in the Families First Corona Virus Response Act (FFCRA), including coverage of smaller employers; and wage and hour and other laws implicated in employer decisions to furlough, reduce hours or reduce pay for employees.
For additional information, contact Ingber at firstname.lastname@example.org.