Although medical information and advice are available from the Centers for Disease Control and Prevention, broader government news — especially related to business and personal finance issues — can be harder to find. Below are some key resources and a summary of the latest information.
Federal Government Coronavirus Resources. This page has the latest travel advisories, plus a full range of links to all government agencies and what they are doing regarding the health emergency.
IRS Coronavirus Page. Get the latest on deadline changes.
Treasury Department. New developments on tax breaks and deadline changes should appear here as they are finalized..
Cybersecurity and Infrastructure Security Agency. The CISA has created a tool to help business managers “think through physical, supply chain, and cybersecurity issues that may arise” from the virus.
Consumer Financial Protection Bureau. The CFPB offers some detailed information for consumers who experience financial problems as a result of the pandemic. It advises those who may be out of work because of closed businesses, for example, to explain their situation to lenders and loan servicers. Meanwhile, it has asked such companies to be flexible right now. Those with student loans may be able to delay payments, and HUD-approved counselors may be able to help those who have trouble paying their mortgages.
Labor Department. It has published guidance for those who are unemployed due to coronavirus closures. A release explains that “federal law allows states to pay benefits where: (1) An employer temporarily ceases operations due to COVID-19, preventing employees from coming to work; (2) An individual is quarantined with the expectation of returning to work after the quarantine is over; and (3) An individual leaves employment due to a risk of exposure or infection or to care for a family member. In addition, federal law does not require an employee to quit in order to receive benefits due to the impact of COVID-19.” The site provides links to each state’s program for specific details.
Small Business Administration. The SBA is providing targeted, low-interest loans to small businesses and nonprofits that have been severely affected by the pandemic. You may find an Express Bridge Loan Lender via SBA’s Lender Match Tool. You may find the Paycheck Protection Program Loan Application via Borrower Paycheck Protection Program Application (v3).
American Bankers Association. Lists all of its members and the steps each is taking to assist its customers during the pandemic.
U.S. Chamber of Commerce Foundation. Lists financial assistance for small businesses impacted by COVID-19 that includes multi-state programs as well as state and jurisdiction specific programs.
U.S. Senate Committee on Small Business and Entrepreneurship. Has published a Small Business Owner’s Guide to the Cares Act, which provides information about the major programs and initiatives that are available from the Small Business Administration (SBA) to address these needs, as well as some additional tax provisions that are outside the scope of SBA.
It is a good idea to review these frequently updated sites. We will continue to update you as we get more information. If you have more questions contact an MCB Advisor at 703-218-3600 or click here.