IOPFDA Weekly COVID-19 Legislative Updates
We understand that everyone is trying to stay abreast of what is happening with COVID-19 and how it may affect their communities, state, and nation. With the help of Paul Miller and Miller Wenhold Capitol Strategies, IOPFDA has hosted weekly COVID-19 Legislative update presentations to make sure our members never miss a beat!
Upcoming Presentations
There are no upcoming presentations at this time. Check back soon!
Past Presentations
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Federal Resources
** WARNING: Avoid COVID-19 Scams **
To help taxpayers avoid falling victim to one of these scams, multiple federal agencies – from the Internal Revenue Service, Department of Health and Human Services, to the Social Security Administration – have issued warnings. Click here to learn more.
Verisk Financial has also released an article titled "Coronavirus Scammers Target Vulnerable Consumers" which discusses the various healthcare-related scams that have dramatically increased in the past few weeks. Click here to read the article.
CARES Act
Congress has passed the CARES Act to help address the unprecedented public health and economic crisis related to COVID-19. It is broken into several subparts, including the Paycheck Protection Program.
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SBA Paycheck Protection Loan Program (PPP)
The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.
Effective April 3, 2020 small businesses and sole proprietors can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders. Click here to learn more about the Paycheck Protection Program. On April 22, 2020, Congress passed the Paycheck Protection Program Increase Act of 2020 to increase funding for the PPP from $359 billion to $659 billion. Read more here.
On April 27, the SBA announced that it will now accept and process PPP loan Applications. Click here to read more.
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Economic Injury Disaster Loan (EIDL)
In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000.
The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. Funds will be made available within three days of a successful application, and this loan advance will not have to be repaid.
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