Financial Assistance (Federal)

Last Updated 06/5/2020

U.S. Senate Clears PPP Flexibility Act

U.S. Senate cleared the PPP Flexibility Act by Unanimous Consent on 6/4/2020. This legislation, which is expected to be signed by the President,:

  • Extends the PPP loan forgiveness period to include costs incurred over 24 weeks after a loan is issued or through Dec. 31, whichever comes first. Businesses that received a loan before the measure is enacted could keep the current eight-week period.
  • Extends to Dec. 31 from June 30 a period in which loans can be forgiven if businesses restore staffing or salary levels that were previously reduced. The provision would apply to worker and wage reductions made from Feb. 15 through 30 days after enactment of the CARES Act, which was signed into law on March 27.
  • Maintains forgiveness amounts for companies that document their inability to rehire workers employed as of Feb. 15, and their inability to find similarly qualified workers by the end of the year. Companies would be covered separately if they show that they could not resume business levels from before Feb. 15 because they were following federal requirements for sanitization or social distancing.
  • Extends the deadline to apply for a PPP loan to Dec. 31 from June 30.
  • Requires at least 60% (not 75%) of forgiven loan amounts to come from payroll expenses.
  • Repeals a provision from the CARES Act that barred companies with forgiven PPP loans from deferring their payroll tax payments.
  • Allows borrowers to defer principal and interest payments on PPP loans until the SBA compensates lenders for any forgiven amounts, instead of the current six-month deferral period. Borrowers that do not apply for forgiveness would be given at least 10 months after the program expires to start making payments.
  • Establishes a minimum loan maturity period of five years following an application for loan forgiveness, instead of the current two-year deadline set by the SBA. That provision would apply to PPP loans issued after the measure is signed by the president, though borrowers and lenders could agree to extend current loans.

PPP Loan Forgiveness Application

SBA and Treasury recently released the 11-page PPP Loan Forgiveness application and detailed instructions. The form and instructions inform borrowers how to apply for forgiveness of their PPP loans, consistent with the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). The attached document outlines basic instructions on the loan forgiveness process. The link below connects you to the Small Business Administration (SBA) website and a link to the actual application and form.

PPP Loan Forgiveness Application

Main Street Lending Program

The Department of the Treasury, using funds appropriated by the Exchange Stabilization Fund under section 4027 of the CARES ACT, created a lending program that will allow financial institutions an additional way to assist small and medium-size businesses whom have been impacted by COVID-19. The Main Street Lending Programs which have been authorized under section 13(3) of the Federal Reserve Act, are intended to facilitate lending to small and medium-sized Businesses by Eligible Lenders. For more information on this lending program

CLICK HERE


Disaster Relief Financing and the SBA Loan Process

Learn how to take advantage of federal, state, and local financing assistance being offered to hotels during this historic health and economic crises. Listen as Yolanda Merriweather, Choice Hotels’ expert in the Small Business Administration loan process, discusses the financing landscape and the opportunities and assistance available hotel owners.

Understanding the CARES Act and How it Can Help Your Business

In this special edition of ChoiceU LIVE! hear how the CARES Act can assist you during this unprecedented time.  This episode features Yolanda Merriweather, Choice Hotels’ expert in the Small Business Administration loan process, and Rolf Lundberg, VP of Public Policy at Choice Hotels. Listen as they discuss the main features of the new CARES Act that affect small businesses and how it can benefit hotel owners.

CARES Act SBA Update for Hotel Owners (Webinar Recording)

Join Regional Area Director Mike Hobson, and Area Directors Rhonda Shires and Rafael Mendez as they review the CARES ACT and the disaster relief funding opportunities that are available and how to apply for the assistance. This includes the PPP program and the Section 2307 Quality Improvement Program (QIP) Incentive.

The following documents provide summaries of recent legislative actions and provide information that can be help provide a greater understanding of the current laws and assistance that is available.


Coronavirus (COVID-19): Small Business Guidance & Loan Resources

U.S. Small Business Administration

Health and government officials are working together to maintain the safety, security, and health of the American people. Small businesses are encouraged to do their part to keep their employees, customers, and themselves healthy.

Economic Injury Disaster Loan Program

SBA Express Bridge Loans

Guidance for Businesses and Employers

SBA Products and Resources

Government Contracting

Local Assistance

Do you need a Printable PDF?

Print Friendly, PDF & Email