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Federal Assistance for COVID-19 Impacts

Updated Wednesday, August 26, 10:15 a.m.

The Springfield Area Chamber of Commerce is committed to providing a safe working environment for employees and members, and to minimizing the potential economic and business impact of COVID-19 (the “Novel Coronavirus”) for our Chamber members.

To that end, we want to hear about how your organization is being affected by this situation, so that we can connect you with resources that can offer you assistance and share your concerns with legislators who might be able to help.

Update on Paycheck Protection and EIDL Loans

Updated Wednesday, August 26, 10:15 a.m.

The Paycheck Protection Program (PPP) closed to new loan applications at 11:59 p.m. on August 8, 2020.

Congress has passed and the president has signed new legislation to ease restrictions on the Paycheck Protection Program (PPP) and provide greater flexibility for borrowers. The changes include increasing the time frame to spend loan funds and still qualify for loan forgiveness from eight weeks to 24 weeks. The bill also changes the minimum amount needed to be spent on payroll in order to qualify for maximum loan forgiveness from 75 percent to 60 percent.

If you received a loan through the PPP, the Small Business Administration has now released the forms to apply for loan forgiveness.

Click here to view guidance from the Small Business Administration and U.S. Treasury on Paycheck Protection Program Loan Forgiveness (as of August 11, 2020).

This flyer from the U.S. Chamber of Commerce offers guidance on Paycheck Protection Program Loan Forgiveness.

Note: To apply for forgiveness of your Paycheck Protection Program (PPP) loan, the borrower must complete this application and submit it to your lender (or the lender that is servicing your loan). Borrowers may also complete this application electronically through their lender. This application has the following components: (1) the PPP Loan Forgiveness Calculation Form; (2) PPP Schedule A; (3) the PPP Schedule A Worksheet; and (4) the (optional) PPP Borrower Demographic Information Form. All borrowers must submit (1) and (2) to their lender.

We encourage businesses to contact their banker or finance professional for information on how best to proceed in their own individual situation. Visit the SBA's coronavirus website to learn more about these and other relief options.

Loans from the U.S. Small Business Administration are administered through local banks and lenders. The SBA keeps an up-to-date list of available lenders on its website. Click here to visit the SBA site and see if your lender is on the list.

Tax Information for Businesses

The IRS has compiled information about Coronavirus Tax Relief for Businesses and Tax-Exempt Entities on its website. This includes information about filing extensions, potential tax credits, paid leave for affected employees and more.

Information on Federal Assistance Programs
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