COVID Governmental Relief Update

The new Presidential Administration has been busy extending and modifying certain COVID-19 provisions.

The Paycheck Protection Program has been extended through May 31, 2021. For more information, the Small Business Administration has provided some guidance: Paycheck Protection Program (PPP) Loans FAQ (sba.gov)

The Economic Injury Disaster Loans (EIDL) loan amount as of April 6, 2021 will be raised to $500,000, and the amount of time of the injury has increased from six months to two years. These loans are not forgivable, may require collateral, and are for meeting the financial obligations and operating expenses that could have been met if not for the disaster.  The Small Business Administration has provided guidance on the EIDL program: COVID-19 Economic Injury Disaster Loan (sba.gov)

The Eviction Moratorium has been extended to June 30, 2021. To qualify for this protection, an individual:

• Must have used his best efforts to obtain government rent assistance.
• Earned no more than $99,000 (or $198,000 in joint filing) in Calendar year 2020 or expect to earn no more than $98,000 in 2021.
• Be unable to pay rent due to substantial loss of household income, loss of hours, or extraordinary medical expenses.
• Made best effort to make timely partial payments on rent.
• Be certain the eviction will leave individual homeless.

For more information: CDC-Eviction-Moratorium-03292021.pdf