NSBA cares and is here to help you during this difficult time.  We are providing links to resources you may find useful for you and your business. 

The Federal Government recently passed the Coronavirus Aid, Relief, and Economic Security Act, (CARES) Act. This $2 trillion relief package covers a number of areas with $350 billion set aside for the Paycheck Protection Program (PPP) to help businesses of all kinds.

 “As we are all working to lead our businesses through this unprecedented time, I want to provide you with an update on some of the relief programs being made available to support businesses, particularly the SBA loan programs and a middle market lending program we expect to be available later this week or early next. Below are a few key resources, and I would encourage you to visit our Coronavirus Resource Center for regularly updated information.

"I would specifically call out the “CARES Act expands access to loans for small and midsize businesses” article in our resource center, which provides the latest information we have on each of the stimulus programs: The SBA EIDL program, the SBA Paycheck Protection Program and the soon to be announced Main Street Lending Program. As I noted earlier, things are changing rapidly so in addition to looking for updates for me, I’d encourage you to regularly visit the resource center noted above."
Chad Horkey, CPA, NSBA Announcer and Senior Director at RSM US LLP

Here are a few specific materials you will find of immediate interest:

RSM Real Economy Blog - Access to Loans for Small and Midsize Businesses

RSM Tax Alert on Legislation - U.S. Senate finalizes COVID-19 legislation (President Has Since Signed into Law)

- U.S. Chamber Material - CORONAVIRUS Emergency Loans Small Business Guide and Checklists

 

RSM US LLP offers the following guidance through their Coronavirus Tax Relief Resource Center

Many financial institutions are offering webinars to help you. The next scheduled RSM webinar is April 8. 2020 with the specific topic announced the day before it airs. You can register for this free webinar here: https://rsmus.com/events/coronavirus-webcast.html . You do not need to be a client to participate.

Small Business Association Coronavirus Guidance & Loan Information
As information is released daily and changes rapidly, it is important to work with your financial professionals for guidance on the latest information. Use the resources provided here for the latest updates.

Application for Paycheck Protection Program

The application was posted on the Treasury Department’s CARES Act resource page on March 31, 2020. After you gather the information described on the application form, you should contact your bank or an approved lending institution to start the application process. The Small Business Administration has a network of at least 1,800 approved lenders that process small business loans and intends to add more of them. If your bank is not an SBA-approved lender, you can contact the SBA to find one.

If you would like to talk to an RSM professional, reach out to Chad Horkey at 507-226-0402 or by email at This email address is being protected from spambots. You need JavaScript enabled to view it.