Coronavirus Aid, Relief, & Economic Securities
(Cares) Act Payroll Protection Loans
The CARES Act which was already passed by the Senate passed in the House of Representatives on Friday, March 27, 2020 and will be signed by the President. Among its many provisions, the CARES Act provides for so-called “paycheck protection loans” to eligible small businesses. These paycheck protection loans will greatly aid employers in retaining their employees so that they will be in the position to get immediately up and running after the pandemic has subsided, which is crucial to facilitating the rebound of the economy and the return to normalcy.
The loans will be granted through the SBA 7(a) program and are limited in amount to the lesser of (i) the average total monthly “payroll costs” for the one-year period ending on the date that the loan was made (an alternative calculation is available for seasonal employers) multiplied by 2.5 plus the outstanding amount of any loan made under the SBA Economic Injury Disaster Loan program between January 31, 2020 and the date on which such loan may be refinanced with this new program; and (ii) $10 million.
Airlines and airports reeling from the coronavirus-related loss of passenger traffic and flights are seeking immediate relief from governments. And they support aid for each other with the knowledge that the aviation industry is interdependent.
But the harmony ends with airlines seeking a holiday from taxes and other charges that go to airports around the world to help pay for infrastructure, security and other functions.
In the United States, Congress could pass a major financial lifeline for airlines as part of a broader economic stimulus package as soon as today. How the money is allocated was still being ironed out late Tuesday.
Passenger and cargo airlines want $58 billion in direct cash infusions, loans and loan guarantees. In addition, they are asking for rebates from federal excise taxes paid to the aviation trust fund in the first quarter and the repeal of all taxes, including on tickets, cargo and fuel, through at least the end of 2021.
(Source: Flickr/Bernal Sabario)
Nominations for Monitor’s NextGen Issue, which will focus on up and coming leaders in the equipment finance industry, close at midnight on March 27.
Have you worked with a rising star who deserves recognition? Monitor readers can anonymously nominate colleagues, employees, or anyone you’ve worked with in our industry.
Monitor’s staff and editorial board will review the nominations and select the top leaders who will appear in the issue.
Submit your nominations with our simple form today. We will accept nominations until March 27th so time is limited.
Please contact Rita Garwood with any questions.
Coronavirus (COVID-19) Assistance
If you are inquiring about Coronavirus (COVID-19) assistance, the U.S. Small Business Administration is offering low-interest federal disaster loans for working capital to small businesses in designated areas suffering substantial economic injury as a result of the Coronavirus (COVID-19).
As of March 21, 2020, small businesses located in all 50 states, the District of Columbia, and the U.S. territories of American Samoa, Guam, Northern Mariana Islands, Puerto Rico, and the Virgin Islands are now eligible to apply for SBA Disaster Assistance.
If your business was economically impacted by Coronavirus (COVID-19) you may apply online at https://disasterloan.sba.gov/ela. If you are unable to apply online, you may download an application at https://disasterloan.sba.gov/ela, under the Loan Information tab.
Completed applications should be mailed to:
U.S. Small Business Administration
Processing and Disbursement Center
14925 Kingsport Road
Fort Worth, TX 76155
To find the latest information related to the Coronavirus please continue to check our website at sba.gov/disaster.
Additional information about our Economic Injury Disaster Loans:
• SBA’s Economic Injury Disaster Loans offer up to $2 million for working capital to help support small businesses overcome the temporary loss of revenue they are experiencing.
• These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. The interest rate is 3.75% for small businesses and 2.75% for non-profits.
• SBA offers long-term loans up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay.
• SBA’s Economic Injury Disaster Loans are just one piece of the expanded focus of the federal government’s coordinated response, and the SBA is strongly committed to providing the most effective and customer-focused response possible.
If you have any additional questions, please feel free to reach back out to us via email, or call our Customer Service Center at (800) 659-2955. Individuals who are deaf or hard of hearing may call (800) 877-8339.
Thank you in advance for your patience,
SBA’s Disaster Assistance Customer Service Center
Los Angeles and Long Beach container terminals have adjusted their second-shift operating hours to provide time to disinfect all handling equipment between shifts.
The Centers for Disease Control and Prevention has recommended the daily cleaning and disinfecting of frequently touched surfaces and objects to prevent the spread of the coronavirus.
Second-shift gate operations now begin at 7 p.m. and end at 4 a.m. at APM Terminals’ Pier 400 at the Port of LA as well as Everport Terminal Services, Fenix Marine Services, TraPac, West Basin Container Terminal and Yusen Terminals.
“We have adjusted our appointment windows for all transaction types to fit the newly adjusted schedule,” APM Terminals said in an announcement.
Gate operations will be idle from 4:45 to 7 p.m. as equipment is disinfected, APM Terminals said. Typical second-shift hours are 6 p.m. to 3 a.m.Next Page