As always, our ACEC Virginia team is here to help you navigate through these unchartered waters, answer your questions and help to continue to build your business during this time. Please find some helpful information, links, and resources below to help your firm during this time. This page will regularly update with new information.
*COVID-19 Webinar Opportunities presented by ACEC Virginia
Return to Work Resources
Release of Payroll Protection Program (PPP) Forgiveness Applications
FAQ's from the SBA
PPP Loan Forgiveness Application
PPP Loan Forgiveness Application Instructions
Payroll Protection Program (PPP) Loan Update (July 6, 2020)
Congress and the President have acted to extend the Payroll Protection Program for an additional 5 weeks, with new applications being accepted until August 8, 2020. There are approximately $129 billion in PPP approved funding remaining for businesses impacted by COVID-19 related economic interruptions.
Can I apply for another PPP loan with this extension?
Borrowers that correctly completed the first application cannot apply for an additional loan. There may be another stimulus loan program in the future months. Congress is currently working through several different plans. But, the next program will likely be much more targeted than the PPP loan program. We are anticipating additional restrictions to qualify for these loans, such a proof of loss revenues or operating within specific industries.
Can I apply for additional loan funds if I did not receive the full amount with the first application?
There were many changes in the calculation of the eligible loan amounts as this program developed in April and May. If you are self-employed, a partner in a partnership or a seasonal employer your initial loan amount may have been less than the fully allowed amount. The SBA has authorized lenders to disburse additional amounts for loans meeting certain criteria. Contact your lender to determine if your loan amount was less than the eligible amount and if you are eligible to receive additional disbursements.
Also, the SBA has clarified that certain fishing boat owners who compensate their crew members on Box 5 of Form 1099-MISC may include these payments as payroll to determine an eligible loan amount. Fishing boat owners may be able to apply for additional PPP loan funds. Contact your lender to determine if you are eligible.
Human Resources and Employee Relations
- ACEC Business Insurance Trust - Insurance Coverage Issues Related to the Coronavirus Pandemic
- The Impact of Remote Workforce on Contractual Obligations
- OSHA Reporting and Recordkeeping for COVID-19 at the Workplace
- Greyling Report - Insurance Coverage Issues Related to Coronavirus Pandemic
- Greyling Brief: Navigating State Restrictions and Limitations on Business Activity
- EPIC Brokers COVID-19 Resource Center
Federal Agency Information and Guidance
- The CARES Act
- Paycheck Protection Program (PPP)
- Small Business Owner's Guide to the CARES Act
- Economic Injury Disaster Loans
Please feel free to contact us with any questions or concerns in the meantime.
Nancy Israel, Executive Director
804.477.6573 - office
804.402.8285 - cell