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Administration's Business Outreach on COVID-19 Efforts

The Department of Commerce has asked that we share the information below with you and other industry stakeholders to provide an update on the Administration’s Business Outreach on COVID-19 Efforts (updated 3/31/20) along with helpful links that may be useful to you and your company or organizations. You can also reach out to the team in DOC/ITA’s Office of Health and Information Technologies (OHIT) at: (202) 482-0359.

Assistance for Small Businesses 

The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and certain other expenses.

Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards.

Assistance for Small Businesses

Here are direct links to several useful documents on treasury.gov:

How to apply:

You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating. All loans will have the same terms regardless of lender or borrower. A list of participating lenders as well as additional information and full terms can be found at www.sba.gov.

The Paycheck Protection Program is implemented by the Small Business Administration with support from the Department of the Treasury. Lenders should also visit www.sba.gov or www.coronavirus.gov for more information.

IRS provides guidance under the CARES Act to taxpayers with net operating losses

This valuable NOL provision allows your company to use tax losses from 2018, 2019 and 2020 to offset income from the prior five years. The new tax deadline extension builds on prior IRS guidance and now allows you to delay certain estimated tax payments. Per the IRS, “any individual or corporation that has a quarterly estimated tax payment due on or after April 1, 2020, and before July 15, 2020, can wait until July 15 to make that payment, without penalty.”

CARES Act Guidance