Coronavirus (COVID-19) Legal Resources for Business
Keep your business in the know during the COVID-19 outbreak.
With information concerning the Coronavirus (COVID-19) rapidly evolving, DRM is committed to providing you relevant and timely guidance on how to navigate this challenging time. We will update this site regularly as new information emerges. For immediate assistance or questions on a particular topic, please contact a member of our team.
- April 19, 2021: The U.S. Small Business Administration (SBA) has posted formal guidance, and a sample application form, on its website for Restaurant Revitalization Fund grants. Read Walter Judge's Summary.
- March 30, 2021: President Biden signed into law the PPP Extension Act of 2021, extending the Paycheck Protection Program through June 30, 2021. New applications may be filed up to May 31, 2021, with the final 30 days of the program (running until June 30) being reserved to process applications submitted prior to June 1.
- March 24, 2021: The COVID-19 Economic Injury Disaster Loan Program (EIDL) has been expanded to allow for larger loans. Starting the week of April 6, 2021, borrowers may apply for loans under the EIDL program in amounts of up to $500,000, with interest fixed at 3.75% (and 2.75% for nonprofits). The term of an EIDL loan is 30 years, and it may be prepaid at any time without penalty. These loans may be used for working capital and normal operating expenses. Loans over $25,000 are required to be secured with all of the borrower’s assets. For more information, please see the SBA’s webpage on the EIDL program.
- March 10, 2021: The U.S. House of Representatives passed the American Rescue Plan Act of 2021, and it is expected that President Biden will sign the bill into law on Friday, March 12th. The American Rescue Plan contains numerous benefits for small businesses. These include adding an additional $7 billion of funds to the Paycheck Protection Program (PPP) and expanding eligibility for the PPP loans to additional nonprofits; funding another $15 billion to the Emergency Injury Disaster Loan (EIDL) program, and providing almost $30 billion in aid to restaurants and bars though a grant program.
- February 26, 2021: It is anticipated that the U.S. House of Representatives will vote on the $1.9 Trillion stimulus package titled the American Rescue Plan Act of 2021 as soon as Friday evening, February 26. The bill includes provisions extending the enhanced Federal unemployment benefits under the current stimulus acts until August 2021, providing for $1,400 stimulus payments to families, and enhancing funding available for vaccine distribution and COVID-19 testing. Read Mary Parent's full write-up.
- February 26, 2021: Since the Biden Administration came online in January, it has worked with the U.S. Small Business Administration to make the Paycheck Protection Program easier to access for small businesses, as well as more inclusive of minority-owned and women-owned businesses. The changes already made have increased funding to businesses with fewer than 10 employees approximately 60% and funding to businesses in rural communities to nearly 30%, which is great news for Vermont and New Hampshire’s small businesses. Starting Wednesday, February 24, 2021, there will be a two-week PPP application period that allows only small businesses (with 20 or fewer employees) to apply for PPP loans. This should make it easier for small business owners to get in the PPP queue. In addition, in the coming days, it is anticipated that the PPP loan amount calculation formulas for sole proprietors, self-employed individuals and independent contractors will be revisited to allow said individuals to receive more funding under the PPP than was previously available. These changes, as well as some additional changes, are anticipated to be in place by the first week of March. For more information, please see the SBA's press release. If you have questions about how PPP loans could be used to assist your small business, please reach out to DRM.
Disclaimer: If you are wondering if your EIDL or PPP loan application has been accepted or approved by the SBA, please reach out to your lender or District SBA office. DRM cannot provide this information