Economic Injury Disaster Loans (EIDLs) Program
The CARES Act broadened the SBA’s existing Economic Injury Disaster Loan program eligibility to include any business with not more than 500 employees, any individual operating under a sole proprietorship or as an independent contractor, and more. The C.A.R.E.S. Act also permits applicants to request an advance of up to $10,000 to pay allowable working capital needs.
The EIDL Application is available online here.
This advance is basically a grant that is not required to be paid back, even if the application is ultimately denied. In order to complete an electronic funds transfer, applicants will need to provide their bank account number and routing number.
Under the C.A.R.E.S. Act, the SBA can approve a loan based entirely on the credit score of the borrower or other means of determining the borrower’s ability to pay back the loan. This means they may not require the submission of tax returns, which should speed up the approval of these loans throughout the covered period.
Pandemic Unemployment Assistance (PUA) Program
The C.A.R.E.S. Act provides supplementary unemployment insurance to individuals who would traditionally be excluded from receiving unemployment benefits. This includes independent contractors (1099), gig workers, self-employed individuals, and workers with insufficient work history to qualify for regular coverage. Additionally, this program can provide coverage for workers who have exhausted the standard unemployment benefits and extended federal benefits.
To qualify for the PUA Program an individual must certify that they are ineligible for traditional unemployment under federal or state law. Additionally, they must certify that they are able and available to work, but are unemployed, partially unemployed, or otherwise unable to work due to one of the following reasons:
- They have been diagnosed with COVID-19 or are experiencing symptoms and seeking diagnosis;
- A member of their household has been diagnosed with COVID-19;
- They are providing care for a family member or household member who has been diagnosed with COVID-19;
- They are providing care for a child or other household member whose school or care facility has closed due to COVID-19;
- They are unable to reach their place of employment due to a quarantine imposed as a result of COVID-19;
- They are unable to reach their place of employment because a healthcare provider has advised them to self-quarantine due to COVID-19 concerns;
- They have been unable to start a job that they were scheduled to commence due to the COVID-19 emergency;
- They have become the primary breadwinner or support for a household after the death of the previous head of the household due to COVID-19;
- They had to quit their job as a direct result of COVID-19;
- Their place of employment is closed as a result of the COVID-19 emergency;
- They meet any additional criteria established by the Secretary of Labor.
Notably, if an individual is able to work from home or otherwise receives paid leave, they will not be eligible for the PUA program.
The Georgia Department Of Labor is working on modifications to its current online unemployment application. They are adding new questions to identify those individuals who may be eligible for PUA. This updated application should be available on their website Monday, April 13, 2020.
The GA DOL provided information related to the pandemic here.
For a thorough explanation of the Paycheck Protection Program, Economic Injury Disaster Loans, and other helpful links we have compiled the following list of resources:
Adjusted Business Practices
The Law Offices of Sam Maguire Jr. P.C. has made some changes in an effort to protect our employees and clients from exposure to the novel coronavirus. With Governor Kemp’s executive order on March 31st, 2020, we are currently authorized to provide notary and witness services using approved audio/video software with the permission of all involved parties. Additionally, we provide mobile title services and E-Filing of documents and/or instruments that need to be recorded at county offices.
Give us a Call At 404-257-8885 or contact us below!
Please reach out to the Law Offices of Sam Maguire Jr. P.C. with any questions you may have regarding our mobile title, E-filing, and notary services.