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“Even though SBA did a good job of getting the program organized to get money out quickly, PPP probably should have been made more like a grant program than a loan program.”


— Brant Ahrens CIBC


Chairman Illinois Bankers Association, Springfield, IL


Negotiations between House and Senate lawmakers and the Trump administration concerning a possible fourth coronavirus stimulus package have been pushed to late July; with only three weeks after that until the Labor Day recess, it appears unlikely there will be some sort of financial relief before early fall.


Financial Resources


Here are a few resources for information on COVID-19 financial relief, both loans and grants. While you may not want to take on debt, remember that grant money is considered taxable income by the IRS.


Debt.org https://www.debt.org/advice/relief-options/coronavirus-covid-19-financial-assistance/ • GrantSpace


https://grantspace.org/resources/knowledge-base/covid-19-emergency-financial-resources/ • Institute for Local Self-Reliance https://ilsr.org/information-on-covid-19-small-business-assistance-programs/zenefits.com


https://www.zenefits.com/workest/the-big-list-of-covid-19-financial-assistance-programs-for-small- businesses-by-state/ • Federal Resources for U.S. Small Businesses https://covid-sb.org/ • Federal Reserve Main Street Lending Program https://www.federalreserve.gov/monetarypolicy/mainstreetlending.htm • Main Street Lending FAQs https://www.bostonfed.org/mslp-faqs • SBA Loan Forgiveness EZ Application Form https://home.treasury.gov/system/files/136/PPP-Forgiveness-Application-3508EZ.pdf


Summer 2020 19


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