Covid-19 coronavirus: quick reference guide on US federal business stimulus program (updated 25 June)
25 June 2020
In response to the Covid-19 coronavirus crisis, the US federal government has responded with an unprecedented and rapidly unfolding set of business stimulus programs.
This Alert seeks to pull together a cohesive, high-level summary of these programs and to highlight some of the key issues every business or financial institution should consider as it evaluates participating in them.
Specifically, this Alert considers the Small Business Administration's Paycheck Protection and the Economic Injury Disaster Loan programs, the Coronavirus Economic Stabilization Act's direct lending and liquidity programs (including the potentially-forthcoming mid-sized business lending program), and the Federal Reserve's Main Street Lending Program and Primary Corporate Credit Facility.
Going forward, this Alert will be updated to reflect new business stimulus-related legislation as well as material updates to the regulations and guidance on the existing stimulus programs discussed herein. While we will strive to update this Alert as regularly as we can, it is not possible or practical to provide real-time updates on this quickly evolving set of laws, regulations, and guidance. Please reach out to us with any specific questions you may have.