31 Mar Small Business Administration Loans, FMLA, and Sick Leave
With the COVID-19 crisis, I’ve received a number of questions regarding loans, Family and Medical Leave Act (FMLA), and sick leave. Below I’ve outlined the process for applying for an Economic Injury Disaster Loan from the Small Business Administration (SBA) and provided access to an on-demand FMLA and sick leave webinar from SOAPM.
Overview of the Economic Injury Disaster Loans and Loan Advance
The SBA provided the following information regarding COVID-19 economic relief:
“In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000. The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.
The loan advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available within three days of a successful application, and this loan advance will not have to be repaid.”
Application Process for a COVID-19 Economic Injury Disaster loan
Please note that this information is changing rapidly. For complete details visit https://www.sba.gov/funding-programs/disaster-assistance.
To begin the process, you will need to fill out a COVID-19 Economic Injury Disaster Loan Application online. According to the SBA, this application process is estimated to take about two hours and ten minutes, but may be shorter depending on whether or not you are required to fill out certain sections of the application. The information you provide will be used to see if your practice(s) qualifies for this loan program.
Additional Funding Options
In some areas, there are local funds available in addition to the SBA loans. I encourage you to check with your local chamber of commerce to see if your area is included.
FMLA and Sick Leave
SOAPM ‘Fireside’ Webinar
- Access: Laws for Medical Practices During COVID-19
- Password: soapm_COVID-19
The COVID-19 pandemic has caused social and economic hardship for everyone. The healthcare sector has been hit particularly hard. To manage the negative economic impact of COVID-19, the federal government has passed a series of laws providing relief to businesses and employees. During this presentation, there are discussions around the details of the Family First Coronavirus Response Act, specifically the Emergency Family and Medical Leave Extension Act, and the Emergency Paid Sick Leave Act of 2020 and how they affect healthcare businesses.
For more articles from the Pediatric Success Series, related to COVID-19, click here.