Financial Assistance is on the Way for You and Your Practice!

Help for you and your practice is on the way.  Details are still emerging, but here's what is available to provide financial assistance and relief from impact of covid-19.

The US government recently passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act.  There is also the SBA Economic Injury Disaster Loan (EIDL) program.  Both programs provide disaster assistance loans and the COVID-19 pandemic has been labeled a disaster. Other programs including Student Loan relief and 

The SBA EIDL program is offering small businesses low interest loans of up to 2 million at 3.25% interest over 30 years. The understanding is that EIDL will not cover lost profits but will provide resources to keep and enterprise running until things pick up again. The EIDL program is administered by and the loans come from the SBA.  Apply online.

The CARES Act was similar in context.  The CARES Act cannot be used to cover lost profits, but the Act is open to sole proprietors, independent contractors, and individuals from the gig economy.  The Act will be overseen by the SBA and will be administered by commercial banks local to you. 

The CARES Act permits loans of up to $10 million so long as the loan is justified.  Again, there is a low rate of interest and the loan can be used to pay employees, overhead - rent, mortgage, utilities, etc.  In addition, the CARES Act will forgive a portion of the loan -- 2-2.5 months to pay for employees and ordinary operating expenses early on.  In other words, the government will pay for these expenses on behalf of the enterprise for 2-2.5 months for those who apply. This program acts like a partially forgivable bridge loan until the economy gets up and going again. Click here for more details regarding the CARES Act. Contact your local bank for further information and application.

It is our understanding that you should apply for help either under the EIDL program or CARES Act but not both.

There is also Federal Student Loan Relief that was enacted as part of the stimulus package it directs the Secretary to suspend through Sept. 30, 2020, 24 payments (and interest) due for loans made under parts D and B of Title IV of the Higher Education Act of 1965. During this period, all involuntary collection related to qualifying loans will also be suspended.  Additionally, suspended payments will not be reported as late or missed to consumer reporting agencies. 

Mortgage and rent relief are also options for those in need. 

For those with more questions about financial assistance, here's one of the better overviews we've found:

As more resources and more clarity on these resources become available, the NYSCA will continue to provide updates and will continue to post the info at


Share this post: