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Harshwal & Company is committed to supporting you through the unprecedented conditions that we are experiencing together. Our ongoing Remote Client Assistance is expanded. Our entire team is working from home. We work as a family and all our team members are working safely from home with no change in pay.

If you have any questions, we'll get started on your request right away and respond on the same day.

The CARES Act


U.S. Congress passed and President Trump signed into law the CARES Act (the Coronavirus Aid, Relief, and Economic Security Act) — a significant piece of legislation that seeks to provide approximately $2 trillion worth of economic assistance to consumers and businesses. As per the 800 pages legislations, following are available for Small Business:

Paycheck Protection Program (PPP) Loans:

The program would provide cash-flow assistance through 100 percent federally guaranteed loans to employers who maintain their payroll during this emergency. If employers maintain their payroll, the loans would be forgiven, which would help workers remain employed, as well as help affected small businesses and our economy snap-back quicker after the crisis. PPP has a host of attractive features, such as forgiveness of up to 8 weeks of payroll based on employee retention and salary levels, no SBA fees, and at least six months of deferral with maximum deferrals of up to a year. Small businesses and other eligible entities will be able to apply if they were harmed by COVID-19 between February 15, 2020 and June 30, 2020. This program would be retroactive to February 15, 2020, in order to help bring workers who may have already been laid off back onto payrolls. Loans are available through June 30, 2020.

Small Business Debt Relief Program

This program will provide immediate relief to small businesses with non-disaster SBA loans, in particular 7(a), 504, and microloans. Under it, SBA will cover all loan payments on these SBA loans, including principal, interest, and fees, for six months. This relief will also be available to new borrowers who take out loans within six months of the President signing the bill into law.

Economic Injury Disaster Loans & Emergency Economic Injury Grants:

These grants provide an emergency advance of up to $10,000 to small businesses and private non-profits harmed by COVID-19 within three days of applying for an SBA Economic Injury Disaster Loan (EIDL). To access the advance, you first apply for an EIDL and then request the advance. The advance does not need to be repaid under any circumstance, and may be used to keep employees on payroll, to pay for sick leave, meet increased production costs due to supply chain disruptions, or pay business obligations, including debts, rent and mortgage payments.

Other Significant Provisions


  • Direct Payments to adults of $1,200 or less and $500 per child ($3,400 for a family of four) to be sent out in weeks. The amount of the payments phases out based on earnings of between $75,000 and $99,000.

  • Expanded Unemployment Insurance:Increases payments by $600 per week for four months on top of what state unemployment programs pay.

  • Amendments to the New Paid Leave Mandates: Lowers the amounts that employers must pay for paid sick and family leave under the Families First Coronavirus Response Act* (enacted March 19) to the amounts covered by the refundable payroll tax credit.


The federal government is currently finalizing the details and protocols about how and when different programs and relief will be implemented. Harshwal & Company is closely monitoring these updating guidelines and will make the most updated and accurate information available to our clients.



Coronavirus Funding Options


Click here to learn more about available SBA loan and debt relief options.

Our nation's small businesses are facing an unprecedented economic disruption due to the Coronavirus (COVID-19) outbreak. On Friday, March 27, 2020, the President signed into law the CARES Act, which contains $376 billion in relief for American workers and small businesses.

Additional Funding Notice: The SBA will resume accepting Paycheck Protection Program applications from participating lenders on Monday, April 27, 2020 at 10:30am EDT.

With the additional funding provided by the new COVID-19 relief package, SBA will resume processing EIDL Loan and Advance applications that are already in the queue on a first come, first-served basis.

We will provide further information on the availability of the EIDL portal to receive new applications (including those from agricultural enterprises) as soon as possible.

To learn more about the relief options available for your business, click here.


Guidance for Businesses and Employers


The President's Coronavirus Guidelines for America

www.Coronavirus.gov

The Centers for Disease Control and Prevention (CDC) offers the most up-to-date information on COVID-19. This interim guidance is based on what is currently known about the coronavirus disease 2019 (COVID-19). For updates from CDC, please see the following:

How We Can Help


Although details are still being finalized, one can prepare and gather resources to apply quickly when it becomes available. There will be limited time to do standard procurement procedures. It is prudent to have the expertise on your side to apply and respond in this new and changing environment.

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