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FROM ACI-NA: CARES Act, FAA Grants & SBA Assistance

4/2/2020  |  Melbourne, FL

Orlando Melbourne International Airport (MLB) received the below communication from its partners at Airports Council International – North America (ACI-NA) regarding the Treasury Department’s CARES Act, FAA Grants and SBA Assistance.

“ACI-NA Small Airports Committee Members:

I wanted to send along the most recent information posted to the Treasury Department’s CARES Act page.  Additionally, the FAA recently provided this brief update regarding the airport relief program. 

ASSISTANCE FOR AMERICAN WORKERS AND FAMILIES

In the weeks immediately after the passage of the CARES Act, Americans will see fast and direct relief in the form of Economic Impact Payments. For more information, CLICK HERE.

ASSISTANCE FOR SMALL BUSINESSES

The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and certain other expenses. Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards.

For a top-line overview of the program CLICK HERE

If you’re a lender, more information can be found HERE

If you’re a borrower, more information can be found HERE

The application for borrowers can be found HERE

PRESERVING JOBS FOR AMERICAN INDUSTRY

The CARES Act assists eligible businesses (airlines and others) looking for payroll support to keep Americans working. For more information, CLICK HERE.

The Treasury Department and IRS yesterday began implementing the Employee Retention Credit included in the CARES Act.  The program provides a fully refundable tax credit for 50 percent of wages, up to $10,000, for each employee kept on the payroll by businesses that have taken a financial hit because of the pandemic. Businesses qualify if they have been fully or partially shuttered by government order, or if their gross receipts are below 50 percent of what they took in during a comparable quarter in 2019.  They are no longer eligible once their gross receipts rise above 80 percent of the comparable quarter.  The IRS published guidelines yesterday for businesses that want to apply for the credit, which is applied against the employers’ share of payroll taxes.  The agency also issued a notice to shield employers from penalties they may have incurred for failing to deposit employment taxes when tapping a tax credit Congress created to help them cover wages for sick leave and family leave.

Additional information about the steps the IRS is taking to help taxpayers, businesses, and others affected by the coronavirus can be found HERE.”




 
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