NEW YORK CITY — A local law firm has released an article that details the recently passed federal economic aid packages to help deal with economic damage in the wake of the COVID-19 pandemic and offers resources for applying for the various available loans.
"COVID-19 Economic Relief Primer for the Ground Transportation Industry" by Matthew W. Daus, a partner and chairman at Windels Marx Transportation Group, provides extensive background on the three recently passed pieces of legislation of importance to the transportation industry — the Coronavirus Preparedness and Response Act, the Families First Coronavirus Response Act, and the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
The Coronavirus Preparedness and Response Act provided $2 million loans for the U.S. Small Business Administration’s (SBA) Economic Injury Disaster Loan (EIDL) program, including EIDL emergency grants of up to $10,000. The Families First Coronavirus Response Act, which took effect on April 1, aims to help the U.S. combat COVID-19 by giving American businesses with fewer than 500 employees funds to provide employees with paid leave, either for the employee’s own health needs or to care for family members; and the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which includes the temporary Paycheck Protection Program (PPP) under the SBA 7(a) loan program.
The PPP and the EIDL programs had run out of money on April 16, but were, as School Bus Fleet previously reported, replenished by funds from a $484 billion stimulus bill signed into law on Friday by President Trump. The SBA resumed accepting PPP and EIDL applications from participating lenders on Monday, according to the agency's website.
Daus, who is also a professor and transportation technology chair at the City University of New York and Transportation Research Center at The City College of New York, and president of the International Association of Transportation Regulators, also includes resources on applying for these loans, such as Frequently Asked Questions (FAQs), and a document checklist and worksheets on the PPP. Additionally, he is making available upon request a list of recommended lenders. To request the list, email Daus at firstname.lastname@example.org.
The law firm is also hosting a free webinar, "What Are Transportation Regulators Doing To Respond to COVID-19?" on Thursday, April 30 at 11:00 a.m. Eastern Time. To register for the webinar, sponsored by the International Association of Transportation Regulators, go here.