Coronavirus Aid, Relief, and Economic Security (CARES) Act

- 4/1/2020

Coronavirus Aid, Relief, and Economic Security (CARES) Act -
Overview of some of the relief granted to small businesses

Paycheck Protection Program (PPP) Loans

This may be the section of the relief that could benefit the VFW and Auxiliaries the most. This is a program that can provide a 100% federally guaranteed loan to businesses with less than 500 employees. The loan amount is based on average payroll costs and the loan proceeds can be used for payroll costs, utilities, rent, mortgage insurance, and other debt obligations incurred before February 15, 2020. Eligibility rules for nonprofits taking advantage of this program are limited to 501(c)(3) and 501(c)(19) organizations. Those organizations exempt under Section 501(c)(4) or another category of the Internal Revenue Code are not eligible. However, it would also cover our members that operate a sole proprietorship or as an independent contractor, and eligible self-employed individuals. The great benefit of this program is the forgiveness feature. If employers maintain their payroll, the loans would be forgiven, and ultimately become a grant to the applying organization. The attached guidance provides more detail on how the loan program works. The Small Business Administration (SBA) is expected to release more details soon on this program.

Economic Injury Disaster Loans (EIDL) & Emergency Economic Injury Grants

This program provides an emergency advance of up to $10,000 to small business and most non-profits harmed by COVID-19. An organization must first apply for an EIDL and then request the advance. The advance does not need to be repaid under any circumstances. The maximum available under this program to an employer is $2 million. Any additional amount received above the advance amount under this program is treated as a loan, and will need to be repaid to the SBA at a low interest rate with maturity terms determined by the SBA.

Small Business Tax Provisions

For organizations subject to closure or experiencing economic hardship, this provision provides for payroll tax credits. These tax credits are not available to employers receiving assistance through the Paycheck Protection Program noted above.

Post News

Important Info for Post10533 Members

Pool League Night!! WEDNESDAYS @ 7:00 pm

Our Future

Statewide News

News & Info from your department

Wisconsin Veterans Chamber of Commerce

Essential Business & Branding Resources, Important COVID Vaccine Information & More

March 10th - Women Veteran Leaders: Continuing To Serve

In celebration of Women’s History Month, join the War Memorial Center, in partnership with the Milwaukee VA Medical Center’s mental health team, for our “Continuing to Serve” panel in support of Operation 30:20. The panel will feature four female veterans, discussing their transition to civilian life and how the military influenced their paths to leadership.

National News

Important info from National VFW

VFW to Host Virtual 2021 Parade of Winners

KANSAS CITY, Mo. - The Veterans of Foreign Wars (VFW) will host its first-ever virtual Parade of Winners

VFW Foundation Celebrates 25 Years of Service

KANSAS CITY, Mo. - On Feb. 27, 2021, the Veterans of Foreign Wars (VFW) Foundation will proudly celebrate its 25th anniversary.