CARES Act: New Funds Now Available for Businesses
WASHINGTON – April 23, 2020 – The American Institute of Architects (AIA) is encouraging firms—seeking economic relief from challenges presented by COVID-19—to act swiftly in applying for funding provided in the stimulus package approved by Congress today.
“Many businesses across the country—including architecture firms—are in dire need of additional funding to pay their staffs and keep their doors open,” said AIA EVP/Chief Economic Officer Robert Ivy, AIA. “We appreciate that Congress continues to make loans available, but we encourage its continued support for the economic relief that is critical to businesses remaining viable today and during the long road ahead to recovery.”
This latest economic relief bill provides more than $320 billion dollars in funding for the Paycheck Protection Program (PPP) and allocates an additional $10 billion for the emergency Economic Injury Disaster Loan Program (EIDL). PPP provides a maximum loan benefit of up to two-and-a-half times the average monthly payroll costs for the previous calendar year—not to exceed $10 million—to qualifying small businesses with fewer than 500 employees and sole proprietors. EIDL provides qualifying businesses in a declared disaster zone that have fewer than 500 employees with coverage for operating costs and payroll. Qualifying businesses can apply for either loan—both are available on a first-come, first-served basis—while funding is available, but businesses cannot receive both loans. Complete details on both programs are available on AIA’s website.
To support the latest economic relief bill, AIA members issued more than 3,600 letters to members of Congress advocating for additional federal funding of PPP and EIDL.
In addition to continuing to lobby for economic relief for firms, AIA is also urging Congress to provide significant investment in 21st Century infrastructure—including hospitals, schools, affordable housing, and other public buildings—to revive the economy and achieve the resilient communities that are needed to address current needs and respond to future threats like pandemics and climate change.
Visit AIA’s website for COVID-19 resources for members.