Last Updated 5/18/20
- Federal Reserve Actions
- The Federal Reserve has announced a series of actions designed to bolster credit markets, starting with a 150 basis point drop in the discount rate March 15th, as well as enacting several transactional and procedural programs.
- The Federal Reserve has also enacted “The Main Street Lending Program” to provide direct lending to businesses.
- The Families First Coronavirus Response Act, PL 116-127
- Provides emergency programs for social services including SNAP, WIC, etc.
- Material to businesses, provides that “Emergency Family and Medical Leave Expansion Act” be enacted (Division D) and that employers provide paid leave for those who are ordered to quarantine, is ill with COVID-19, or take protected leave to care for children without child care or for a family member who is ill with COVID-19.
- Employers will need to pay the new sick leave, to be reimbursed in the form of a tax credit for 2020.
- CARES Act
- Provides loan and direct aid assistance to a variety of purposes, including medical services, unemployment insurance support, SBA loans and loan guarantees.
- Material to small businesses, provides that SBA loans (through participating banks) be made available without underwriting to support payroll, and that amounts expended for payroll expenses be forgiven from repayment.
- Employers should apply through participating banks.
- Paycheck Protection Program and Health Care Enhancement Act
- Appropriates additional funds to existing programs, including particularly applying $310B more for the PPP (enacted under the CARES Act) and $10B for SBA Economic Injury Disaster Loans (EIDL).
- US Chamber of Commerce Foundation launches an immediate opportunity for $5k grants to small businesses: https://www.savesmallbusiness.com/
- Executive Order 20-5 prohibited large gatherings
- Executive Order 20-22 allows measured resumption of non-urgent health procedures using PPE and continued restrictions on visitations: https://www.oregon.gov/gov/Documents/executive_orders/eo_20-22.pdf
- Executive Order 20-12 instituted the “Stay Home Save Lives” policy
- Executive Order 20-13 put a temporary moratorium on commercial evictions
- Executive Order 20-20 continues suspension of in-person K-12 instructional activities and the provision of school-based services: https://www.oregon.gov/gov/Documents/executive_orders/eo_20-20.pdf
- Full list: https://www.oregon.gov/gov/admin/Pages/executive-orders.aspx
- Proclamations 20-08, 20-09, & 20-12 ordered schools closed
- Proclamation 20-24 ordered all non-emergency healthcare to be suspended
- Proclamation 20-24.1 reduced restrictions on, and safe expansion of, non-urgent medical and dental procedures: https://www.governor.wa.gov/sites/default/files/20-24.1%20-%20COVID-19%20Non-Urgent%20Medical%20Procedures%20Ext%20.pdf
- Proclamation 20-25.3 amending and extending the “Stay Home Stay Healthy” policy:
- Proclamation 20-19.1 expands eviction moratorium and creates additional protections for tenants
- Full list: https://www.governor.wa.gov/office-governor/official-actions/proclamations
- Washington State Safe Start Plans and Reopening Guidance (ongoing): https://coronavirus.wa.gov/what-you-need-know/safe-start
- WA information page: https://coronavirus.wa.gov/
- Governor Brown Releases Plan for Reopening and Rebuilding Oregon State (ongoing): https://www.oregon.gov/newsroom/Pages/NewsDetail.aspx?newsid=36579
- OR information page: https://govstatus.egov.com/or-covid-19
- Business Oregon provides loan guarantees through two principal programs: credit enhancement and capital access. Information is published through this page: https://www.oregon4biz.com/Coronavirus-Information/
- Startup Washington lists a Small Business Emergency Grant Program from the strategic reserve fund, but does not yet have information for applications. Information on crisis resources are here: http://startup.choosewashingtonstate.com/links/crisis/covid-19-resources/
- Prosper Portland provides general business resources: https://prosperportland.us/
- Forbes publishes a daily updated list of state resources: https://www.forbes.com/sites/advisor/2020/03/20/list-of-coronavirus-covid-19-small-business-relief-programs/#73a07872e89d
- Oregon Unemployment: https://www.oregon.gov/employ/unemployment/pages/default.aspx
- Washington Unemployment: https://esd.wa.gov
- US Coronavirus Aid, Relief, and Economic Security Act (CARES Act)
- From our friends at Delap LLP (includes a summary of financial resources available pursuant to the CARES Act
- Oregon State Department (resources on closings, rules, recommendations, and education for employees and employers)
- Business Oregon Resources For Business
- Oregon Capital Access Program (CAP)
- Oregon Bureau of Labor and Industries
- Oregon Employment Department (resources on unemployment and other benefits)
- State of Oregon Employment Department (CARES Act & Pandemic Unemployment Assistance)
Washington State Department of Labor & Industries
- General employment related resources, including regional office information, paid sick leave, workers’ compensation, and workplace safety and health related to COVID-19.
- Resources specifically on paid sick leave related to COVID-19 and commonly asked questions.
- Resources specifically related to workers compensation coverage for workers affected by COVID-19