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COVID-19, News

AVMA: Prepare COVID-19 Stimulus Loan Applications Quickly

Funds are expected to deplete quickly; here are the key provisions and practical resources

AVMA: Prepare COVID-19 Stimulus Loan Applications Quickly
To help veterinarians understand and access the new benefits and relief measures available to them, the AVMA has developed several resources available on AVMA's website, with more in development. Photo: cvandyke/shutterstock.com

Legislation enacted in the past few weeks in response to the COVID-19 pandemic include many provisions that may be helpful to veterinarians and veterinary practices, clinics and hospitals. The American Veterinary Medical Association (AVMA) has resources to help veterinarians learn more about the expanded benefits and programs now available to them, such as emergency medical leave, paid sick leave, expanded unemployment insurance, suspension of federal student loan payments and interest accrual, tax credits for small businesses, and new loan programs to assist small businesses, independent contractors and the self-employed who are coping with the financial impacts of COVID-19.

Veterinary clinics and practices applying for the government assistance loans should move quickly before funds dry up, the AVMA says.

Legislation was passed to replenish funding to small business loan programs, including the new Paycheck Protection Program (PPP) (which ran out of funding on April 16). After being refunded, it resumed accepting applications on April 27. Veterinarians in need of funding are encouraged to submit their applications as soon as possible.

The package provides more than $480 billion in new stimulus aid, including $370 billion for PPP and other loan programs administered by the U.S. Small Business Administration (SBA), $75 billion for hospitals, and $25 billion for COVID-19 testing, the AVMA said in a blog post.

“AVMA is pleased additional funding has been provided, but we anticipate the funds will be quickly depleted, in as little as a few days, based on the tremendous demand and requests from small businesses,” the AVMA said. “Some banks seem to be moving more expeditiously than others. If you are experiencing challenges, you may want to talk to a smaller community bank, as some are reporting better success there.”

The SBA funding includes:

$310 billion for PPP loans, including $60 billion for smaller financial institutions (as defined in the bill);
$50 billion for SBA Emergency Injury Disaster Loans (EIDL); and
$10 billion to support EIDL’s forgivable cash grants of up to $10,000.

For more information, visit AVMA’s COVID-19 legislative page. A free webinar also is available on AVMA Axon to help veterinary business owners consider various loan options.

The AVMA regularly updates information about the laws and regulations enacted to assist veterinary small business owners, veterinarians and veterinary students during the COVID-19 pandemic.

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