Dear fellow Austrians and friends of Austria in the US,
With the outbreak of the coronavirus, small businesses in particular are being severely impacted. The Small Business Administration has implemented several measures to support small businesses at this difficult time. Among these are the SBA Paycheck Protection Programs and SBA Economic Injury Disaster Loans.
The $2.2 Trillion Corona Relief Bill, which became law on March 27, contains two loan/grant programs for SME with less than 500 employees, designed to encourage the companies to retain their employees. The Paycheck Protection Program (PPP), although designed as a loan, in effect pays the payroll and rent for 2.5 months.
The Economic Injury Disaster Loan program (EIDL) provides loans at very favorable rates and pays out $10.000 as non-refundable grant. Since the program is not sufficiently funded, it is important for the US subsidiary to contact their local bank ASAP to start the application process.
Please check out these links for further information: