As we navigate this unprecedented crisis in our global community, AIA is committed to equipping our members with the information they need to help navigate these uncertain times.
The AIA has put together a resource list and suggestions for dealing with federal, state, and local guidance and restrictions. Please see links to AIA website for information pertaining to firm management, contracts and liability, and moving ahead in the profession.
Architecture Firm Best Practices, Resources & Templates for Communications and Temp Policies in Response to COVID-19
Corporate Tax Advisors & Landmark CPAs have provided important information regarding financial assistance available
SBA Disaster Assistance
All US states are eligible for Small Business Administration (SBA) disaster assistance with low-interest loans for small businesses during times of disaster. In response to the COVID-19 pandemic, small business owners are immediately eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000. Funds will be made available within three days of a successful application. This loan advance will not have to be repaid.
For eligible businesses looking for deeper relief, the maximum loan amount is $2 million dollars with interest rates of 3.75% for small business and 2.75% for nonprofit organizations with terms up to 30 years.
Criteria for loan approval:
• Credit History: Applicants must have a credit history acceptable to SBA
• Repayment: SBA must determine that the small business can repay the loan
• Eligibility: The applicant business must be physically located in disaster area (likely anywhere in US, but a PO Box does not count) and suffered losses due to declared disaster, not due to downturn in economy or other reasons.
For more on SBA loan options, see https://covid19relief.sba.gov/#/
Per the AIA, the CoronavirusAid, Relief, and Economic Security (CARES) Actis the third federal legislation meant to address the COVID-19 crisis. It was passed by the Senate on March 25 and is expected to pass the House of Representatives Friday, March 27. The CARES Act touches on many aspects of the healthcare industry and the overall economy. This memo focuses on the provisions most likely to impact the architecture profession.