AVMA Provides Update On COVID-19 Resources

04:27PM Apr 03, 2020
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AVMA
( AVMA )

On Friday, the American Veterinary Medical Association (AVMA) provided the following update regarding the new Paycheck Protection Program and the suspension of federal student loan interest.

COVID-19 small business loans

https://www.avma.org/resources-tools/animal-health-and-welfare/covid-19/what-covid-19-legislation-means-veterinary-small-businesses

NOTICE: On April 2, the Small Business Administration (SBA) released an interim rule on the new Paycheck Protection Program (PPP). Changes from initial reporting include: the interest rate was increased from 0.5% to 1%; 1099 employees cannot be included in the employer’s payroll costs; and details on what a borrower needs to certify for loan forgiveness.

 

COVID-19: federal student loans and higher education

https://www.avma.org/resources-tools/animal-health-and-welfare/covid-19/COVID-19-federal-student-loans
 

On March 13, the Trump Administration announced the automatic suspension of federal student loan interest accrual in light of the COVID-19 outbreak. Following the announcement, the President on March 27 signed stimulus legislation into law that suspends federal student loan repayment and interest accrual for six months and includes other supports for higher education.

The U.S. Department of Education (USDE) Office of Financial Student Aid (FSA) has issued some guidance for students, borrowers, and parents.

View AVMA’s “COVID-19: federal student loans and higher education” page for more information .