As small businesses
, short line railroads may be able to take advantage of several programs including the Paycheck Protection Program
, and the Economic Injury Disaster Loan Program
, both administered by the Small Business Administration. In addition, the SBA has provided an Express Bridge Loan Program
of up to $25,000.
The Sick and Family Medical expansions provided through the Railroad Retirement Board is another key program. The RRB has issued guidance
on benefit flexibilities as a result of COVD-19. A helpful tax impact overview provided by the IRS is here
The Treasury Department has now released information on how small businesses can apply for loan forgiveness under the Paycheck Protection Program. The Loan Forgiveness Application explains how to calculate your forgiveness amount, determine your eligible payroll and nonpayroll costs, document eligibility for loan forgiveness and apply the CARES Act’s safe harbor for remedying payroll or headcount reductions. You can access the application form and instructions here
, and the Treasury Department’s announcement on the forgiveness procedures is available here
We encourage ASLRRA members to take advantage of the On-Demand Webinars on these topics, which provide helpful overviews and Q & A Sessions with industry experts.