COVID-19 Member Call Series Kicks Off; Next Call Scheduled for April 9

April 3, 2020 | Looking for guidance on the $2 trillion CARES Act? A recording of The Toy Association’s April 2 member call, the first in the series of special updates on the coronavirus stimulus relief bill and how it could assist toy businesses, is now available to members.

The April 2 call detailed the bill’s emergency funding with a focus on Title 1 and the Paycheck Protection Program (3P), which through the Small Business Administration (SBA) has made $350 billion available to small businesses with under 500 employees. Companies with under 500 employees represent more than 90 percent of The Toy Association’s membership.

Tom Antonucci, partner at Wiley Rein, LLP and member of Wiley’s Covid-19 Task Force, provided an overview on 3P eligibility, how to apply, special exceptions, how much a business can borrow, what it can be used for (rent, utilities, payroll costs, and mortgage interest), repayment terms, and more.

The session also touched briefly on other programs available to help small businesses, including SBA Express Loans; SBA Economic Injury Disaster Loan (EIDL) Grants, which are now available to businesses in every state; and SBA Debt Relief.

Toy Association members are invited to participate in subsequent calls, planned for April 9 and April 15, which will provide additional updates and information to members to help them during this difficult time. Additional details on these calls will be provided in the coming days. The next call will take place on Thursday, April 9 at 2:30 p.m. (Eastern).

Note: Additional guidance was issued by the SBA after the April 2 call was held that may change or impact the information presented and discussed during the question-and-answer period. The Toy Association will summarize the new regulations on its COVID-19 resource page and identify any changes to the presentation.

Questions on the CARES Act may be directed to Ed Desmond, The Toy Association’s executive vice president of external affairs. The latest information on CARES Act benefits can also be found on The U.S. Department of The Treasury website.