COVID-19 SBA LOAN PROGRAMS

The following is a summary from our lobbying firm Cornerstone Government Affairs of the two small business loan programs created as a result of the COVID-19 Pandemic.

The first program was created through the passage of what we are calling the “COVID-I” legislation. That bill created a $1 billion fund to immediately assist small businesses hit hard by the current economic shutdown. Unlike traditional Small Business Administration (SBA) funding mechanisms, this program is being administered directly by the SBA and is live and accepting applications currently (see more below).

The second program was created through the passage of what we are calling “COVID-III” legislation. That bill created the Paycheck Protection Program and the Economic Injury Disaster Loan (EIDL) program. These programs will be administered more like traditional SBA programs, i.e. through third party, 7(a) lenders.

NOTE #1: Organizations cannot accept funds from both programs, but they are welcome to apply to both and determine which one is the best fit before signing off on final terms.

NOTE #2: Cornerstone enjoys relationships with two SBA 7(a) lenders, who have agreed to provide expedited services to those clients who need to access funds and participate in the program. For more information, please email Campbell Kaufman at ckaufman@cgagroup.com.


COVID-I

The U.S. Small Business Administration is offering designated states and territories low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the coronavirus (COVID-19). Upon a request received from a state’s or territory’s governor, SBA will issue under its own authority, as provided by the Coronavirus Preparedness and Response Supplemental Appropriations Act that was recently signed by the President, an Economic Injury Disaster Loan declaration.

Any such Economic Injury Disaster Loan assistance declaration issued by the SBA makes loans available statewide to small businesses and private, non-profit organizations to help alleviate economic injury caused by the coronavirus (COVID-19). This will apply to current and future disaster assistance declarations related to coronavirus.

SBA’s Office of Disaster Assistance will coordinate with the state’s or territory’s governor to submit the request for Economic Injury Disaster Loan assistance.

Once a declaration is made, the information on the application process for Economic Injury Disaster Loan assistance will be made available to affected small businesses within the state.

SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance and can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.

These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. The interest rate is 3.75% for small businesses. The interest rate for non-profits is 2.75%.

SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay.

SBA’s Economic Injury Disaster Loans are just one piece of the expanded focus of the federal government’s coordinated response, and the SBA is strongly committed to providing the most effective and customer-focused
response possible.

To apply for these loans, click here -https://disasterloan.sba.gov/.

For questions, please contact the SBA disaster assistance customer service center at 1-800-659-2955 (TTY: 1-800-877-8339) or e-mail disastercustomerservice@sba.gov.


COVID-III

The third COVID-19 package expected to become law includes a new SBA loan program, the Paycheck Protection Program, as well as a grant program associated with the EIDL program. The Paycheck Protection Program is intended to keep workers on small business payrolls through offering forgivable loans. The EIDL grant program offers small businesses a one-time $10,000 grant to cover costs in the short term.

The Paycheck Protection Program

Applies to you if:

You were in business and employed fewer than the greater of 500 people or the SBA size standards in number of employees for your industry on February 15, 2020.

You are a small business, nonprofit, veterans’ organization, tribal business, or are self-employed, an independent contractor or sole proprietor.

What it does:

Allows you to apply for a 100% government backed, low interest SBA 7(a) loan up to $10 million. The loan amount will equal 250% of your average monthly payroll costs.

The period covered for the debt forgiveness is from February 15, 2020 until June 30, 2020.

The 100% government backed loans and fee waivers will be authorized through December 31, 2020.

Allows you to use the loan to cover payroll costs, including salaries, paid sick and medical leave, insurance premiums, mortgage, rent and utility payments.

Allows the loan to be forgiven in an amount equal to what you spent on payroll, rent and mortgage interest (on leases and mortgages in effect on February 15, 2020).

Reduces the loan amount forgiven proportionately to the reduction in number of employees retained compared to last year and reduced by the reduction in pay of any employee greater than 25% compared to last year.

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PULSE Urges FTC, DOJ to Support Pro-Competitive Life Sciences Collaborations and M&A

June 10, 2026
In recent comments to the Department of Justice (DOJ) and Federal Trade Commission (FTC), PULSE highlighted critical reforms to ensure that U.S. competition policies support – and do not impede – the pro-competitive mergers and acquisitions (M&A) and other collaborations that drive American life sciences innovation. PULSE submitted comments in response to two joint DOJ/FTC Requests related to Guidance on Collaborations Among Competitors and Improvements to the Premerger Notification and Report Form (HSR Form). Read below for key takeaways from PULSE’s comment letters: 1. Life Sciences Innovation Depends on Collaboration “At its core, life sciences innovation is overwhelmingly collaborative. The cutting-edge medicines and cures developed by America’s life sciences industry are rarely the result of just one sole actor. Instead, they more often emerge from a calibrated sequence of partnerships… that collectively usher a biomedical breakthrough from early-stage discovery to FDA approval and delivery to patients.” – PULSE, Comments on Guidance on Collaborations Among Competitors 2. Policies that Ignore the Fundamental Role of Life Sciences M&A Risk Chilling Innovation for Patients “Against the significant challenges and pressures inherent to life sciences innovation, such policies that needlessly delay pro-competitive transactions have significant ripple effects: eroded investment incentives, disruptions in the path to launch and, ultimately, slowed or stalled development of new treatments and cures for patients.” – PULSE, Comments on Improvements to the HSR Form 3. Clear, Predictable Standards Can Support Competition and Innovation in America’s Life Sciences Ecosystem “Preserving clear and workable pathways for collaboration is therefore essential to sustain the broader ecosystem that delivers innovation and sustains America’s status as the world leader in life sciences innovation.” – PULSE, Comments on Guidance on Collaborations Among Competitors Leading business and industry organizations echoed and reinforced these priorities. Their comments highlight the unique market dynamics of life sciences innovation and the importance of collaboration and M&A – particularly with respect to early-stage R&D. “Because drug development typically takes over a decade, and the vast majority of drugs in development never make it to market, the antitrust risks associated with R&D collaborations in this space may be less than with other R&D collaborations.” – ABA Antitrust Law Section, Comments on Guidance on Collaborations Among Competitors “In the biopharmaceutical sector, for instance, R&D ventures in the pre-clinical or Phase I stages should be presumed lawful. At these early stages, about 90% of drugs never make it to market, so these collaborations are far too distant from commercialization to pose a meaningful threat to competition.” – U.S. Chamber of Commerce, Comments on Guidance for Collaborations Among Competitors “Healthy M&A activity also aids company formation and capital raising earlier in a business’s life cycle, as entrepreneurs and early-stage investors often depend on M&A for an exit opportunity. Conversely, discouraging business combinations by imposing burdensome one-size-fits-all standards on all transactions, like those imposed by the 2024 amendments, would disincentivize early-stage innovation and slow down economic growth.” – National Association of Manufacturers, Comments on Improvements to the HSR Form The bottom line: A balanced approach to antitrust enforcement policy should support life sciences M&A and other collaborations, ensuring new medicines continue to reach patients, while preserving a diverse and collaborative ecosystem. PULSE urges the agencies to adopt clear, workable and predictable standards that companies can apply with confidence. That includes preserving enforcement safety zones for low-risk, pro-competitive collaborations, as well as ensuring the HSR Form facilitates a timely, focused and fit-for-purpose screening process for life sciences M&A deals. Click below to read PULSE’s full comments: PULSE Comments on Guidelines on Collaborations Among Competitors PULSE Comments on Improvements to the HSR Form Source: PULSE Urges FTC, DOJ to Support Pro-Competitive Life Sciences Collaborations and M&A - Partnership for the U.S. Life Science Ecosystem (PULSE)

Georgia Life Sciences Promotes Stacey Bowlin to Executive Vice President

June 5, 2026
 June 5, 2026 - Georgia Life Sciences is pleased to announce the promotion of Stacey Bowlin to Executive Vice President . Since joining Georgia Life Sciences in 2024, Stacey has played a central role in advancing the organization’s strategic visibility, industry partnerships, membership growth, and statewide engagement. Her leadership has helped strengthen Georgia Life Sciences’ position as a leading voice for Georgia’s biotechnology, pharmaceutical, medical device, diagnostics, and digital health sectors. “Stacey has made an extraordinary impact on Georgia Life Sciences in a very short period of time,” said Maria Thacker Goethe, President & CEO of Georgia Life Sciences . “She successfully led our transformation from Georgia Bio to Georgia Life Sciences, helping modernize our brand and better reflect the full breadth of Georgia’s life sciences industry. She has also strengthened our member recruitment and retention strategy, deepened engagement across the ecosystem, and brought a level of operational discipline that has helped position the organization for continued growth. I am thrilled to recognize Stacey’s leadership and contributions with this well-deserved promotion to Executive Vice President.” In her expanded role, Stacey will continue to lead key areas of organizational strategy, operational execution, member engagement, and long-term growth. She will work closely with the CEO to support financial and organizational performance, oversee key initiatives, and help translate Georgia Life Sciences’ long-term vision into actionable strategies that strengthen the state’s life sciences ecosystem. With more than two decades of experience in strategic engagement, marketing, operations, and industry development, Stacey brings a collaborative, mission-driven approach to leadership that aligns closely with Georgia Life Sciences’ vision for the future.

Governor Kemp Calls Special Session

June 4, 2026
June 4, 2026 - Governor Brian Kemp has issued a formal proclamation convening the Georgia General Assembly in a special session, signaling the need for legislative action outside the regular session calendar. Under the Georgia Constitution, the Governor is empowered to call a special session and define the scope of issues lawmakers may consider. In this instance, the proclamation outlines the specific subject matter to be addressed, effectively limiting legislative activity to those enumerated items. The proclamation underscores the urgency and importance the administration places on the identified issues, which may include time-sensitive fiscal matters, policy priorities, or emergent statewide concerns that cannot reasonably wait until the next regular session. By setting the agenda, the Governor not only accelerates legislative consideration but also shapes the policy framework within which the General Assembly must operate. From a practical standpoint, the special session compresses the legislative timeline, requiring stakeholders to quickly mobilize, engage decision-makers, and adapt strategies in a fast-moving environment. For clients and partners, this means heightened attention to committee activity, leadership negotiations, and potential amendments, as outcomes are often determined on an expedited basis. Topspin Strategies will continue to monitor developments closely, provide real-time updates, and engage with key policymakers to ensure our clients’ priorities are effectively represented throughout the duration of the special session. Details About the Code Sections Being Discussed: Code Section 21-2-379.23 This law applies to Georgia’s electronic ballot marking devices. Key requirements: Ballots must include standard info like: “OFFICIAL BALLOT” Election date Candidates, offices, and questions Ballots must be printed on secure paper with features like a watermark. The text on the paper ballot is the official vote The human-readable text (what you can read on the ballot) = the legally binding vote This applies to: Vote tabulation Recounts Audits What S.B. 189 changed The 2024 law (Act 697 / S.B. 189) made a major shift: It prohibits relying on QR codes or machine-readable codes to count votes Instead, only the printed text must be counted The key changes to this section are scheduled to take effect July 1, 2026 This code section is at the center of current election debates because: Georgia’s existing voting system relies on QR codes for tabulation The law forces a transition to text-based counting State and local officials have warned this creates: Logistical challenges Potential funding gaps Uncertainty before elections Code Section 48-8-109.52 This section (added by S.B. 33) deals with a specific type of local sales tax authority. From the bill text, it ties to: Local governments that levy certain property taxes (ad valorem taxes) And allows or governs how they can adopt an additional local sales tax via local legislation It creates a framework for certain local governments to pass a new or modified local sales tax, but they must do it through a local Act. If a county/city wants to use this new tax authority The legislature must pass a local bill (local Act) following the rules in that code section S.B. 33 (Act 461, 2026) This is the law that: Created or updated this tax mechanism Set the rules + process for how locals can implement it
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