COVID-19 Resources For Small Businesses

COVID-19 Resources for Small Businesses

(Updated 6/5/20) The website for the SBA Payment Protection Program (PPP) reopened Monday, April, 27 after Congress passed a new bill to aid employers and hospitals under stress from the coronavirus pandemic- this one for $484 billion. Some $60 billion goes to small banks and an alternative network of community development banks that focus on development in urban neighborhoods and rural areas ignored by many lenders. The PPP provides small businesses with loans up to $10M at 1% interest. Funds can be used to pay payroll costs (including benefits), interest on mortgages, rent, and utilities. The loan will be fully forgiven as long as it is used to cover mainly payroll costs over an eight week period after the loan is made. Prospective applicants cn any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating.

The Small Business Administration has created a guide for Coronavirus Funding Options, Guidance for Businesses and Employers, Local Assistance, SBA's Relief Efforts, SBA Products and Resources, and Government Contracting.

Payment Protection Program Borrower Application Form
https://home.treasury.gov/system/files/136/Paycheck-Protection-Program-Application-3-30-2020-v3.pdf

In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories were able to apply for an Economic Injury Disaster Loan advance of up to $10,000. This advance is designed to provide economic relief to businesses that are currently experiencing a temporary loss of revenue. This loan advance will not have to be repaid. SBA will begin accepting new Economic Injury Disaster Loan (EIDL) and EIDL Advance applications on a limited basis only to provide relief to U.S. agricultural businesses.

SBA Express Bridge Loans
Enables small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly.

As of April 27 the Employment Development Department (EDD) is taking applications for emergency unemployment assistance for individuals not eligible for regular unemployment insurance, including independent contractors, self-employed individuals without sufficient work history, and individuals who have exhausted their regular and any extended UI benefits.