Consider all of the options available to your business during the Coronavirus outbreak

If your business needs financial help during this time:

Talk to your current bank/lender/accountant.

  • They may have advice on your situation.
  • There could be deferral programs for any current loans/debt.
  • They could be a lender of the new Paycheck Protection Loan Program.

Are you eligible for the Paycheck Protection Program loans?

  • These entities are eligible for PPP loans:
  • A small business with fewer than 500 employees
  • A small business that otherwise meets the SBA’s size standard
  • A 501(c)(3) with fewer than 500 employees
  • An individual who operates as a sole proprietor
  • An individual who operates as an independent contractor
  • An individual who is self-employed who regularly carries on any trade or business
  • A Tribal business concern that meets the SBA size standard
  • A 501(c)(19) Veterans Organization that meets the SBA size standard
  • You do have to keep your employees on your payroll to get this loan and take advantage of its full forgiveness.
  • Check out this comprehensive guide from the U.S. Chamber on the full specifics of the loans HERE.
  • These loans are being distributed by local banks, so check with your banker to see if you qualify.
  • Still have questions? Check out this FAQ the Department of Treasury released on Monday.

Apply for a Economic Injury Disaster Loan.

  • Economic Injury Disaster Loans are for small businesses and are through the Small Business Administration.
  • These loans address revenue losses related to COVID-19.
  • These are low-interest loans with long-term repayment programs.
  • Available up to $2 million.
  • Fixed interest rate of 2.75% for non-profits and 3.75% for businesses with specific terms based on your situation.
  • DID YOU KNOW?: Eligible applicants for an EIDL can receive a $10,000 emergency grant within three days of application (through Dec. 31, 2020)
  • Find a full guide to EIDLs from the U.S. Chamber HERE.
  • Apply for an SBA loan HERE.

Apply for Employee Retention Tax Credits

  • There is no business size limit to take advantage of these tax credits.
  • You cannot receive the tax credits AND the Paycheck Protection Program loan.
  • These tax credits are for employers who are closed, partially closed, or experiencing significant revenue losses as a result of COVID-19.
  • Find a full guide to the Employee Retention Tax Credits from the U.S. Chamber HERE.

Temporary paid sick leave/Family and Medical Leave Act programs

  • 100% reimbursable by the federal government.
  • The effective date of both programs is April 1 and they expire on December 31, 2020.
  • Both programs are in addition to any leave you already offer.
  • For the full guide from the U.S. Chamber, click HERE.

NOTE: A small business can obtain a new Paycheck Protection Loan AND an SBA Economic Injury Disaster Loan so long as they are used for different expenses.
Not a small business? The CARES Act requires the Treasury Secretary to ask the Federal Reserve to create a special direct loan program for businesses and nonprofit organizations with between 500 and 10,000 employees. (Details will be announced soon)